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Thread: Switzerland is set to vote on a radical 'sovereign money' plan

  1. #1

    Exclamation Switzerland is set to vote on a radical 'sovereign money' plan

    FYI


    • Swiss voters go to the polls Sunday to decide whether the country should switch to a so-called sovereign money system.
    • Supporters of the initiative, known as the "Vollgeld" or the Sovereign Money Initiative (SMI), say approving the measure would make the financial system safer by preventing bankers from recklessly lending and putting people's savings at risk — again.
    • UBS Chief Executive Sergio Ermotti told reporters last month: "I don't expect the Swiss people to be suicidal and approve it."



    https://www.cnbc.com/2018/06/05/swit...d-to-know.html
    Last edited by Son_of_Liberty90; 06-08-2018 at 01:14 PM.



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  3. #2
    "it seems counterproductive to have a political vote on an economic issue"

    Nailed it with that one, though!

  4. #3
    The initiative would give more power to their Central Bank for money creation.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    Quote Originally Posted by NorthCarolinaLiberty View Post
    I didn't actually read any of the thread. I now mostly just come here to mess with Zip.
    I am Zippy and I approve of this post. But you don't have to.

  5. #4
    Probably just trying to launder their Nazi gold
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    Donald Trump / Rand Paul (Vice Pres) 2016!!!!

  6. #5
    https://www.bloomberg.com/news/artic...ojection-shows

    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.
    Last edited by Zippyjuan; 06-11-2018 at 04:02 PM.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    Quote Originally Posted by NorthCarolinaLiberty View Post
    I didn't actually read any of the thread. I now mostly just come here to mess with Zip.
    I am Zippy and I approve of this post. But you don't have to.

  7. #6
    Quote Originally Posted by Zippyjuan View Post
    The initiative would give more power to their Central Bank for money creation.
    Now Central Banks are the bad guy?

    Also, I have not read the full thing, how is the power of money creation for Central Banks gonna be enabled by this initiative? It sounds like they are leaning the other way, however, that may be misleading...
    1776 > 1984

    The FAILURE of the United States Government to operate and maintian an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

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    You are Ron Paul's Media!

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.



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