The CIA Factbook does not indicate conversion to SDRs - at least not blatantly:
Quote:
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Switzerland is a peaceful, prosperous, and stable modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP larger than that of the big Western European economies. The Swiss in recent years have brought their economic practices largely into conformity with the EU's to enhance their international competitiveness. Switzerland remains a safehaven for investors, because it has maintained a degree of bank secrecy and has kept up the franc's long-term external value. Reflecting the anemic economic conditions of Europe, GDP growth stagnated during the 2001-03 period, improved during 2004-05, and jumped to 2.9% in 2006, and 2.6% in 2007. Unemployment has remained at less than half the EU average.
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Trading currencies as commodities makes no real sense anyway - considering that currencies are only what they are worth in wealth/energy.
Recently in Basle stockholders of USB filled an auditorium and are rather disgruntled; voting in an attorney to run things in a miserable situation (attached audio file).
So do not think it is all that safe. The Swiss Bank's conformity with EU brought those problems generating from the Western Trading System's bungling mortgages - oops! Did I actually say that? I meant bundling mortgages. We should ponder how Britain had the first Run (Northern Rock) and then it spread to Deutsch Bank Trust - then it went to Switzerland - all the while, America has not had a run yet, on any bank.
There is a recent thread that Shoonra debates
Pay to the Order of... is filling a request of a private reserve bank on a household level. A home foreclosure is a microcosmic Run on a home-kitchen table-mailbox process Fed bank! So America has been doing these Runs in force since August 13, 2007 - Bernanke's Helicopter.
The point being that Switzerland is not really all that safe anymore.
Regards,
David Merrill.