{"id":13606,"date":"2015-04-24T00:00:00","date_gmt":"2015-04-23T22:00:00","guid":{"rendered":"https:\/\/michelsanti.blog\/2015\/04\/24\/innovation-will-save-switzerland\/"},"modified":"2018-10-17T17:43:33","modified_gmt":"2018-10-17T15:43:33","slug":"innovation-will-save-switzerland","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/swiss-franc\/innovation-will-save-switzerland","title":{"rendered":"Innovation will save Switzerland!"},"content":{"rendered":"

\"Gr\u00e4chen\"<\/a><\/p>\n

Europe and Switzerland are in full deflation, aggregate demand is at best anemic and only the emergence of a single or multiple asset bubbles is likely to revive their economies. Retail prices decline as consumers, who no longer have the means to maintain their current living standard, refuse to listen to the \u201ccredit sirens\u201d and instead, reduce household expenses and defer purchases. In this environment, tormented by uncertainty, the Swiss National Bank (SNB) has decided to behave in the same fashion as the citizens of the country whose monetary policy it supervises. It has, unilaterally and going against the philosophy of its fellow central banks, shut down the Swiss Franc printing press. Until it did so, its massive sales of Swiss Francs for Euros had allowed it to artificially manipulate the market exchange rate and indirectly boost its lending.<\/p>\n

It is certainly valid to accuse China of having contributed to this deflationary monster by maintaining the value its currency artificially low for so many years. Deflation is easily transmitted through foreign exchange markets, as nations traditionally weaken their currency to boost exports. These currency wars, if conducted by large countries, are the surest way to induce global deflation. Germany can also be blamed for substantially increasing her exports by exploiting her workforce and at the expense of the entire European Union.<\/p>\n

In this war of titans, little Switzerland had to abandon its policy of currency manipulation due to a lack of central bank financial resources. As a result, the SNB failed to defend the country\u2019s domestic industry and Swiss exports. However, those who cry treason should understand that this attempt on the part of the SNB to depress the value of the Swiss Franc was doomed from the start. The global forces of deflation faced by the SNB were too great. The dice were loaded from the start and the Swiss economy was doomed to face a recession. It was just a matter of time.<\/p>\n

Under these conditions, the only salvation consists in the desire and ability to innovate. The example of the village of Gr\u00e4chen in the Valais region shows that the Swiss still have this ability in them. This village, completely dependent on tourism revenues, decreed that it would apply an exchange rate vis-\u00e0-vis the Euro of 1.35! It went into effect in 2011 and is enforced in hotels, shops, and restaurants and on the sky lifts as long as clients pay in cash. This decision has allowed Gr\u00e4chen to overcome the crisis triggered by soaring Swiss Franc and the village has been able to avoid losing tourist bookings. In the face of adversity the citizens of Gr\u00e4chen literally decided to be their own central bank!<\/p>\n

Confronted by the evil of deflation and caught hostage in a war it did not want, Switzerland must urgently appeal to the legendary inventiveness and dynamism of its citizens.<\/p>\n","protected":false},"excerpt":{"rendered":"

Europe and Switzerland are in full deflation, aggregate demand is at best anemic and only the emergence of a single or multiple asset bubbles is likely to revive their economies. 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I - Expansion of\u2026","rel":"","context":"In "Swiss National Bank"","block_context":{"text":"Swiss National Bank","link":"https:\/\/michelsanti.fr\/en\/category\/swiss-national-bank"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26063,"url":"https:\/\/michelsanti.fr\/en\/bank-regulation\/regulate-banks","url_meta":{"origin":13606,"position":2},"title":"Banks : must we regulate the regulator?","author":"Michel Santi","date":"May 5, 2024","format":false,"excerpt":"Is it true that the more capital banks have, the more they lend? In many countries with financial giants, debates are intensifying once again, bringing to the forefront the delicate question of the adequate level of capital banks should have. Summoned urgently last year for Credit Suisse, the Swiss government\u2026","rel":"","context":"In "bank regulation"","block_context":{"text":"bank regulation","link":"https:\/\/michelsanti.fr\/en\/category\/bank-regulation"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/05\/C-S.jpg?fit=777%2C582&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/05\/C-S.jpg?fit=777%2C582&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/05\/C-S.jpg?fit=777%2C582&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/05\/C-S.jpg?fit=777%2C582&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":29910,"url":"https:\/\/michelsanti.fr\/en\/tariffs-2\/no-celebration-for-switzerland-this-august-1st","url_meta":{"origin":13606,"position":3},"title":"No celebration for Switzerland this August 1st","author":"Michel Santi","date":"July 26, 2025","format":false,"excerpt":"Switzerland celebrates its National Day on August 1st, but this year\u2019s festivities will be overshadowed by the imposition of arbitrarily fixed 31% U.S. tariffs\u2014punitive measures that are both harsh and difficult for the Swiss to understand, especially as they have consistently followed the rules of globalization with elegance and restraint.\u2026","rel":"","context":"In "tariffs"","block_context":{"text":"tariffs","link":"https:\/\/michelsanti.fr\/en\/category\/tariffs-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/Suisse.jpg?fit=1200%2C439&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/Suisse.jpg?fit=1200%2C439&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/Suisse.jpg?fit=1200%2C439&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/Suisse.jpg?fit=1200%2C439&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/Suisse.jpg?fit=1200%2C439&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":29702,"url":"https:\/\/michelsanti.fr\/en\/european-union\/switzerland-industrie","url_meta":{"origin":13606,"position":4},"title":"The exemplary Swiss case","author":"Michel Santi","date":"June 26, 2025","format":false,"excerpt":"\u00a0 In about fifteen years, the Swiss franc has soared by over 25% against the euro\u2026 without decimating the Swiss economy. Quite the opposite, in fact, as its industrial output has even increased by 40%, while Europe is faltering","rel":"","context":"In "European Union"","block_context":{"text":"European Union","link":"https:\/\/michelsanti.fr\/en\/category\/european-union"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/Production-Industrielle.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/Production-Industrielle.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/Production-Industrielle.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/Production-Industrielle.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/Production-Industrielle.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/Production-Industrielle.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":30944,"url":"https:\/\/michelsanti.fr\/en\/curreny\/the-fetishism-of-cash-the-democratic-in-switzerland","url_meta":{"origin":13606,"position":5},"title":"The Fetishism of Cash, the Democratic Stalemate in Switzerland","author":"Michel Santi","date":"January 14, 2026","format":false,"excerpt":"\u00a0 On March 8, the Swiss will vote on a popular initiative with an evocative title: \u201cCash is Freedom.\u201d Behind this appealing slogan lies a far deeper question: should a democracy engrave into its Constitution a monetary technology inherited from the 19th century, or should it equip itself to adapt\u2026","rel":"","context":"In "curreny"","block_context":{"text":"curreny","link":"https:\/\/michelsanti.fr\/en\/category\/curreny"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/01\/votations-CH-1.png?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/01\/votations-CH-1.png?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/01\/votations-CH-1.png?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/01\/votations-CH-1.png?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/01\/votations-CH-1.png?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/13606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=13606"}],"version-history":[{"count":0,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/13606\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/13609"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=13606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=13606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=13606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}