Very important news out of Switzerland yesterday. The Swiss federal government confirmed on Christmas Eve that over 110,000 legitimate signatures had been gathered by the Swiss Monetary Reform group, Vollgeld, forcing monetary reform to a vote of the entire nation.
If approved by a simple majority of voters, the initiative will put a stop to banks counterfeiting the Swiss national money by the notorious practice of fractional reserve lending. 
This is a practice whereby banks actually lend money they do not have. No, they are not lending money created by other people’s deposits.
Fractional reserve is a fraud against the nation and is the primary reason the world is swimming in debt, wars and poverty and is why in today’s world bank buildings are always the tallest in every city on the planet.
When the Swiss National Bank – the central bank for the nation – was first established in 1891, it was given the exclusive power to mint coins and issue Swiss banknotes. 
However, commercial banks in Switzerland – as in most other nations worldwide – have gradually stolen this power of government. Now. Banks create the national money – in my opinion, illegally – for the sole benefit of the bank. 
Government-issued money is issued without such debt and benefits all citizens equally. 
Fractional reserve lending has built a world of ever-increasing debt that is absolutely going to come crashing down at some point. 
According to Vollgeld:
“Banks won’t be able to create money for themselves any more, they’ll only be able to lend money that they have from savers or other banks.”
No date for the vote has yet been set. Typically successful Swiss initiatives can take as long as 5 years to actually be voted on.
This was the one thing Professor Milton Friedman said to me after viewing an initial cut of my 1996 documentary The MoneyMasters:

“If you end the Fed and do nothing about fractional reserve lending; you’ve done nothing!”
We will stay on top of this issue.
I’m Still reporting on the economy. Merry Christmas.

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