ZURICH - The Swiss National Bank shocked markets on Tuesday by setting an exchange rate cap on the soaring franc to stave off a recession, discouraging investors anxious about flagging global growth from using the currency as a safe haven. , Full Article
Comment: In fact, it was only a quesiton of time until the Swiss franc was to be "euroized". Imagine what would have happened to the former DM in the face of the financial turmoil of the past couple of years. The euros has been a great stabilizer -- and the present troubles are small compared to most other alternatives. As long as the world is not yet ready to go for free banking based on gold, we must favor non-national currencies on the way to a future with a truly sound money.