Switzerland to vote on banning banks from creating money

Switzerland to vote on banning banks from creating money

Under Switzerland’s direct democracy, a referendum can be held if a motion gains 100,000 signatures within 18 months of launching.

If successful, the sovereign money bill would give the Swiss National Bank a monopoly on physical and electronic money creation, “while the decision concerning how new money is introduced into the economy would reside with the government,” says Vollgeld.

The idea of limiting all money creation to central banks was first touted in the 1930s and supported by renowned US economist Irving Fischer as a way of preventing asset bubbles and curbing reckless lending.

In modern market economies, central banks control the creation of banknotes and coins but not the creation of all money, which occurs when a commercial bank offers a line of credit. Central banks aim to influence the money supply with monetary policy and regulatory tools…..

Ma ei oskagi öelda, et kas tegemist on positiivse või negatiivse sündmusega. Ühtpidi on tegu “monetaarsete idiootidega” ja 100% reservidega pangandus ei muudaks midagi. Teistpidi juhitakse tähelepanu sellele, et pangad ikkagi “loovad raha” ja ei laena edasi hoiustajate raha. Siiski ma kahtlen, et teavitavat funktsiooni selline referendum täidaks. Pigem muudetakse referendumid ja otsedemokraatia sellega farsiks ning see süvendab arusaama, et rahvas ei saa kõige üle otsustamisega ise hakkama, kuna pole piisavalt tark. Las eliit otsustab. “Positive money” ja “debt free money” liikumised on tulvil inimestest, keda mina nimetaksin “monetary cranks”.  Juba aastaid nad korrutavad enda dogmasid ja paistab, et ükski jutt või ratsionaalsed põhjendused neid ei veena.

About Kristjan

Defitsiidi terrorismi vastase pataljoni eriüksuslane (finantsignorantsuse vastu võitlemise osakond). Treening: MMT, postkeinsism, Tartu Ülikool Majandusteadus
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