The SVP Gold Initiative

Launched in September of 2011, it has finally reached the requisite number of signatures.

The "Gold Initiative" in Switzerland was started by the Swiss People's Party (SVP). Research I've done describes this as a "right wing" political group. This seems a bit strange as most groups called "people's" party are invariably socialist or, at a minimum, left-leaning. Additionally, some reports indicate that the SVP is the largest party in the Swiss National Council. Perhaps there are some Swiss Turdites out there who could shed some light on all of this.

Regardless of the politics, the entire episode is interesting. The movement began in September 2011, about two weeks after the Swiss National Bank took the unprecedented step of pegging the Franc to the Euro. (Astute readers will recall that this SNB action also began the protracted price correction that continues to this day.) Below is the English language version of the original initiative.

Goldinitiative English by Turd Ferguson

What has followed is nearly 18 months of grass roots campaigning that has finally netted the 100,000 signatures necessary to force a national referendum. Of course, some media have already spun this as a quixotic attempt that will ultimately fail to gain the necessary votes to pass. http://news.yahoo.com/swiss-wing-forces-referendum-banning-snb-gold-sales-174344976--business.html

Others don't seem so sure, like this article from centralbanking.com (Did you even know there was such a place? And who reads this site? The Bernank and his Goons?) http://www.centralbanking.com/central-banking/news/2256709/swiss-national-bank-faces-referendum-over-gold-sales

Regardless of the coverage, this still rates as a very interesting development. Given the situation in Cyprus and the attendant and pending failures of confidence throughout the Continent, perhaps this initiative will find more popular support than the pundits predict. And what if it passes? Then what?? Needless to say, this is something we are definitely going to keep close tabs on going forward.

TF


 

80 Comments

ballyale's picture

Bailins in the process of coming to your Bank or the new theft.

Provision For Systemically Important Banks in 2013 Budget!

March 27, 2013 By The Doc 49 Comments

The-Docs-Online-Gold-and-Silver-Store-46

*BREAKING SD ALERT

Just as DieselBOOM accidentally admitted Monday, it appears that the Cypriot bail-in is anything but a one-off event, and is in fact the new collapse template for the entire Western banking system, and not just the ECB/ Eurozone!

SD has been alerted to an alarming provision that has been buried deep inside the official 2013 Canadian Budget that will result in depositor haircut bail-ins jumping to this side of the pond during the next bank crisis!

Titled ECONOMIC ACTION PLAN 2013 and tabled in the House of Commons by Minster of Finance James Flaherty on March 21st, the official 2013 Canadian budget contains an explicit provision that Canada will pursue the bail-in model for systemically important banks for future bank failures!

buff 728

Depositor haircuts have just jumped to this side of the pond, effective the next bank crisis/ failure:

From Page 144:

“The Government also recognizes the need to manage the risks associated with systemically important banks—those banks whose distress or failure
could cause a disruption to the financial system and, in turn, negative impacts on the economy. This requires strong prudential oversight and a robust set of
options for resolving these institutions without the use of taxpayer funds
, in the unlikely event that one becomes non-viable.”

Translated, Without the use of taxpayer funds means via depositor funds.

And the meat of the provision, from Page 145:

The Government proposes to implement a bail-in regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital.
This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada.
Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants…

Confiscating wealth from depositors will reduce risks for taxpayers??? Only those with 100% of their assets in physical gold and silver, or those Canadian depositors who are somehow not also taxpayers perhaps!

The bail-in provision in Canada’s 2013 budget can be found on pages 144,145:
www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf

Bugzy's picture

Bollocks

You mistake XTY for a USA type.

She is Canadian. Canada spells stuff like the Brits - all except Tire/Tyre

Bollocks's picture

Bugzy

Canada???

Where the hell is that?

But, but, BUT she said "laundromat".

It's true. I have it on video and multiple backups. (now).
 

Bluebellkid's picture

Gold chocolate bar

This may have already been posted but I received an email from Peter Schiff advertising these:

https://www.valcambigold.com/category/38-best-selling-products.aspx

BagOfGold's picture

The first 2 winners of the caption contest are...

SilverSurfers & Dyna mo hum...Congratulations!...More winners...& more prizes...will be announced soon!!!...

Run on Cyprus banks!...

Bag Of Gold

Chibster's picture

Bitcoin shipped? proof sucker born every minute

:LOL:   physical brass Bitcoin on eBay has a current bid of $510 dollars  - "This coin has been carefully handled and will be shipped in a little plastic bag for protection."  It looks exactly like the Chuck-E-Cheeze game tokens my kid gets in the plastic cup when we buy pizza.

http://www.ebay.com/itm/190814922588

Bitcoin is proof there is a sucker born every minute.

This is the real way to find money, Gold and silver.

