A Swiss group, Monetary Modernization, has collected 100,000 signatures calling for an end to fractional reserve banking. This is sufficient to force a referendum on the matter.
It is unclear if the full reserve banking proposal would be limited to transaction accounts or also apply to savings accounts but only the Swiss National Bank would be permitted to create the country's money.
http://ift.tt/1GIO9iu
It is unclear if the full reserve banking proposal would be limited to transaction accounts or also apply to savings accounts but only the Swiss National Bank would be permitted to create the country's money.
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Raffael Wuethrich, a spokesman, said his group would formally hand over the 100,000 notarized signatures to federal administration officials in Berne on Dec. 1. He added it could take as long as five years before the measure goes to voters. "Banks would no longer be able to create their own money when they extend credit," Wuethrich said, adding such a system would minimize the potential for a banking system collapse as all money would be backed by the Swiss National Bank. |
via International Skeptics Forum http://ift.tt/1RqZPHf
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