I very briefly touched on the topic of the sovereign money vote in Switzerland yesterday
I thought I'd post up a bit of background and a 'what's next'?
Switzerland has a system of "direct democracy" where anyone with an exe to grind who can convince enough other axe-grinders its citizens can initiate a referendum vote.
A Swiss group, Monetary Modernization, has gathered the required 100,000 signatures for a referendum on fractional reserve banking. In a nutshell the proposal is to jack up the reserve required to 100% which effectively will translate into only the Swiss National Bank 'creating' money, not commercial banks.
OK ... so 'What's next?"
- The petition will be handed to government officials on December 1
- And then ... well, the process of actually getting to the referendum vote is likely to take around 5 years
