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Swiss Now More Competitive Than US

From a joyous Reuters:

Swiss topple U.S. as most competitive economy: WEF

By Sven Egenter Tue Sep 8

GENEVA (Reuters) – Switzerland knocked the United States off the position as the world’s most competitive economy as the crash of the U.S. banking system left it more exposed to some long-standing weaknesses, a report said on Tuesday.

The World Economic Forum’s global competitiveness report 2009/2010 showed economies with a large focus on financial services such as the U.S., Britain or Iceland were the losers of the crisis.

The U.S. as the world’s largest economy lost last year’s strong lead, slipping to number two for the first time since the introduction of the index in its current form in 2004.

"We have been expecting for some time that it may lose its top-position. There are a number of imbalances that have been building up," said Jennifer Blanke, Head of the WEF’s Global Competitiveness Network.

"There are problems on the financial market that we were not aware of before. These countries (like the U.S. and Britain) are getting penalized now," she said.

Trust in Swiss banks also declined. But in the assessment of banks’ soundness, the Alpine country still ranked 44th. U.S. banks fell to 108 — right behind Tanzania — and British banks to 126 in the ranking, now topped by Canada’s banks.

The WEF bases its assessment on a range of factors, key for any country to prosper. The index includes economic data such as growth but also health data or the number of internet users.

The study also factors in a survey among business leaders, assessing for example the government’s efficiency or the flexibility of the labor market.

The WEF applauded Switzerland for its capacity to innovate, sophisticated business culture, effective public services, excellent infrastructure and well-functioning goods markets.

The Swiss economy dipped into recession last year, too and had to bail out its largest bank UBS. But its economy is holding up better than many peers and most banks are relatively unscathed by the crisis, which drove U.S. banks into bankruptcy.

The WEF said the U.S. economy was still extremely productive but a number of escalating weaknesses were taking its toll.

Concerns were growing about the government’s ability to maintain distance to the private sector and doubts rose about the quality of firms’ auditing and reporting standards, it said

How is this possible after all of Mr. Obama’s financial reforms?

They were supposed to make our capitalist system better than ever.

And yet now we rank a distant second to a country that makes cuckoo clocks, cheese with holes in it, and tax shelters for drug dealers’ ill-gotten swag.

This article was posted by Steve on Tuesday, September 8th, 2009. Comments are currently closed.

4 Responses to “Swiss Now More Competitive Than US”

  1. antihippy79 says:

    I think “swag” stands for “stuff we all get.” Not sure it works here.

  2. Cincinnatus says:

    “Don’t be so gloomy. After all it’s not that awful. Like the fella says, in Italy for 30 years under the Borgias they had warfare, terror, murder, and bloodshed, but they produced Michelangelo, Leonardo da Vinci, and the Renaissance. In Switzerland they had brotherly love – they had 500 years of democracy and peace, and what did that produce? The cuckoo clock. So long Holly. ” — Harry Lime, The Third Man

  3. proreason says:

    “How is this possible after all of Mr. Obama’s financial reforms?”

    Slow ball.

    The “reforms” of which the Moron speaks are equivalent to the reforms of the Health Industries in the U.S. They are designed to kill the industries and give all of the power to the Moron and his puppet-masters.

    But you have to wonder why Reuters has chosen this exact moment to use a word they ordinarilly would avoid like the black plague: “competitive”.

    Could it be that the Moron is going to use that word with regularity in his 181st address to his umble plebes tomorrow? Reuters appears to be giving the usuallly contemptable concept a little test ride, eh?

    Here’ a prediction. Count the number of “I”s in the Moron’s lecture tomorrow. Divide by 10. That should be about the number of times the Liar in Chief uses the word “competitive” in his new reincarnation of the revised modification to the Health Scare change program. About 5 to 8 uses of “competitive”.

    That’s how you’ll know for absolute sure that they plan to kill competition in Health Care.

  4. Liberals Demise says:

    I’m quite sure there is a pay off in the works by the demoncrats to offer a pay off to the WEF before the 2010 election so barry can point and say, “See what ‘I’ did?”

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