December 6, 2014—The consequence can’t be avoided. Switzerland was once favorable to gold, but these are different times. Here’s my take on the Swiss gold initiative that was just voted down.
From the article:
Having gold to back paper money is no longer as important as it once was, Switzerland’s finance minister insisted. The head of the Swiss National Bank said the measure was “dangerous.”
Of course that’s what they said. Governments and central banks hate the discipline gold imposes on them.
Switzerland remains a beautiful country, one with many virtues. But it isn’t the monetary exemplar that it once was.
What country will replace it?
Read the whole article here.