{"id":936,"date":"2026-03-03T09:14:35","date_gmt":"2026-03-03T08:14:35","guid":{"rendered":"https:\/\/souverainete-suisse.ch\/?p=936"},"modified":"2026-03-03T09:14:35","modified_gmt":"2026-03-03T08:14:35","slug":"tassi-negativi-quando-la-banca-nazionale-tassera-i-risparmi-per-difendere-leuro","status":"publish","type":"post","link":"https:\/\/test.souverainete-suisse.ch\/it\/2026\/03\/tassi-negativi-quando-la-banca-nazionale-tassera-i-risparmi-per-difendere-leuro\/","title":{"rendered":"Tassi di interesse negativi: quando la BNS tassa i risparmi per difendere l'euro"},"content":{"rendered":"<p><em>E se il vero problema non fosse la forza del franco... ma la paura di affrontarlo?<\/em><br \/>\n<em>Ogni volta che l'euro vacilla, accade la stessa cosa: interventi, minacce implicite, pressioni sulla moneta nazionale. Dietro il vocabolario tecnocratico si nasconde una semplice realt\u00e0: il risparmio svizzero viene ancora una volta penalizzato per correggere le debolezze altrui.<\/em><br \/>\n<em>Ecco perch\u00e9 questa logica mette a rischio la nostra sovranit\u00e0 monetaria.<\/em><\/p>\n<p id=\"ember1873\" class=\"ember-view reader-text-block__paragraph\">E se il vero problema non fosse la forza del franco... ma la paura di affrontarlo?<\/p>\n<p id=\"ember1874\" class=\"ember-view reader-text-block__paragraph\">Ogni volta che l'euro vacilla, accade la stessa cosa: interventi, minacce implicite, pressioni sulla moneta nazionale. Dietro il vocabolario tecnocratico si nasconde una semplice realt\u00e0: il risparmio svizzero viene ancora una volta penalizzato per correggere le debolezze altrui.<\/p>\n<p id=\"ember1875\" class=\"ember-view reader-text-block__paragraph\">Ecco perch\u00e9 questa logica mette a rischio la nostra sovranit\u00e0 monetaria.<\/p>\n<h3 id=\"ember1876\" class=\"ember-view reader-text-block__heading-3\">Il franco forte non \u00e8 un problema. \u00c8 un segnale.<\/h3>\n<p id=\"ember1877\" class=\"ember-view reader-text-block__paragraph\">Quando l'euro si avvicina a 0,90 franchi, non si tratta di un'anomalia.<\/p>\n<p id=\"ember1878\" class=\"ember-view reader-text-block__paragraph\">\u00c8 il mercato che parla.<\/p>\n<p id=\"ember1879\" class=\"ember-view reader-text-block__paragraph\">\u00c8 la fiducia nella stabilit\u00e0 della Svizzera.<\/p>\n<p id=\"ember1880\" class=\"ember-view reader-text-block__paragraph\">\u00c8 una fuga dall'instabilit\u00e0 monetaria europea.<\/p>\n<p id=\"ember1881\" class=\"ember-view reader-text-block__paragraph\">\u00c8 la ricerca di un rifugio dalle tensioni geopolitiche.<\/p>\n<p id=\"ember1882\" class=\"ember-view reader-text-block__paragraph\">Punire questa fiducia equivale a punire la disciplina.<\/p>\n<h3 id=\"ember1883\" class=\"ember-view reader-text-block__heading-3\">\u00abApprezzamento eccessivo\u00bb: un'argomentazione di comodo<\/h3>\n<p id=\"ember1884\" class=\"ember-view reader-text-block__paragraph\">La formula \u00e8 ormai consolidata:<\/p>\n<p id=\"ember1885\" class=\"ember-view reader-text-block__paragraph\">un rapido ed eccessivo apprezzamento del franco dovrebbe essere \u00abcontrastato\u00bb per preservare la stabilit\u00e0 dei prezzi.<\/p>\n<p id=\"ember1886\" class=\"ember-view reader-text-block__paragraph\">Ma guardiamo ai fatti.<\/p>\n<p id=\"ember1887\" class=\"ember-view reader-text-block__paragraph\">Un franco forte abbassa il prezzo delle importazioni: energia, materie prime e beni di consumo.<\/p>\n<p id=\"ember1888\" class=\"ember-view reader-text-block__paragraph\">Agisce come un cuscinetto naturale contro l'inflazione globale.<\/p>\n<p id=\"ember1889\" class=\"ember-view reader-text-block__paragraph\"><strong>Allora, dov'\u00e8 il pericolo?<\/strong><\/p>\n<p id=\"ember1890\" class=\"ember-view reader-text-block__paragraph\">Quando la BNS parla di minaccia alla stabilit\u00e0 dei prezzi, non si riferisce a un'inflazione incontrollata.<\/p>\n<p id=\"ember1891\" class=\"ember-view reader-text-block__paragraph\">In effetti, si parla di inflazione ritenuta... insufficiente.