Politicians tend to get populist in the midst of a crisis. Today is no exception. The Financial Crisis is driving the G20 to force Switzerland and others to abandon their bank-secrecy laws for non-national and non-resident bank-account holders. Instead of focusing on the root problems, for example, American over-generous borrowing standards. Discussions on how to reform the international financial system - as if a new government was to be elected - may draw public attention, it will not solve the underlying problems.

Part of the show is to retrieve the billions of foreign dollars deposited in Swiss bank-accounts and elsewhere. The belief that breaking swiss bank-secrecy will reduce fiscal delinquency and public deficits is illusory considered the trillions of dollars of public money already wasted in bank bailouts or nationalizations. In principle, foreigners who hold bank accounts in Switzerland will do anything but repatriate the money and appear 'unpatriotic'. These foreigners will be looking for the many existing ways to hide money from Big Brother's eyes. Worse, breaking swiss bank-secrecy laws will deepen the current crisis by moving available resources to Asia, when it could be reinvested in Western economies. Breaking these laws will reduce any States' income on revenues from bilateral agreements with Switzerland.

While governments agree that protectionism should be avoided, in practice, they are quick to limit other states' freedoms. Jerry Lee, therefore, strongly criticizes the G20 and warns governments that such populist decisions may backfire on their crumbling finances and create a second generation of secrecy practices. Switzerland may as well emerge as Europe's leading financial and business center.

This is gw's long-term SWISS BANK SECRECY PLAN