September 14, 2014 – This edition of the weekly column explores an effort in Switzerland to give gold a more monetary role.
Citizens of Switzerland are headed to the polls November 30th to vote on a ballot measure that would bring more accountability to the country’s central bank, Swiss National Bank (SNB). The referendum would, in short, prevent SNB from selling more gold, require that it maintain up to 20 percent of its assets in gold, and repatriate Swiss-owned gold to the government.
From the column:
Just like the US and the EU, Switzerland at the federal level is ruled by a group of elites who are more concerned with their own status, well-being, and international reputation than with the good of the country. The gold referendum, if it is successful, will be a slap in the face to those elites. The Swiss people appreciate the work their forefathers put into building up large gold reserves, a respected currency, and a strong, independent banking system. They do not want to see centuries of struggle squandered by a central bank. The results of the November referendum may be a bellwether, indicating just how strong popular movements can be in establishing central bank accountability and returning gold to a monetary role.
Would you like to see the US give gold a more monetary role to hold our central bank, the Federal Reserve, more accountable?