In this exclusive interview, Oswald Grübel speaks openly about the dangers of shadow banking, the introduction of capital controls, and a potential gold ban in Germany. Mr. Grübel explains who was responsible for the collapse of Credit Suisse and why it would have been better if the SNB had bought Credit Suisse. When Oswald Grübel has something to say, many prick up their ears. Grübel was CEO of UBS and Credit Suisse and is considered THE top banker of his time.
Oswald Grübel, a banker relic with a functioning calculator, dismantles in passing what our political elite considers "control." The interest rate dilemma? It started in 2020, when the West, in panic mode, dumped billions from a helicopter while talk shows practiced the end of the world. The result: inflation, credit bubbles, shadow banks with XXL leverage—and a policy that spells "responsibility" like a foreign word.
Russia as a universal scarecrow: In German studios, the army is supposedly already at the gates of Berlin, but in reality, Moscow can't even manage to overrun Ukraine. But hey, fear sells government bonds – until no one wants to buy anymore. Then come higher interest rates, deflation, money printing – the usual triple jump of planned economy geniuses.
Digital Euro & Stablecoins? Some are political remote controls on citizens' accounts, others are interest-free dollar shadows with big marketing hype. Programmable money as a gain in freedom – about as credible as "temporary" taxes. And yes: whoever controls central payment systems controls consumption, opposition, and ultimately biography. Democratic cosmetics with total control.
Switzerland? Nurtured by the financial center for decades, now castrated with pedagogical zeal. One major bank remains, the other "wound up," politicians applaud. If UBS pulls out, the Alpine panorama with the provincial savings bank will remain. But calm down: instead of an industrial strategy, there's moral rhetoric and negative selection in office – an economics minister without an economy, risk policy without risk. The main thing is "no headlines."
Confiscated Russian central bank money: The taboo violation that is igniting gold prices worldwide and destroying trust. Anyone who continues to park reserves in foreign jurisdictions has learned nothing from geopolitics. Central banks are responding with metal – not out of romanticism, but because contracts no longer count when "the good guys" are in a bad mood.
Migration, demographic changes in pensions, subsidy orgies: We import costs, export productivity. High-performing employees are leaving, the tax authorities are putting up tripwires (exit tax), and are surprised by the empty coffers. Energy policy? A religious experiment: First, ban combustion engines, then discover that the grid, storage, and reality aren't cooperating. Timing is everything – except in government ministries.
Grübel's conclusion in plain language: Markets dance until the music stops; shadow banks have no airbag; politicians sit it out until the wall comes closer. Protection? Tangible assets, especially gold – as long as buying them isn't yet considered subversive. And please: elect people who can do the math. Or enjoy the show when supply chains, liquidity, and legitimacy collapse simultaneously. The avalanche is underway – but hey, the press release sounds optimistic.

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