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Thread: The "Vollgeld Initiative"

  1. #1

    The "Vollgeld Initiative"

    It’s called “Vollgeld Initiative” – in German, meaning more or less “Referendum for Sovereign Money”. What is “Sovereign Money”? – Its money produced only by the Central Bank, by the “Sovereign”, the government, represented by its central bank. Money created in accordance with the needs of the economy, as contrasted to the profit and greed motives of the banking oligarchy – what it is today; money creation at will, by private banking.

    The people of Switzerland are called to vote on 10 June 2018 whether they want to stop the unlimited, unrestrained money-making by the Swiss private banking system, and to return to the “olden days”, when money was made and controlled only by the Central Bank; and this not just in Switzerland, but in most countries around the globe. Switzerland is one of the few sovereign countries within the OECD, and possibly worldwide, that has the Right of Referendum written into her Constitution.
    With 100,000 valid signatures anybody can raise a referendum to amend or abolish a law, or to create a new one. – This is a huge privilege to Right a Wrong.
    Most Swiss and probably most westerners in general don’t even know that the loan or mortgage they get from their bank is no longer backed by the bank’s capital and deposits. How could they? Instead of being told the truth, they are being lied to, even by their own party and politicians. And that in the case of Switzerland, by nobody less than the CEO of the UBS, the largest Swiss bank.

    Just watch this short video (in German and Italian – 2 min)


