Will the Swiss Take Back Control of Their Money on June 10th?
In this report I cover the early market action from London on Tuesday, May 15th, 2018. I look at the precious metals, the stock market, the currency market and interest rates. I note that the U.S. 10-year yield is back above the key 3% level this morning.
I also look at a zerohedge about the Vollgeld Referendum taking place in Switzerland on June 10th, 2018. The Swiss public will be asked if they want to take back control of their money by taking away the power of the private banks to create money out of thin air through the fractional reserve mechanism. In a fractional reserve system commercial banks issue loans as a book entry and unlike most people think the loans are not 100% backed by depositors' money.
The author of the article, Peter Koenig, notes nevertheless that the campaign for Vollgeld faces an uphill battle as the Swiss establishment and even the Swiss National Bank have been campaigning hard against a Yes vote. He is not hopeful on his compatriots voting for gaining back control of their money but at least there is some hope.
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