You get TV from Japan and Korea, cars from Germany, Computer from US, Airbus from France, get almost everything else cheaply from china, but Switzerland? A couple of clocks filled with diamonds selling for millions, not interested for majority of the new generation except people who have nowhere to throw their money
computers from US??
ummmmm.. apple although american offices, they make their products in china, dells consumer computing is done in asia and mexico,
so what do the swiss give the world
watches, knives, pharmaceuticals, precision engineering.
put it this way if CERN was built in america it would be made of paper-mache from McDonalds packaging, definitely wouldn't of been made using dell or apple. or made using precision engineering
Remember that Swiss central bank suddenly cut its peg with Euro this spring? They know they really don't have so many things corresponding to their money
Anyway the backing is the least to worry, none of the currency's value is decided by a country's economy, it is all decided at exchange by that country's central bank with their foreign currency reserve. And to protect the exchange rate, you need to have lots of foreign currency reserve. Soros could wipe out small country's currency like Thailand and Malaysia, even Sweden, but he was defeated at HongKong, simply because huge amount of USD reserve of China
And when someone attacking bitcoin's exchange rate, the currency reserve of all the bitcoin users are stand to protect its value