I hope Switzerland repatriates their gold like Hugo Chaves did.  Demand immediately delivery all at once.

RockerBoxer's picture

What did Ferdi say?

The SVP was the only party that was against Switzerland joining the IMF, as a result, the Franc lost all connection to gold, and as Ferdinand Lips would argue, Switzerland lost her sovereignty. I hope the following link works, it's from a site dedicated to Ferdi's work and the article written in Oct. 1999, following operation gold sale.

http://lips-institute.ch/en/wp-content/uploads/file/articles_pdf/GoldSwitzerland_%20lostsovereignty.pdf.pdf

Take care,

RockerBoxer

ballyale's picture

Marc Faber: "I Am Sure Governments Will One Day Take Away 20-30%

Well, I guess, if the wealthy reading this don't start buying Phyzz,
only more hair cuts will. Bally.
____________________________________
http://www.zerohedge.com/news/2013-03-27/marc-faber-i-am-sure-governments-will-one-day-take-away-20-30-my-wealth

 

ballyale's picture

The Bernanke's greates fear.

I guess this is Bernanke's greatest fear. Deflation, just like runaway Inflation can roll a boat and sink her.

To give some background on the issue, when Benjamin Franklin went to London in 1764, this is what he observed:

When he arrived, he was surprised to find rampant unemployment and poverty among the British working classes… Franklin was then asked how the American colonies managed to collect enough money to support their poor houses. He reportedly replied:

“We have no poor houses in the Colonies; and if we had some, there would be nobody to put in them, since there is, in the Colonies, not a single unemployed person, neither beggars nor tramps.”

In 1764, the Bank of England used its influence on Parliament to get a Currency Act passed that made it illegal for any of the colonies to print their own money. The colonists were forced to pay all future taxes to Britain in silver or gold. Anyone lacking in those precious metals had to borrow them at interest from the banks.

Only a year later, Franklin said, the streets of the colonies were filled with unemployed beggars, just as they were in England. The money supply had suddenly been reduced by half, leaving insufficient funds to pay for the goods and services these workers could have provided. He maintained that it was “the poverty caused by the bad influence of the English bankers on the Parliament which has caused in the colonies hatred of the English and . . . the Revolutionary War.” This, he said, was the real reason for the Revolution: “the colonies would gladly have borne the little tax on tea and other matters had it not been that England took away from the colonies their money, which created unemployment and dissatisfaction.”

ballyale's picture

Aren't "Bailins" the same as deflation or the taking of money?

Re: I guess this is Bernanke's greatest fear. Deflation, just like runaway Inflation can roll a boat and sink her.

Isn't the illegal taking of depositors money,
the same thing as a deflationary event?

Isn't it the same as the 1764 requirement to pay taxes in gold or silver?
Didn't that essentially undermine and reduce by 50%, liquidity within the Colonies and at the same time devalue Colonial paper? It was the worst of all possible
solutions and totally unnecessary. It was the equivalent of lopping off
a banker's nose to smite an ugly banker's face.

Those in the Colonies who could hold onto their gold and silver; didn't they
prosper as the amount of gold and silver shrank? I suspect that those who did,
bought up land and created plantations for pennies on the dollar. Those who lost
all, simply moved west to start again.

Unfortunately, there is no more "West" to go to. There's just BK and poverty to look forward to.
_____________________________

I don't know if there is a 1:1 correlation, but this Meth Lab Map kinda shows
where the worst of the Mortgage Defaults occurred.

http://www.buzzfeed.com/mjs538/fascinating-map-of-where-meth-lab-accidents-happen-in-the-us

Could it be that all the Meth Lab addicts took advantage of the illegal mortgage boom to buy houses and make them into Meth Labs and then leave the Banks and Fannie and Freddie with the bill, once they made and then, spent all their Meth profits?

Oh yeah! Once a house was turned into a Meth Lab, I've read reports that it takes $10,000. in order to get rid of the chemicals. Freddie and Fannie in their small print aren't going to pay for removal, if their foreclosure mortgage was a Meth House. In essence, Freddie and Fannie have just spawned a whole new non productive industry, i.e. detecting F&F foreclosed properties for Meth Labs and then decontaminating them,once found.

I live in Western Mass. Property prices have increased over the last 10 years, with property prices doubling over the last 15 years and property taxes doubling over the last 10 years. Notice that there have been almost no Meth Lab arrests in Massachusetts. Coincidence? I doubt it. Why? I don't have the faintest of clues. In a state known for its "Hippie" revolution in the '60's, maybe it's just that they have gotten a lot older and passed down to their children the evils of drug usage. Nah! Children will do what they want to do.

Why has there been such a huge amount of Meth in the Bible States? Could it be a
result of lost jobs, lower wages, families fallen apart and a total loss of hope in the future. That's my guess.

