No to full money initiative (75%): https://tinyurl.com/yak3tor2
The full money initiative has failed. According to the trend calculation by gfs.bern on behalf of the SRG, the majority of the voting population on Sunday said no to the monopoly of mone…
No to full money initiative (75%): https://tinyurl.com/yak3tor2
The full money initiative has failed. According to the trend calculation by gfs.bern on behalf of the SRG, the majority of the voting population on Sunday said no to the monopoly of money for the National Bank.
The result is no surprise. In the last SRG trend survey, approval of the initiative was still around one third. Many respondents were undecided a few weeks before the vote. This indicates a deep level of information.
The concern put the voters to the test. One reason was the elusive authorship, which consisted mainly of economists and activists. Celebrity figureheads were missing. Another reason was the extraordinary size of the new constitutional text, which included several articles and over a dozen paragraphs.
Power of money: Above all, the content of the initiative was incomprehensible. The title was popular initiative "for crisis-proof money: money creation by the National Bank alone!". The initiators raised the question of who can "produce" money in Switzerland. In her eyes, it is a political question: "If money means power, power has who makes money," said one of the promoters in the campaign.
Making money means not printing banknotes in the context. The National Bank has an uncontested monopoly on this. But cash is only one-tenth of the available money. The rest is only available as book money - counterfeit money or fake money, as the advocates call it.
These virtual values usually exist as a number on a screen or bank statement. They are created by the commercial banks, for example by the granting of a loan, for which the bank possesses no or only a small equivalent value.
The faith is missing: Credit comes from the Latin credere - believe. The initiators do not believe in this system. Book money was too uncertain, they argued. Because banks pursued profit interests, they would regularly create too much money. If there is a major banking crisis, the money is lost.
Therefore, t..
