The 15th January decision by the Swiss National Bank (SNB) to revoke the cap on the Swiss Franc has sent shivers around the globe. The Euro-Swiss Exchange rate crashed rapidly, followed closely by the SMI (Swiss Market Index) share prices. This marks the end of the stability which has characterised modern Swiss economic history, and the beginning of a new turbulent period.

Switzerland is also being affected by the global crisis of capitalism, with growing pressure on Swiss workers. In the recent elections, although the Social Democrats received the lowest number of votes in 20 years, where candidates posed the real issues facing workers, such as jobs, wages and housing, they did remarkably well. Here we publish an analysis by the Swiss Marxists of Der Funke.

On Saturday, 15 October, in the Paradeplatz in Zürich, the heart of the Swiss banking system, over 1500 people met to express their rage against the power of the banks, against the injustice of the system, against the capitalist crisis. Also in the cities of Basel and Geneva smaller demos of between 100 and 400 people were held.

No country is immune from the class struggle today. Even Switzerland, that country considered a safe haven for the wealth of the world’s capitalists, is feeling the effects of the world economic crisis. Social and class polarisation is taking place and this was clearly expressed at last year’s congress of the Swiss Social Democratic Party (SPS).

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