Interesting news announced yesterday, Christmas Eve: Switzerland is to have a referendum on stripping the private banks of their power to create money. All money would be created only by the Central Bank and this would somehow make kittens gambol again in the sunshine, create vast wealth for the citizenry and possibly even give middle aged men the stamina of teenagers (a horrifying thought if there ever was one). There’s a certain amount of truth to the basic ideas behind this campaign. However, for some reason, monetary and banking economics really does attract very much more than its fair share of flat out loons. And that’s who we’ve got behind this campaign I’m afraid, a group I’ve locked horns with before from my native UK called Positive Money. Some parts of their analysis are entirely correct: and then they jump off into the deep end of simple ignorance of the subject under discussion. I am not using the word loon here merely as a pejorative: I’m sorry, but they really are off with the fairies on this one…….