Folks, It is becoming increasingly clear that the Swiss govt is now begging the BRIC countries for funds so as to keep Swiss banks solvent. Swiss secrecy laws are what attracted everyone, including Indians with dubious sources of cash to open Swiss bank accounts.
So we now have the situation where the BRIC govts have to send tax payers money to the Swiss banks so as to save the deposits of those who sent their black money to Switzerland. If this is not a farce, I do not know what else could be. On another note, I came across an interesting calculation last week. An economist pointed out that the US currency was fully backed by gold. That is, if gold was worth $6,000 an ounce, the US treasury had enough gold reserves to meet all its financial obligations. Mervyn1812Lobo BTW, US commedians are furious that the Greeks, the Italians and now the Swiss are going to China for financial help. US commedians insist that China should remain the financial sugar daddy of the US only.
