The presence of inflation, up to 2% per annum, reassures economists and central banks, since the generalized rise in prices indicates, on the one hand that demand is greater than supply, and on the other hand that consumption and money supply in circulation are kept at high levels.
When they run out of arguments, and this was often the case lately, bank economists who are forced to lay forecasts every quarter, turn to statistics in order to find and match their expectations with what happened in the past since the economy is cyclical.
Before writing this article, I searched the Internet for references to the chronology of the Lebanese banking secrecy birth, but I did not find anything about the period that preceded the tabling of the bill in parliament in 1954. To date I have not Read anything about it, surprisingly.
Since 1959 Switzerland has been governed by what is called a “Magic Formula”, according to which the four largest parties in the country rule together. It is not a government of national unity but of national agreement (Entente Nationale). The right parties have the majority.
Today, the customer who wants to transfer a large sum receives a phone call from two people of his bank, according to a procedure called "call-back". Not only to make sure that it is the client who is behind the instruction, but also to understand the economic background of the transaction. The bank asks questions, many questions.
