www.zerohedge.com/news/2015-12-24/switzerland-vote-ending-fractional-reserve-banking
in what is shaping up to be another historic referendum on the treatment of money, earlier today the Swiss Federal Government confirmed that it had received enough signatures and would hold a referendum as part of the so-called "Vollgeld", or Full Money Initiative, also known as the Campaign for Monetary Reform, which seeks to ban commercial banks from creating money, and which calls for the central bank to be given sole power to create the money in the financial system.
In other words, an initiative to ban fractional reserve banking, and revert to a 100% reserve.
As Finanzen.ch reports, after 111,763 signatures urging a referendum were submitted, of which 110,955 valid, the Federal Chancellery announced on Thursday that the popular vote would take place. Under Switzerland's direct democracy, a referendum can be held if a motion gains 100,000 signatures within 18 months of launching.
"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," said the campaign group.
in what is shaping up to be another historic referendum on the treatment of money, earlier today the Swiss Federal Government confirmed that it had received enough signatures and would hold a referendum as part of the so-called "Vollgeld", or Full Money Initiative, also known as the Campaign for Monetary Reform, which seeks to ban commercial banks from creating money, and which calls for the central bank to be given sole power to create the money in the financial system.
In other words, an initiative to ban fractional reserve banking, and revert to a 100% reserve.
As Finanzen.ch reports, after 111,763 signatures urging a referendum were submitted, of which 110,955 valid, the Federal Chancellery announced on Thursday that the popular vote would take place. Under Switzerland's direct democracy, a referendum can be held if a motion gains 100,000 signatures within 18 months of launching.
"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," said the campaign group.
