Sovereignty is not always lost by treaty or capitulation. Sometimes it is silently dissolved in balance sheets. While Switzerland is reassuring itself with speeches about prudence, stability and neutrality, hundreds of billions of francs are being committed elsewhere - in the service of an imperial monetary system at the end of its tether. The question is no longer theoretical or marginal: is the Swiss National Bank still protecting the country's interests... or those of the American Empire?
The question is disturbing. But it is a legitimate one.
For decades, Switzerland has presented itself as an island of stability, prudence and financial independence. But behind this reassuring narrative, there is a reality that deserves to be examined without taboos: the Swiss National Bank Is it still acting exclusively in the interests of the country - or has it gradually aligned itself with the financial interests of the American Empire?
Today, a massive proportion of the SNB's reserves are exposed to the US dollar and US Treasury securities. In other words, the solidity of Switzerland's balance sheet depends largely on Washington's fiscal, monetary and geopolitical path. This dependence is not neutral. It means that Switzerland is indirectly financing the debt of an ultra-deficit state engaged in a monetary, military and strategic headlong rush.
Meanwhile, the United States is using the dollar as a weapon of power These include extraterritorial sanctions, political pressure, trade threats and financial blackmail. The message is clear: the dollar system is not a common good, but an imperial instrument. And yet, Switzerland remains massively tied to it - not by explicit coercion, but by a conscious strategic choice... or by a lack of political courage.
The question is not ideological. It is sovereign.
Can we still speak of financial neutrality when national savings are invested in the debt of the world's leading coercive power?
Can we claim independence when our central bank becomes a captive creditor of the Empire it claims to ignore?
Some cite the «diversification» or «security» of the dollar. But monetary history is implacable: no fiat reserve currency has survived budgetary indiscipline and abuse of power. Leaning on an empire at the end of its cycle is not prudence - it's an asymmetrical gamble against our own interests.
The priority of a truly sovereign central bank would be to preserving national purchasing power, It's about reducing geopolitical dependency and protecting the country from systemic shocks - not about optimising a portfolio aligned with Wall Street and the US Treasury.
So the question is not provocative. It is urgent:
⮕ Does the SNB still serve Switzerland - or has it become a discreet cog in the US imperial system?
Refusing this debate is already an answer.