Switzerland: Alarm Against Foreigners

Buoyed by a rising economy, protected by destiny against the ravages of war and stimulated by a never-ending influx of capital from less fortunate lands, Switzerland has long sat rich and contented in the heart of Europe. Switzerland's economic life, in fact, has ticked along for years with the precision and balance of a fine Swiss clock. Last week the alarm rang loudly, waking the Swiss from their reverie.

Fearing that the nation's current economic boom is turning into dangerous inflation, the Swiss government drafted a series of tough measures to prevent that. It froze at the present level the...

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