Massachusetts has it problems to be sure, but it has a lot going for it. It's research facilities are perhaps the best in the world in many different fields, supplied by it's many first class Colleges and Universities.

Perhaps, there is no reason to go to crack or meth when you're doing well.

Bally.

P.S. While Texans want to get ever more guns and a scarce supply of ammo, we
in Massachusetts, simply want to produce better ideas and products.

I'm not saying anything bad about Texans. They must have their reasons.
I'm just pointing out the differences between the two states. I must
say, though, that Texans Universities public and private certainly equal
and or exceed Mass. research Universities from everything that I have read.

It's just that there is no trickle down to the K through 12, unless you live
in a wealthy district.

I hope that doesn't offend my fellow Texans, whom I admire in many respects.
 

Karankawa's picture

@ ballyale

I think the common denominater in your two prior posts is not of specific issues, but that of individual freedom and responsibility, and shrugging off Central Control.

It's worked everywhere it's been tried.

JackPutter's picture

Ballyale...I think

it's the reverse.  It's inflation that devalues your stored-saved-work.  Let's say you have three years worth of savings in the bank.  Suddenly you find 10% is taken, meaning buying power is gone.  Inflation of 10% in the same time period is the same.  It's loss of value or buying power.

Monedas's picture

It's Bullocks .... not Bollocks !

It's a chicken's butt .... not, a Parson's nose .... when will the English teach their "kids" how to speak !       Monedas       1929      Comedy Jihad In Swiss Gold Is Gold And Money Is Geld Go Figger World Tour     devil

BIGNASTY's picture

Meth Labs on West coast

Interesting map for sure, the number in Ca. looks suspiciously low. Back in the early nineties we'd have 4x the meth labs  in my county alone (compared to current numbers). I suspect that the stats also reflect that most of the meth. used on the west coast  is controlled by the Mexican cartels and is mostly manufactured IN Mexico, resulting in deceiving low numbers. Again that would have been a different story from early 90's to 2000-02 or so. I did not take any time to document but San Bernardino and Riverside Counties both had huge foreclosure rates when the bubble burst.

Meth started on the West Coast 25-30 years ago and the rest of the country is experiencing what we went through in the late 80's-2002

Thanks for sharing the link I always enjoy your posts.

Hagarth's picture

The MOFOs and the Bail-Ins

From Morrison & Foerster regarding the Bail-ins all the way back to 2011. 

http://www.mofo.com/files/Uploads/Images/110121-Minimum-Bail-In-Criteria.pdf

Strange how no one pays any attention to certain language UNTIL it becomes effected.  Now we can see what a BAil-in really does ala. Cypress and the poor Cypriots being ravaged by bondholders.  

If you have read the above .pdf you will see that this is indeed  product of the Basel III accords:

"on 13 January 2011 the Basel Committee on Banking Supervision (“BCBS”) announced the minimum requirements to ensure that all regulatory capital instruments are capable of fully absorbing losses at the point a bank becomes non-viable."

Of course the Basel Committee is run by the BIS ( Bank for International Settlements), who make the rules.  So it is attendant to you all to be searching your pain threshold if a bank failure or "NON-VIABLE" bank declares your funds are now theirs.  As well as restrict your ability to find capital to fund your business/households.

You Canadians that have been posting the 2013 Canadian Budget deserve a bakers dozen of hat tips.  Tonite was the night to vent my keyboard fury towards the Minister of Finance and inform my local MP of this BIS BULLSH*T!  

For those Canucks that wish voice their concerns :

Finance Minister Jim Flaherty

http://www.fin.gc.ca/comment/minfin-eng.asp

Honestly I wouldn't bother Liberal Party Critic for Finance and National Revenue Scott Brison since he is a Trilateral Commision member.

But there is NDP Finance critic Peggy Nash that may help, no guarantees of course:

http://peggynash.ndp.ca/

ballyale's picture

Thanks for your comments both for and against.

I think that we are in a dual inflationary and deflationary environment, as I have many time posted before.

We are in an inflationary environment for those consumer goods necessary to survive, i.e. food, gasoline, etc.

We are in a deflationary environment in terms of all kinds of loans such as mortgages and cars etc. What that means is those who over the past 6 years or so for the most part have seen the price of their home or car decrease in value. With Zero percent financing of  one's car, it really doesn't matter. What it does matter is to the stupid Banks that allowed this.

Think about it. What Bank in it's right mind would give a Zero percent interest for 5 years or so on the purchase of a car? This is deflation on a massive scale. The Banks are essential giving Zero interest rates on a depreciating vehicle price for 5 years!!!

This is Bank Suicide!!!  And yet it going on all over the US and the World.

