Swiss Reject Radical Sovereign Money Proposal

Swiss Reject Radical Sovereign Money Proposal

Swiss voters dismissed a radical proposal to overturn one of many monetary system’s core tenets.

The so-called sovereign cash initiative, or “Vollgeld,” would have ended the system of fractional reserve banking that’s been round for hundreds of years by permitting solely the Swiss National Bank to “create” cash. But 75 p.c of voters rejected the measure, in response to a projection from Swiss tv SRF. Official outcomes of the plebiscite are due afterward Sunday.

No Experiments

Swiss voters rejected the Vollgeld proposal

Source: SRF projection

“Of course we’re happy,” mentioned Heinz Karrer, president of enterprise foyer economiesuisse.
“A large majority of the population didn’t want to go for such an experiment.”

While polls had recommended “no” was doubtless, the actual fact supporters had been capable of muster the 100,000 signatures vital to place it on the poll is testomony to the continued distaste concerning the monetary business nonetheless palpable a decade after the monetary disaster. While that was sparked by the collapse of Lehman Brothers, Switzerland didn’t escape, and was pressured in 2008 to bail out UBS, its largest financial institution.

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