<\/p>\n<p id=\"ember1892\" class=\"ember-view reader-text-block__paragraph\">In altre parole:<\/p>\n<p id=\"ember1893\" class=\"ember-view reader-text-block__paragraph\">la valuta svizzera sarebbe troppo stabile.<\/p>\n<p id=\"ember1894\" class=\"ember-view reader-text-block__paragraph\">Logica austriaca, <strong>questo ragionamento \u00e8 profondamente fallace<\/strong>.<\/p>\n<p id=\"ember1895\" class=\"ember-view reader-text-block__paragraph\">Per Friedrich Hayek, stabilit\u00e0 non significa mantenere artificialmente un livello generale dei prezzi, ma lasciare che i segnali del mercato riflettano la realt\u00e0 economica.<\/p>\n<p id=\"ember1896\" class=\"ember-view reader-text-block__paragraph\">I prezzi pi\u00f9 bassi grazie a una valuta forte non sono una minaccia. Sono un guadagno in termini di potere d'acquisto.<\/p>\n<p id=\"ember1897\" class=\"ember-view reader-text-block__paragraph\">Descrivere questa dinamica come \u00abeccessiva\u00bb significa patologizzare la virt\u00f9.<\/p>\n<p id=\"ember1898\" class=\"ember-view reader-text-block__paragraph\">Non \u00e8 il franco a mettere a rischio la stabilit\u00e0 dei prezzi.<\/p>\n<p id=\"ember1899\" class=\"ember-view reader-text-block__paragraph\">Sono gli interventi ripetuti a creare squilibri: espansione artificiale del bilancio, distorsioni degli attivi, dipendenza dai mercati esteri.<\/p>\n<p id=\"ember1900\" class=\"ember-view reader-text-block__paragraph\">La verit\u00e0 \u00e8 pi\u00f9 semplice:<\/p>\n<p id=\"ember1901\" class=\"ember-view reader-text-block__paragraph\">Un franco forte espone le debolezze delle valute pi\u00f9 deboli.<\/p>\n<p id=\"ember1902\" class=\"ember-view reader-text-block__paragraph\">E questo \u00e8 inquietante.<\/p>\n<h3 id=\"ember1903\" class=\"ember-view reader-text-block__heading-3\">Tassi negativi: la tassa invisibile<\/h3>\n<p id=\"ember1904\" class=\"ember-view reader-text-block__paragraph\">Tra il 2015 e il 2022, la BNS ha imposto un tasso di riferimento di -0,75 %.<\/p>\n<p id=\"ember1905\" class=\"ember-view reader-text-block__paragraph\">Conseguenze:<\/p>\n<ul>\n<li>Erosione massiccia dei rendimenti del risparmio<\/li>\n<li>Impennata dei prezzi degli immobili<\/li>\n<li>Distorsioni nei fondi pensione<\/li>\n<li>Sopravvalutazione artificiale delle attivit\u00e0 finanziarie<\/li>\n<\/ul>\n<p id=\"ember1907\" class=\"ember-view reader-text-block__paragraph\">La BNS ha accumulato un bilancio di quasi 1.000 miliardi di franchi, tra cui centinaia di miliardi di titoli esteri.<\/p>\n<p id=\"ember1908\" class=\"ember-view reader-text-block__paragraph\">Ancora oggi, l'esposizione agli asset statunitensi supera i 360 miliardi di franchi.<\/p>\n<p id=\"ember1909\" class=\"ember-view reader-text-block__paragraph\">Questo significa che:<\/p>\n<p id=\"ember1910\" class=\"ember-view reader-text-block__paragraph\">\u2b95 Dipendenza dai cicli valutari<\/p>\n<p id=\"ember1911\" class=\"ember-view reader-text-block__paragraph\">\u2b95 Vulnerabilit\u00e0 geopolitica<\/p>\n<p id=\"ember1912\" class=\"ember-view reader-text-block__paragraph\">\u2b95 Socializzazione delle perdite potenziali<\/p>\n<h3 id=\"ember1913\" class=\"ember-view reader-text-block__heading-3\">La scuola austriaca lo ha spiegato un secolo fa<\/h3>\n<p id=\"ember1914\" class=\"ember-view reader-text-block__paragraph\">Per Ludwig von Mises, la manipolazione dei tassi di interesse \u00e8 alla base dei cicli artificiali.<\/p>\n<p id=\"ember1915\" class=\"ember-view reader-text-block__paragraph\">Per Friedrich Hayek, i tassi di interesse artificialmente bassi distruggono la sana struttura del capitale.<\/p>\n<p id=\"ember1916\" class=\"ember-view reader-text-block__paragraph\">Un tasso di interesse non \u00e8 un tasto politico.<\/p>\n<p id=\"ember1917\" class=\"ember-view reader-text-block__paragraph\">\u00c8 un premio.<\/p>\n<p id=\"ember1918\" class=\"ember-view reader-text-block__paragraph\">Il prezzo del tempo.