    Lying is a felony, hence Mr. Sergio Ermotti, CEO of UBS, should be prosecuted. Unlikely to happen, though. What Mr. Ermotti in essence says in this interview is that loans are backed by deposits. This is directly contradicted by the Swiss National Bank and the German Bundesbank (Central Bank). They say that “today about 90% of all the money is accounting money, created by loans the banks make to enterprises and private citizens. Pretending that banks use deposits to make loans, is not true.” The latter part was specifically expressed by the German Bundesbank. – So, how come Mr. Ermotti, CEO of UBS, wouldn’t know that?
    Switzerland, fully embedded in the globalized western banking system, absorbed by it, has a chance to tell the world that the only way to control and get on top of the cycle of financial and economic crises is to reign-in the bottom-less money production – the debt-interest-profit driven banking system, a Ponzi scheme that cannot survive (financing debt with more debt); the abhorrent uncontrollable debt-profit cycle that has brought misery to humanity – just look at Greece. With money production controlled by the respective central banks, for example, in France and in Germany, the senseless indebting of Greece by German and French banks would not have been possible, in which case the troika’s (ECB, European Commission and IMF) so-called bail-outs, or ‘rescue packages’, would not have been possible either. Hence no doubling of Greece’s debt – and Greece would be well on her way to recovery.
    The point is that these too-big-to-fail banks have become also too big to control, and of course they do not want to be controlled. They have the (political) power to shed off any control. They want to continue creating debt, lending money not for economic development, but for profit of their shareholders. Banking for development has stopped a long time ago. The only banking for development is public banking, and that is almost non-existent – so far – in the west; except for North Dakota and soon New Jersey – and a number of other US States are considering public banking as a means of bringing back the true sense of banking – i.e. for economic development. But with the current FED-Wall Street bulldozer’s onslaught on the world, they are fighting against windmills – but even windmills are fallible.
    By and large, in the west it’s corporate banking for profit. And thanks to the public’s ignorance and disinterest, deregulation took place behind our backs.
    Did you know for example, that to become a member of the World Trade Organization (WTO), a nation has to deregulate its banks – to put them on a platter at disposal of the globalized banking sharks? – Probably you didn’t. Such decisions are never publicized.
    Again, the Swiss with a Yes vote on 10 June could change this for themselves and send a signal to the rest of the world – suggesting to take back their financial, economic and monetary sovereignty – cutting the link to globalized usury banking that enslaves the poor in favor of the rich. Literally.
    Will Switzerland seize this unique opportunity to broadcast this powerful message to the (western) world? Saying in the clearest voice possible – enough is enough, we are going back to regulating our banking system, through ‘new-old’ legislation and through the only institution that really has the Constitutional power to create money – the Swiss National Bank?
    The Swiss, an enormous influence in international banking – good or bad – could become a trail blazer for a new economic model, to demonstrate how ell well an economy can run without following the global trend of unlimited money supply – which serves only the banks by indebting the nations and the people. They could put a halt to the seemingly out-of-control economic rollercoaster that brings only misery to people, unemployment, broken homes and businesses, decimated social safety nets, pensions health plans — they, the Swiss could put an end to it and become an economically and financially independent nation with a healthy economy for the wellbeing of the people – not of the banks.
    Will they? Will they grasp this once in a lifetime opportunity to break loose from the banking stranglehold?
    The Swiss people are the most indebted of the G20, with 127.5% of private debt as compared to GDP in September 2017. The trend is on the rise. The United States, where deregulation started in the 1990s under President Clinton before it became ‘globalized’, was number seven with 78.5% in September 2017. – According to an OECD 2015 report, mortgages account for 120% of GDP, by far the largest proportion of all OECD countries. – Do the Swiss know that? – Some probably do, but the majority most likely does not. Ever-so-often the Swiss National Bank (Central Bank) issues a routine warning about private and particular mortgage debt – as it is an ever-raising risk for highly indebted families. An economic crisis, loss of a job – and a family fails to meet mortgage payments – bingo, foreclosure. The same as in 2008, 2009 and going on.
    Well, do you know that in Switzerland first mortgages do not have to be amortized? In fact, banks encourage you not to repay your mortgage, but just keep paying interest. Many mortgages are passed on with the related real estate from generation to generation. So, you never really own your house. The bank does. And the bank earns the money on your house, as well as calls the final shots on what is to happen with your real property, in case it is being sold.
    “Free money” – as it could also be called, is money made indiscriminately without backing. It has many negative effects – the risk factor, as mentioned before – and the bubble effect on the housing market which in turn increases the risk for houseowners, because sooner or later bubbles burst. The only winners are the banks.
    Why can the banks just make mortgage loans without requesting amortization? – Because they are afloat with money. Because, of course, they just make money with loans – the 90% which are not central bank made money. And the more loans they have outstanding, the more interest they earn. They earn money for doing absolutely nothing. For a mouse-click. Interest accumulates on its own. And debt is today’s foremost tool to enslave people, nations, entire continents.
    This is what the Swiss could change by accepting this referendum, by Voting YES to Vollgeld. It would refrain banks from creating money and return the responsibility to the central bank, where it is to be located according to the Swiss Constitution. It would force banks to be more prudent in issuing mortgages and personal debt – it would provide for a more stable economy and for a financially less vulnerable personal life. It would gradually take some air out of the real estate bubble – a healthy feature for any society.
    Again, are the Swiss going to vote for what is best for them? – Probably not. – But why not? – Because they are subjected to an enormous anti “Sovereign Money” campaign by the banking and finance sector, by the ‘built-in’ lobby. Yes, built-in, because in Switzerland Parliamentarians have the right to represent as many corporations, banking and otherwise, in their Boards of Directors, as they please. Yes – this is another special feature of Switzerland, also unique among OECD countries. – How many Swiss are aware of this?
    Is it therefore a surprise that the Swiss are being utterly brainwashed to vote against their own interest? – As they have done so often in the past – and frequently to the utter surprise of neighboring countries.
    In addition – and this is where another feature of the Swiss Un-Democracy enters: The Swiss Federal Council, the Swiss Executive, takes for itself the privilege and right – I have no clue from where, it is nowhere written in the Constitution – to issue sort of an edict before every national vote or referendum – “advising” the people how they should vote. With a public that oozes of comfort, where consistently less than 50% go to the polls, largely because of disinterest, such a proclamation has a huge impact.
    In this case, the Swiss Government, its Executive, has already and already for a while repeatedly “advised” its populace to vote ‘no’ to the Vollgeld Initiative. And surprisingly every major party goes along with it, including the socialists and other left-leaning parties. Either they are brainwashed to the core by propaganda repeated at nauseam, indoctrinating the people how bad accepting the “Vollgeld Initiative” would be. How bad can be owning your “Sovereign Money”? – Can you imagine? – How much lie must go into such fake marketing?
    Or could it be that the Swiss are no longer ruled by Bern, nor has the Swiss Central Bank much to say about Swiss monetary policy, but they may be ruled by an international and globalized banking cartel that puts so much pressure on the Swiss government, that it could almost be interpreted as blackmail? – Why otherwise, would intelligent people advise and vote against their own and proper interests?
    * * *

    More at: https://www.zerohedge.com/news/2018-...nce-save-world
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

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  3. #2

  4. #3
    Quote Originally Posted by Swordsmyth View Post
    It’s called “Vollgeld Initiative” – in German, meaning more or less “Referendum for Sovereign Money”. What is “Sovereign Money”? – Its money produced only by the Central Bank, by the “Sovereign”, the government, represented by its central bank. Money created in accordance with the needs of the economy, as contrasted to the profit and greed motives of the banking oligarchy – what it is today; money creation at will, by private banking.


