I remembered fondly all the names of the surrounding towns and what I had done there two and a half years ago – visited a couple of museums, bought a smart card reader for my laptop, bought clothes that I’m still wearing, visited a defunct fabric manufacturing plant from Glarus’ glory days of the late nineteenth century. I wanted to do all that again, but had to get back to Zofingen the same day.
I also remembered every little downtown street and the store where I bought my Swatch watch that I still use for a U.S. inflation meter.
That meter is not so accurate now that the Swiss National Bank has sworn to keep the Swiss frank at the same ratio with both the Euro (1.30)and the USD (1.20). I think there is a lot of behind the scenes maneuvering (read ‘economic pressure’) on the Swiss to go along with the Euro/USD games that are being played.
Not to say that some of their bankers aren’t as silly as the UK, EURO, US bankers. All this propping up of the weak banks is having a bad effect on local economies, even the strong ones, like Germany and Switzerland.
I see many “For Rent” and “For Sale” signs posted on empty factories, storage facilities and office buildings here in Aargau, both Basels and in Zurich. I didn’t have enough time to evaluate Glarus, but suspect the problem didn’t get as bad there as elsewhere.
Yes, there was an overbuilding boom in CH,too. But they could survive, as they have many other economic downturns, if they weren’t so closely tied to the rest of Europe via bank lending. Now, I don’t know.