Friday, December 25, 2015

The Swiss Will Surely Disappoint

Once again the Swiss are put into a position where they could demonstrate leadership and responsibility in a world gone mad.

Last year we had to witness the Swiss Gold Referendum debacle where the Swiss voted down a proposal that the Swiss central bank not sell the country's gold and require them to hold a certain amount in reserves.

They voted it down. A mere couple weeks later the Swiss central bank devalued the currency against gold by more than 20%. Brilliant Swiss citizens! You got gamed!

Now, according to Zerohedge, the Swiss are once again going to the ballot box to surely embarrass themselves in the age of Peak Central Banking to vote whether or not to reform the banking industry, specifically, fractional reserve banking.

So they'll probably vote for the status quo to then observe their banking industry implode.

Let's hope they don't embarrass themselves again but I'm not holding out hope.


"...what is shaping up to be another historic referendum on the treatment of money, earlier today the Swiss Federal Government confirmed that it had received enough signatures and would hold a referendum as part of the so-called "Vollgeld", or Full Money Initiative, also known as the Campaign for Monetary Reform, which seeks to ban commercial banks from creating money, and which calls for the central bank to be given sole power to create the money in the financial system.

In other words, an initiative to ban fractional reserve banking, and revert to a 100% reserve."

The world watches the most "informed" democracy on the planet.

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