    ...greenbackerism just refuses to die.

    https://mises.org/library/why-greenbackers-are-wrong

    Quote Originally Posted by Why The Greenbackers Are Wrong
    One of Ron Paul’s great accomplishments is that the Federal Reserve faces more opposition today than ever before. Readers of this site will be familiar with the arguments: the Fed enjoys special government privileges; its interference with market interest rates gives rise to the boom-bust business cycle; it has undermined the value of the dollar; it creates moral hazard, since market participants know the money producer can bail them out; and it is unnecessary and at odds with a free market economy.

    Unfortunately, not all Fed critics, even among Ron Paul supporters, approach the problem in this way. A subset of the end-the-Fed crowd opposes the Fed for peripheral or entirely wrongheaded reasons. For this group, the Fed is not inflating enough. (I have been told by one critic that our problem cannot be that too much money is being created, since he doesn’t know anyone who has too many Federal Reserve Notes.) Their other main complaints are (1) that the Fed is “privately owned” (the Fed’s problem evidently being that it isn’t socialistic enough), (2) that fiat money is just fine as long as it is issued by the people’s trusty representatives instead of by the Fed, and (3) that under the present system we are burdened with what they call “debt-based money”; their key monetary reform, in turn, involves moving to “debt-free money.” These critics have been called Greenbackers, a reference to fiat money used during the Civil War. (A fourth claim is that the Austrian School of economics, which Ron Paul promotes, is composed of shills for the banking system and the status quo; I have exploded this claim already—here, here, and here.)

    With so much to cover I don’t intend to get into (1) right now, but it should suffice to note that being created by an act of Congress, having your board’s personnel appointed by the U.S. president, and enjoying government-granted monopoly privileges without which you would be of no significance, are not the typical features of a “private” institution. I’ll address (2) and (3) throughout what follows.
    Continue Reading
    https://mises.org/library/why-greenbackers-are-wrong

  5. #4
    I expect this to pass and start a new paradigm back toward asset backed currencies. Anything Switzerland undertakes in a banking sense should be watched closely since the central bank of central banks, the Bank for International Settlements, is based there. It's also why Switzerland is always neutral during wars. Both sides of wars are funded by the BIS. Ya can't go taking sides when you're funding both of them...
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

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  6. #5
    Quote Originally Posted by devil21 View Post
    I expect this to pass and start a new paradigm back toward asset backed currencies. Anything Switzerland undertakes in a banking sense should be watched closely since the central bank of central banks, the Bank for International Settlements, is based there. It's also why Switzerland is always neutral during wars. Both sides of wars are funded by the BIS. Ya can't go taking sides when you're funding both of them...
    This also ensures your safety.

  7. #6
    Quote Originally Posted by r3volution 3.0 View Post
    Greenbackers are wrong but it would still be an improvement.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  8. #7
    Quote Originally Posted by Swordsmyth View Post
    Greenbackers are wrong but it would still be an improvement.
    How so?

  9. #8
    Quote Originally Posted by r3volution 3.0 View Post
    How so?
    Because a government issued fiat doesn't add to government debt or give free money to unelected unaccountable bankers.
    In the end the lure of fiat will seduce the politicians to ruin the economy themselves though.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  11. #9
    Quote Originally Posted by Swordsmyth View Post
    Because a government issued fiat doesn't add to government debt
    That the Fed "owns" treasuries is only a legal fiction. Taxpayers aren't actually paying any interest or principal to the Fed on those treasuries.

    There's no real difference between the Fed printing money to buy treasuries and the Fed printing money and just handing it to the Treasury Dept.

    or give free money to unelected unaccountable bankers.
    Why does the Fed print money for the benefit of bankers?

    It's not because the banks directly control the Fed; it's because the banks have influence in the government that controls the Fed.

    Why would that change?

  12. #10
    Quote Originally Posted by r3volution 3.0 View Post
    That the Fed "owns" treasuries is only a legal fiction. Taxpayers aren't actually paying any interest or principal to the Fed on those treasuries.

    There's no real difference between the Fed printing money to buy treasuries and the Fed printing money and just handing it to the Treasury Dept.
    Source?



    Quote Originally Posted by r3volution 3.0 View Post
    Why does the Fed print money for the benefit of bankers?

    It's not because the banks directly control the Fed; it's because the bank have influence in the government that controls the Fed.