<\/p>\n<p id=\"ember1919\" class=\"ember-view reader-text-block__paragraph\">Quando lo si falsifica, si falsifica l'intera economia.<\/p>\n<h3 id=\"ember1920\" class=\"ember-view reader-text-block__heading-3\">Ferdinand Lips aveva avvertito<\/h3>\n<p id=\"ember1921\" class=\"ember-view reader-text-block__paragraph\">Ferdinand Lips ci ha ricordato che la solidit\u00e0 monetaria \u00e8 il cuore della sovranit\u00e0.<\/p>\n<p id=\"ember1922\" class=\"ember-view reader-text-block__paragraph\">Indebolire la nostra moneta per sostenere quella degli altri significa diluire la nostra indipendenza.<\/p>\n<p id=\"ember1923\" class=\"ember-view reader-text-block__paragraph\">Il franco forte premia la disciplina di bilancio svizzera.<\/p>\n<p id=\"ember1924\" class=\"ember-view reader-text-block__paragraph\">Lottare contro di essa significa negare il nostro modello.<\/p>\n<h3 id=\"ember1925\" class=\"ember-view reader-text-block__heading-3\">Difendere 90 centesimi?<\/h3>\n<p id=\"ember1926\" class=\"ember-view reader-text-block__paragraph\">Si parla gi\u00e0 di una soglia \u00abfatale\u00bb.<\/p>\n<p id=\"ember1927\" class=\"ember-view reader-text-block__paragraph\">Ma fatale per chi?<\/p>\n<p id=\"ember1928\" class=\"ember-view reader-text-block__paragraph\">Per un settore non adatto?<\/p>\n<p id=\"ember1929\" class=\"ember-view reader-text-block__paragraph\">Per le strategie di esportazione che dipendono da valute deboli?<\/p>\n<p id=\"ember1930\" class=\"ember-view reader-text-block__paragraph\">O per un approccio interventista che rifiuta il segnale del mercato?<\/p>\n<p id=\"ember1931\" class=\"ember-view reader-text-block__paragraph\">La Confederazione non ha mai prosperato manipolando la propria moneta.<\/p>\n<p id=\"ember1932\" class=\"ember-view reader-text-block__paragraph\">Ha prosperato grazie alla stabilit\u00e0, alla neutralit\u00e0 e alla responsabilit\u00e0.<\/p>\n<h3 id=\"ember1933\" class=\"ember-view reader-text-block__heading-3\">Conclusione<\/h3>\n<p id=\"ember1934\" class=\"ember-view reader-text-block__paragraph\">La forza del franco non \u00e8 un pericolo.<\/p>\n<p id=\"ember1935\" class=\"ember-view reader-text-block__paragraph\">\u00c8 un voto mondiale a favore della Svizzera.<\/p>\n<p id=\"ember1936\" class=\"ember-view reader-text-block__paragraph\">Tassare i risparmi, manipolare i mercati valutari e gonfiare un bilancio colossale per indebolire la propria moneta non \u00e8 una strategia di sovranit\u00e0.<\/p>\n<p id=\"ember1937\" class=\"ember-view reader-text-block__paragraph\">\u00c8 un'ammissione di debolezza.<\/p>\n<p id=\"ember1938\" class=\"ember-view reader-text-block__paragraph\">Se la Svizzera vuole rimanere indipendente, deve smettere di scusarsi per la sua stabilit\u00e0.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Et si le v\u00e9ritable probl\u00e8me n\u2019\u00e9tait pas la force du franc\u2026 mais la peur de l\u2019assumer ? Chaque fois que l\u2019euro vacille, la m\u00eame m\u00e9canique se remet en marche : intervention, menace implicite, pression sur la monnaie nationale. Derri\u00e8re le vocabulaire technocratique, une r\u00e9alit\u00e9 simple \u2014 on s\u2019appr\u00eate encore \u00e0 p\u00e9naliser l\u2019\u00e9pargne suisse pour corriger [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":937,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,9,11],"tags":[],"class_list":["post-936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politique-interieure","category-politique-internationale","category-ue"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Taux n\u00e9gatifs : quand la BNS taxe l\u2019\u00e9pargne pour d\u00e9fendre l\u2019euro - Mouvement Souverainet\u00e9 Suisse<\/title>\n<meta name=\"description\" content=\"Franc fort, euro \u00e0 0,90 CHF, taux n\u00e9gatifs : la BNS p\u00e9nalise-t-elle l\u2019\u00e9pargne suisse pour affaiblir sa propre monnaie ? 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