Switzerland to vote on banning commercial banks from creating money
By Mehreen Khan
The Telegraph, London
Friday, December 24, 2015
Switzerland will hold a referendum to decide whether to ban commercial banks from creating money.
The Swiss federal government confirmed Thursday that it would hold the plebiscite, after more than 110,000 people signed a petition calling for the central bank to be given sole power to create money in the financial system.
The campaign -- led by the Swiss Sovereign Money movement and known as the Vollgeld initiative -- is designed to limit financial speculation by requiring private banks to hold 100 percent reserves against their deposits.
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"Banks won’t be able to create money for themselves anymore," the campaign group said. "They'll be able to lend only money that they have from savers or other banks." ...
If successful, the sovereign money bill would give the Swiss National Bank a monopoly on physical and electronic money creation, "while the decision concerning how new money is introduced into the economy would reside with the government," Vollgeld says. ...
The idea of limiting all money creation to central banks was first touted in the 1930s and supported by renowned US economist Irving Fischer as a way of preventing asset bubbles and curbing reckless lending. ...
Over 90 percent of money in circulation in Switzerland now exists in the form "electronic" cash created by private banks, rather than the central bank. ...
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