    Why would that change?
    Because the greenbackers either don't want government loaning money or they want a government bank to make the loans of new money instead of private banks.
    I'm not going to defend greenbackers further because they are wrong and their plans will lead to ruin at only a slightly slower pace than the current system with the resulting catastrophe being only slightly less horrific.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  13. #11
    Quote Originally Posted by Swordsmyth View Post
    Source?
    To maintain the legal fiction, Treasury makes normal payments on bonds held by the Fed, but then the Fed repays Treasury.

    The Fed's annual financial statement for 2017 (see pg. 4 for the income statement):
    https://www.federalreserve.gov/about...instmt2017.pdf

    Interest Paid By Treasury Dept To Fed: $64 billion
    Cash Paid By Fed To Treasury Dept: $80 billion

    The discrepancy reflects other income to the Fed, from other assets they previously monetized, which is also remitted to the Treasury.

    In recent years, the Treasury has made substantial profits off Fed activities.

    Because the greenbackers either don't want government loaning money or they want a government bank to make the loans of new money instead of private banks. I'm not going to defend greenbackers further because they are wrong and their plans will lead to ruin at only a slightly slower pace than the current system with the resulting catastrophe being only slightly less horrific.
    I want a unicorn that $#@!s gold.

    ...but not sure how this explains why a central bank controlled by a government which is in turn controlled by Wall Street won't serve Wall Street.

  14. #12
    Piggybacking off my previous post:

    https://www.zerohedge.com/news/2018-...t-ditch-dollar

    Synopsis- Turkey repatriates all gold from US, ditching dollar, some of the gold ends up at BIS. Erdogan advocates for gold backed currencies instead of dollar.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  15. #13
    Quote Originally Posted by devil21 View Post
    Piggybacking off my previous post:

    https://www.zerohedge.com/news/2018-...t-ditch-dollar

    Synopsis- Turkey repatriates all gold from US, ditching dollar, some of the gold ends up at BIS. Erdogan advocates for gold backed currencies instead of dollar.
    Turkey's currency sucks. Even Turks keep most of their money outside their own currency plus they have double digit inflation. He is trying to prop it up (but won't do gold backed currency). He did suggest the IMF demand that all their loans be repaid in gold. Turkey has 582 tonnes which at $1300 an ounce would be worth about $24 billion- of that, about 28 tonnes were stored in the US. For comparison, the US has over 8,000 tonnes. Their annual trade deficit is $77 billion or three times their gold reserves.

    https://www.forbes.com/sites/steveha.../#a374b3f2cb21


    President Recep Tayyip Erdogan likes to swagger and attempt to punch above his weight. While his rhetorical threats and theatrics keep many allies and enemies off balance, they do not fool the Turks. Most of their bank deposits are not denominated in lira, but foreign currencies. Indeed, as shown in the chart below, these deposits account for around 70% of the total deposits in Turkey’s banking system. That’s because the Turks have been burned many times over the decades by lira devaluations. They know the lira is a junk currency that is best deposited in a waste basket, not a bank.


    One tonne (metric ton) of gold- Turkey had 28 times this in New York:

    Last edited by Zippyjuan; 05-20-2018 at 10:07 PM.
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  16. #14
    Swiss Voters Reject Radical Sovereign Money Plan in Landslide


    Swiss voters dismissed a radical proposal to overturn one of the financial system’s core tenets.

    The so-called sovereign money initiative, or “Vollgeld,” would have ended the system of fractional reserve banking that’s been around for centuries by allowing only the Swiss National Bank to “create” money. But 75.7 percent of voters rejected the measure, according to the government.

    “Of course we’re happy,” said Heinz Karrer, president of business lobby economiesuisse. “A large majority of the population didn’t want to go for such an experiment.”

    While polls had suggested “no” was likely, the fact supporters were able to muster the 100,000 signatures necessary to put it on the ballot is testament to the ongoing distaste about the financial industry still palpable a decade after the financial crisis. While that was sparked by the collapse of Lehman Brothers, Switzerland didn’t escape, and was forced in 2008 to bail out UBS, its biggest bank.

    Still, the Swiss Bankers Association focused on the result itself, saying that the rejection “reflects the confidence of the electorate in the Swiss financial center and the banks.”

    Proponents of Vollgeld argue that by putting the central bank solely in charge of steering the amount of money in the economy, there would be more safeguards to prevent the kind of asset price bubbles that caused the 2008 financial crisis. While the movement has gained the most prominence in Switzerland, thanks to its system of direct democracy, it has also found favor in other countries, such as Germany and the U.K.

    “It was a pragmatic proposal to make the currency system better,” said Reinhold Harringer, a supporter of the plan.

    More at: https://www.bloomberg.com/news/artic...ojection-shows
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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