Swiss Monetary Reform Referendum June 10th

Synopsis: On June 10th, Switzerland will be the first country in the world to vote on a return to the sovereign money – or state money system, and leave the debt money – or bank money system.
The bank money system is where most of a nation’s money is created by banks when they make interest-bearing loans. This is the root cause of national debt crisis plaguing all nations – and even more broadly, the root cause of most of the world’s hunger, poverty, misery and even disease.
The referendum will be binding – that is, if passed, the Swiss government must implement it.
According to the Vollgeld Initiative, which put together the 100,000-plus signatures to bring about the vote:
“Sovereign money is the money that a central bank brings into circulation. At the moment, this consists only of the coins and bank notes in circulation – only 10% of the money in circulation in Switzerland.
“90% is electronic money or book-money, which is created by the banks at the click of a button to finance their business (bank loans, mortgages, financial products).“
If the initiative passes, on the surface, for the average person, not much will change. Banks will continue to offer all the normal financial services, such as giving credit, enabling transactions, wealth management, etc. However, since banks will no longer be able to create money out of thin air for their profit exclusively, this would make banking far less profitable and make borrowing far less expensive.
In fact, if used properly, this is the only possible way for a nation to pay off their national debt – using state money to pay off the bonds which politicians used to pay for their excessive spending.

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