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Strawberry

Swiss to end Fractional Reserve Banking?

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http://uk.businessinsider.com/switzerland-referendum-on-banking-changes-2018-5?r=US&IR=T

Quote

"The Swiss National Bank alone will be able to create electronic money," the Vollgeld Initiative says in a paper explaining its proposed reforms.

"Banks won’t be able to create money for themselves any more, they’ll only be able to lend money that they have from savers or other banks, or even, if necessary, money that the Swiss National Bank has provided them."

Surprised to have not heard about this before, seems unlikely though that it will happen due to there being a lot of resistance by banks funnily enough

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Won't happen but did you notice this quote? Plenty of elitist cunts waiting to come out of the woodwork should the Swiss people ever let their guard down.....

"Many do not believe the vote should even be held, with Bacchetta saying that: "The motivation and the specifics of the proposed reform in Switzerland have abstracted from current knowledge in economics."

"It is a weakness of the Swiss democratic system that citizens can vote on economic initiatives in the absence of this type of analysis." "

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40 minutes ago, swiss_democracy_for_all said:

Won't happen but did you notice this quote? Plenty of elitist cunts waiting to come out of the woodwork should the Swiss people ever let their guard down.....

"Many do not believe the vote should even be held, with Bacchetta saying that: "The motivation and the specifics of the proposed reform in Switzerland have abstracted from current knowledge in economics."

"It is a weakness of the Swiss democratic system that citizens can vote on economic initiatives in the absence of this type of analysis." "

Ah, they don’t like democracy do they. Bastards. 

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If vote is won and this is implemented, what will be the likely effect on the value of the Swiss franc? (Anyone know?) Up, down ... or absolutely no idea?

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2 hours ago, whocares said:

If vote is won and this is implemented, what will be the likely effect on the value of the Swiss franc? (Anyone know?) Up, down ... or absolutely no idea?

I don't know as an immediate response, but long term I suspect it would make CHF very strong indeed.

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One thing you have to remeber is that, due to investment banks and trading of the swiss banks, they nearly went under, taking switzerland with them.

After 2007, the swiss regulator banned banks from trading and leverage.

As far as tge swiss elite goes, tgey know they were close to going bust.

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1 minute ago, Chewing Grass said:

The Swiss Government can still print money and lend it to the Banks.

I can't see much difference really, the source has just changed.

Indeed.

The swiss problems were caused by the central bank being oblivious to what junk tge banks had on theur books.

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I'd be astonished if this got more than 30% approval. Swissies are cautious voters, that's the nature of real democracy because you have to live with what you voted for instead of blaming the politicos. They're protective of their banks even though they know the banks are bastards. Another serious banking crisis and evidence of more behaviour in the style of the Square Mile and they might go for it though. It would make managing the exchange rate a little, er, interesting...:/

 

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Unlike British bankers which are plain greedy, total scroungers, fraudsters, swindlers, nation destroyers, company destroyers and economy and currency wasters the Swiss are shrewd.  I wouldn't be surprised to see it being a goer.

Edited by twocents

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Just now, Happy Renting said:

So what multiplier of Nazi gold does the Swiss central bank lend out?

:) Probably about the same as the multiplier of the skimmed-off wealth of modern-day global criminals and dictators that's in Swiss banks.

The jokes are often made, but only amongst the foreigners here, the Swiss don't appreciate them and tend to reply pointing out the hypocrisies that exist in our own countries. As I'm a Brit, they tend to respond by asking me about the City laundering institutions banks... 

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21 hours ago, Chewing Grass said:

The Swiss Government can still print money and lend it to the Banks.

I can't see much difference really, the source has just changed.

With a fractional reserve system of say 10%, a new deposit at a bank can be used to lend out 10 times that amount. 

With a system of digital serial numbers, that bank could only lend out up to 100% of their deposits as they won't have serial numbers for any extra loans. No more creating money out of thin air.

The banks must be bricking it as the tech is good enough to make this happen.

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On 09/05/2018 at 09:08, swiss_democracy_for_all said:

Won't happen but did you notice this quote? Plenty of elitist cunts waiting to come out of the woodwork should the Swiss people ever let their guard down.....

"Many do not believe the vote should even be held, with Bacchetta saying that: "The motivation and the specifics of the proposed reform in Switzerland have abstracted from current knowledge in economics."

"It is a weakness of the Swiss democratic system that citizens can vote on economic initiatives in the absence of this type of analysis." "

They all be thick dontcha know

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