Word: switzerland
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...Alfred Schaefer, of the Union Bank of Switzerland, echoed that emphasis: "The U.S. has thrown a stone in the pond of international trade and financial relations. But all of us cannot just lie back and watch what has happened. We have to work together quite fast. If we do not, the waves provoked by the stone could be quite dangerous for the world's economic and financial structures...
Pierre Waltz of Switzerland's Société Suisse pour I'Industrie Horlogère, a holding company of watch manufacturers, warned: "We have to assume President Nixon's good faith internationally. But we have also to add that if he does not succeed, this country will almost certainly go protectionist." Gerrit Wagner agreed: "We should take back to Europe a message that though the situation is serious, the U.S. has the best intentions. However, if it is confronted with a choice between a national and an international solution, it will opt for the national...
...fuss about? Europeans want dollar devaluation for two reasons. First, it would cushion the shock of currency adjustments by making the gold in their official reserves worth more, even as their dollar holdings lose part of their value. Among the main gainers would be France and Switzerland, which try to keep more than 60% of their reserves in gold. More important, dollar devaluation would constitute a symbolic recognition by Washington that the dollar's troubles are largely the result of U.S. inflation and balance of payments deficits, rather than somehow the fault of the strong-currency nations...
...Really a Group of Eleven, because representatives of Switzerland, which is not formally a member, sit in as "observers." Full members are Belgium, Britain, Canada, France, Italy, Japan, The Netherlands, Sweden, the U.S. and West Germany...
Died. Dr. Paul Niehans, 88, the Swiss surgeon who won both reputation and fortune by trying to lead his celebrity patients to the fountain of youth; in Montreux, Switzerland. In 1931 Niehans developed his so-called "cellular therapy," in which particles of lamb embryos were injected into the patient; he claimed that the treatment would retard the aging process, and cure almost everything from homosexuality to heart disease. Though viewed with suspicion by many fellow doctors, Niehans counted among his grateful patients Pope Pius XII and Gloria Swanson...