The activist group Swiss Sovereign Money, also known as the Vollgeld Initiative, is trying to stop private Swiss banks from creating currency. “They’ll only be able to lend money that they have from savers or other banks.” The petition for a national referendum has been approved!
If successful, only the Swiss National Bank would retain power to create physical and electronic money. This might be a situation no better than our own Federal Reserve Board. However, the Swiss Sovereign Money movement reveals that ordinary citizens now better understand banking systems and are realizing their own power to exert change in the area of Big Finance.
Iceland has gained the admiration of populists in recent years by doing that which no other nation in the world seems to be willing or capable of doing: prosecuting criminal bankers for engineering financial collapse for profit.
Their effective revolt against the banking class, who drove the tiny nation into economic crisis in 2008, is the brightest example yet that the world does not have to be indebted in perpetuity to an austere and criminal wealthy elite. In 2015, 26 Icelandic bankers were sentenced to prison and the government ordered a bank sale to benefit the citizenry.
Inspired by Iceland’s progress, activists in Switzerland are now making an important stand against the banking cartels and have successfully petitioned to bring an initiative to public referendum that would attack the private banks where it matters most: their power to lend money they don’t actually have, and to create money out of thin air.
Switzerland is in a key position to play a revolutionary role in changing how global banking functions. In addition to being the world’s safest harbor for storing wealth, it is also home to the Bank for International Settlements (BIS), a shadowy private company owned by many of the world’s central banks, and acting as a lender to the central banks. The BIS is the very heart of global reserve banking, the policy that enables banks to lend money that does not actually exist in their bank deposits, but is instead literally created electronically from nothing whenever a bank extends a line of credit.
The Sovereign Money initiative in Switzerland aims to curb financial speculation, which is the intended and inevitable result of reserve banking, the tool that makes financial adventurism possible by supplying the banks with endless quantities of fiat money. Limiting a bank’s ability to produce money from nothing would be a direct blow to the roots of the banking cartel, and would cripple their ability to manipulate the world economy.
— Isaac Davis, Waking Times
Swiss Sovereign Money Movement
Here’s a quick video on the Swiss Sovereign Money movement.