By Edgar Wortmann, Ons Geld and IMMR Core Group member
The result is known. The “No” camp has won. Nevertheless, the Swiss Vollgeld referendum was a great
success. Monetary reform hit the headlines world wide. Many newspapers informed the public on
money creation. Praise and appreciation for our Swiss colleagues. A resounding result!
Despite much confusion and disinformation about the money system, 24% voted in favor of the Vollgeld
initiative. It was too little to win—but it shows that more and more people are ready for money reform. The
turnout was low (34%), which indicates that for most people the subject is difficult to grasp. That must
change! People need to understand how the money system works. Then the change will follow. The
current system is faulty and out of date. It works against and not in support of sustainable prosperity.
In the run-up to the referendum, the Swiss found that a large majority (59%) felt that money creation
should be a public task. That is encouraging. A democratic victory over the prevailing money elite seems
a feasible goal.
The Swiss themselves stated that an important step was taken. They remain committed to a monetary
system that serves the people and the real economy. You can read their official press statement here. They can be proud.
Here is a selection from their harvest in international news:
- Let’s watch the Swiss get radical and see what happens Bloomberg 6.6.18
- Switzerland’s safe money vote is flawed but useful Nasdaq 6.6.18
- Blaming Banks or Government for Not Enforcing Their Side of the Bargain? (Swiss Referendum 3/3) The Real News Network 6.6.18
- Switzerland votes on whether to stop banks’ money making machine Reuters 7.6.18
- Factbox: What you need to know about the Swiss sovereign money vote Reuters 7.6.18
- Who should create money? Swiss vote promises a revolutionHandelsblatt Global 8.6.18
- CHF now looks to ‘Vollgeld’ – Danske Bank FXStreet 7.6.18
- A referendum on the way money is created The Economist 7.6.18
- Sovereign Money Isn’t Dead, Even If the Swiss Reject It Bloomberg 7.6.18
- Swiss Vote Won’t Kill Idea of Sovereign Money: Leonid Bershidsky Swissinfo.ch 7.6.18
- The Vollgeld Proposal Is Bad, Very Bad Seeking Alpha 7.6.18
- An economist explains the fundamental flaw at the heart of Switzerland’s revolutionary referendum on banking Business Insider 7.6.18
- Switzerland’s weird and wonderful proposal to blow up commercial banking has some merit The Globe and Mail 8.6.18
- Vollgeld: Switzerland’s ‘Sovereign Money’ initiative DW 8.6.18
- Vollgeld: Our response to Martin Wolf ING 8.6.18
- The Swiss may soon discover that nationalising the country’s money is no way to save capitalism The Telegraph 7.6.18
- Switzerland votes on whether to stop banks’ money making machine The Business Times 7.6.18
- Why the Swiss should vote for ‘Vollgeld’ Martin Wolf, FT
- Central Bankers Versus the Market: Who Would Lend Better? from Wall St Journal
- Swiss to vote on money creation by banks The Australian
- Swiss Vollgeld: Voting behaviour matters for this financial experiment ING
- Switzerland is set to vote on a radical ‘sovereign money’ plan: Here’s what you need to know CNBC
- Are the Swiss Going To Revoke The Privileges of Private Banking? A Referendum In Switzerland (Pt. 1/3) The Real News Network
- What Do Private Banks Do For The Real Economy? Explaining The Arguments Of the Referendum In Switzerland (Pt. 2/3) The Real News Network
- Has the Rise of Bitcoin Forced the Swiss to Rethink Money? BTC Manager
- Martin Wolf says Swiss should vote for Vollgeld ForxLive
- Blog UBS 2008: « sovereign money » wouldn’t have changed anything
- Swiss to vote on ‘suicidal’ overhaul of banks CNN Money
- The battle for money has begun Tax Research UK
- Free exchange: All the people’s money The Economist 26.5.18
- Swiss Vote on Radical Sovereign Money Plan to Upend Banking System New York Times 24.5.18
- Radical reform: Switzerland to vote on banking overhaul FT 29.5.18
- Treat money as the public good it is FT 31.5.18
- Switzerland’s sovereign money puzzles FT 1.6.18
- A Vote to Upend Banking as We Know It Wall Street Journal 1.6.18
- Facing a referendum on money, Swiss traders look for hedges Reuters 1.6.18