Posted on 09/08/2009 4:26:39 AM PDT by Red in Blue PA
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.
(Excerpt) Read more at cnbc.com ...
too much fraud in the US financial system
I think (with some caution) that Switzerland could be described as the most conservative (politically and economically) country in the industrialized world.
You’ve got to love a country with universal military training, an assault rifle in every house, and schutzenfests as a major recreational activity.
Plus strong federalist structure without overintrusive gubmint.
B.S.
UBS was neck deep in credit default swaps and all kinds of garbage. Over 5 billion of the AIG bailout fund was sent to UBS to help bail them out. The swiss government also gave them 5 billion in bailout funds and allowed them to transfer 60 billion in toxic waste assets to the Swiss central bank.
Credit Suisse had to go begging hat in hand to foreign investors for over 10 billion to keep it from imploding as well.
>UBS was neck deep in credit default swaps and all kinds of garbage. >
I was under the impression that the CDS and garbaage originated in the US financial system... and were given triple A ratings.
The gold bubble must burst before “things” can begin to return to “normal.”
"The largest securities trading floor in the world. The 103,000 square-foot operation has 40 foot arched ceiling freeing it of columns or walls. The size of three football fields, it is home to 1,400 traders and staff who handle about $1 trillion worth of transactions a day. It is roughly 227 feet wide by 410 feet long. UBS officials have boasted that a 747 jet could turn around in it"
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