Community | September 08, 2009 | 16 comments

U.S. loses Most Competitive Economy title for the first time, to the Swiss

source: http://news.yahoo.com/s/nm/20090908/bs_nm/us_competitiveness_report

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bansheewail
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.
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    Community,   Current Tonight,   Greatest Depression,   Economy,   2 more
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16 comments // U.S. loses Most Competitive Economy title for the first time, to the Swiss

  • MoonLoon
    • 0
      MoonLoon  

    • Of course I despise the Swiss support for the Nazi cause. It took over 50 years for Jewish victims of Nazi domination to get even a small return of the monies stolen from them or seized by the Swiss bankers. To this day the Swiss banking system still holds hundred's of $ millions stolen from Jewish/German citizens, and refuses to release the funds to living family members. The Swiss originally offered a 10% pay off to Jewish survivors. While keeping the assets of millions killed in the concentration camps. To this day, Sept. 9.09 the Swiss still stone wall transparency in their banking system and accept blood money from corrupt dictators/government officials/criminals from around the world. Their support of global criminal activity has allowed the rape of many countries. The Billions of Dollars of ill gotten gains, held in their banks is an affront to any honest global citizen. Are you now clear on my opinion of the Swiss Banking system? Their use of the red cross is a reminder and insult of the Templar days and the eventual corruption of a once honorable order.

    • 2 years ago
  • Tyr
    • 0
      Tyr  

    • So now you have a hard on for the Swiss? Moon you have to be one of the most intellectually regressive individuals I have ever had the misfortune of encountering.

    • 2 years ago
  • MoonLoon
    • 0
      MoonLoon  

    • The Swiss! They served as bankers to the Nazi's. The plundered wealth of many nations and people still sits in their vaults guarded by gnomes. Over 50,000 wealthy Americans are hiding assets from the IRS, yet the Swiss are regarded as running a competitive economy? Banking represents most of their revenue. Since they are receiving blood money from around the world the cost of goods is quite low. Their day is coming!

    • 2 years ago
  • Tyr
    • 0
      Tyr  

    • Mitch you have to remember you function at a much higher level of education than most of the posters on this site..her you must keep it simple, very very simple. These folks are used to a laugh track that cues them when they are supposed to realize that joke has been made and make the appropriate response.

    • 2 years ago
  • MoonLoon
  • MilchMann
  • peacelovenweed
  • MilchMann
  • settler
  • MoonLoon
  • MilchMann
    • 0
      MilchMann  
    • MilchMann:

      Hmmm, yeah, it was a joke... all of the screaming about the health care and all... and claiming it will drive us to socialism... I duno... it was not meant to be taken quite that seriously...

      Do a search for "Switzerland Limbaugh Socialism" you will be amazed at the things that people say because they are ignorant...

      I guess I should have clarified the statement... sorry.

    • 2 years ago
  • MotherForTruth
  • neocongo
  • hunzedog
  • Progresshiv
  • bansheewail
    • 0
      bansheewail  

    • "...economies with a large focus on financial services such as the U.S., Britain or Iceland were the losers...."

      I don't have any money, therefore, I should not require an "financial services", but I still feel like a loser. WTF.

    • 2 years ago
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