Hey, look! John Nash is praising Switzerland's economy!

Mostly for the right reasons. Swissinfo has a Q&A:

swissinfo: What do you think the Swiss do right?

John Nash: Quite simply, I think they don't do "wrong" things that others do' which are supposed to enhance the strength of an economy, but fail to be beneficial in the longer term.

I think Switzerland has benefited enormously from having a currency of comparatively superior quality. This in turn has favoured the local climate for enterprises such as those in the insurance or investment banking sectors. It is no coincidence that the financial services sector is so important in the Swiss economy – it is not just cheese and chocolate that you export.

swissinfo: What are the "wrong" things that the Swiss avoid?

J.N.: Some people might suggest that economic policy should aim to decrease the value of the Swiss franc, to help stimulate exports. Of course, there is some truth in this, but it ignores a very important factor, which is the reputation of a currency.

For instance, the dollar is becoming gradually less respectable than it used to be, but it is still at about the same competitive level as the euro, the pound sterling or the yen. Below the dollar are currencies like those of Argentina and Brazil, where devaluation doesn't seem to have helped very much.

Arguably, the Swiss franc is at the best level of all, and that is very important. In Switzerland, people are probably not thinking all the time that they would do better by putting their money in dollars in a foreign account.

swissinfo: What do you think is at the root of the Swiss franc's reputation?

J.N.: Someone once got a Nobel Prize for developing the concept of rational expectations. This says that, while governments say they are doing this or that, this may be just propaganda. The private sector, however, may look at the situation in a more rational way - they may know what to really expect. So you could say the reputation is based more on what they think.

They might become my new favorite paper. Poke around there. Lot's of cool stuff. Like this special report on William Tell.

Listen to this killjoy:

[Fabrizio] Sabelli, who teaches [anthropology] at the University of Neuchatel, said the Swiss had a purely emotional attachment to the legendary character. [Ed. note: Italian is one of the national languages of Switzerland, so he's probably a native. I'd don't think the Swiss would take this from a non-native.]

swissinfo: How would you define William Tell?

F.S: It is a wonderful Swiss creation. And it works because everyone is agreed on what qualities the character of Tell embodied.

But William Tell is not a myth. He's nothing more than a product, and he doesn't really mean anything to the Swiss today.

swissinfo: What about freedom and courage? Can't the Swiss identify with these values?

F.S.: I don't think so. The Swiss were never great patriots. They have rarely fought wars against their enemies. And freedom is a vague term. It came into vogue during the French revolution. William Tell didn't invent it.

Patriotism requires attacking your enemies? From Switzerland's point of view, who would they attack? Just make one up and kill them to show your patriotism?

And the guy should check out this page for a history of freedom. Admittedly, the concept in the Tell story is vague, though it looks like individual independence and integrity to me. .Walter Williams has examples of Kessler's asking us all to bow to their hats. A little bolt in the bow would do 'em some good.

swissinfo: Don't the Swiss need a national hero?

F.S.: Of course they do. We tried to make a hero of the [wartime military commander] General Henri Guisan. It was only a partial success - and a fleeting one.

I don't see a Swiss hero on the horizon today, and I don't think history provides one.

The Swiss don't go for heroes so much. In other countries, a Roger Federer would be a star. Not here.

swissinfo: How do you explain that?

F.S.: There needs to be a collective feeling that someone deserves to be a national hero. But in Switzerland, there is no collective spirit; we're divided along the lines of language, cantons and communes.

You say that like it's a bad thing.

Communes? I didn't know they had a kibbutz system there.