This is the same scam as the mortgage scam in 2007 only worse. The Car Dealer sells you a truck or car and  loans/finances  for no money down and for no interest for 5 years. The dealers then just like the mortgage companies sell  off those loans onto the big banks, who in turn  sell them into some sort of a security to unsuspecting Pension Funds etc. These Pension Fund or whatever then become the bag holders of these Ponzi schemes.

This is great for the buyers of the truck or the car. It's a  disaster for the bag holder, the Pension Fund or whoever bought those non performing loans at 0% interest. That is, of course, if they will ever see 100%  of those loans at 0% , just to get their money back.

I guess that the Banks thought that the Fed would backstop even 0% loans in order to get the economy going again. That's the only rational, that I can think of.

The only thing, that I think will work is a total dismantling  of the big banks, pure and simple.

Bally.

Silver Alert's picture

@Bollocks

You forgot one of the best ones: A "boot" is not something you wear on your foot.  Causes endless confusion amongst tourists on both sides of the Big Pond.

SlobberingBull's picture

Bacon Dress

All you need for a night out!

http://technabob.com/blog/2013/03/07/bacon-dress/

I am ordering the BLT tonight cheeky

ballyale's picture

So what's going to happen?

There is already a flight to gold. Oh! It may not show up on the paper market,
but it's increasingly happening throughout the world. The rich are and going to
put their 20 to 30 percent haircuts, before it happens, into gold and silver. That's a lot of money to go into a dimishing supply of actual physical gold and silver.

It will take an ever fewer of Comex delivery notices to break that fraudulent,
how shall we say it "Market"?

Bally.

ballyale's picture

The coming disconnect between paper Comex and real PM's

Here's is what I think what will happen once it becomes to all paper holders of the PM's  that they don't own an oz. of gold or silver.

The paper price on the Comex  will plummet in a panic. The rest of the Gold phyzz will happen as well, until it's realized that all the paper has been vaporized.

What a time to buy actual phizz at bargain basement pricing? It won't last long.

God knows what will happen to the miners?  I simply don't know.

Only Huge premiums over the "spot" pricing will reveal the real price of the PM's

Bally

opticsguy's picture

Pot growing vs. meth

I hear stories from friends in SoCal that foreclosures end up having dark curtains put up and strange people coming and going.  They are lit 24 hours to grow pot. That's a lot easier then making meth, IMO.  Certainly less dangerous.

alan2102's picture

ballyale

Ballyale:  I agree that we are in a "dual inflationary and deflationary environment"; it is called "biflation".  It has been described in many ways, but the one I like best is: "deflation in everything you want, inflation in everything you NEED".

As for "total dismantling  of the big banks": how would that come to pass? You might want to ask: how did they become "mantled" (i.e. built up) to begin with?

sarah's picture

recent posts

Sure is a lot of meaningless crud on the site...we're being attacked.

Arag's picture

Swiss turdites

As I am one of them... I would just add this to what has been said before. SVP thrived when billionaire Christoph Blocher at its head launched a campaign opposing the entry of Switzerland in the European Union. SVP was alone against all other parties - but won: the Swiss people voted to stay outside (I'd say now they are quite happy with that). SVP represents the independant nationalist wing of the political spectrum - and as such is branded "right wing"; they have links with other independant parties in Europe such as Nigel Farage's UKIP in the UK, Marine Le Pen or François Asselineau in France, for example. SVP are not the only ones to be concerned with the Swiss gold location. In 2003, a member of the Parliament, Dr Paul Gunter (Socialist) asked the government if it was true that a good part of the SNB gold was kept in America; the response of the then Finance Minister, Kaspar Villiger, has left many stunned and preoccupied ("I don't know and I don't want to know"). Hence the Initiative Turd is mentioning here. So, where is the Swiss gold ? It is generally accepted that about half of it is in Switzerland (they won't tell you the exact location, but let's say it's in a Fed-style underground bunker recently built where the TV crew filmed the images that Turd posted). For the remaining part, guesses are that there have to be some in London, and some in New-York... if it is still there, of course (and after the German experience at Liberty Street, one can understand why the Swiss are more than a little concerned about the fate of their gold !)

Turd Ferguson's picture

Great stuff, Arag

MODERATOR

Thank you!

Response to: Swiss turdites
department of truth's picture

And your timeline is?

How about today?  The charts are set up for a fall and silver just broke the $28.50 mark . . . .

SILVER May 2013 (E) (NYMEX:SI.K13.E)

Tabberto's picture

Sensing that it being nearly a done deal for a few days

and the emergence of a spot of bickering, it may be time to pop out for a cold beer.

Cerveza%20Pacifico.jpg

The price action today is unimportant option expiry related gaming and general nothingness.  We have seen a huge change in western perception of the relative merits of bank accounts versus gold and silver this week.  This will take a little time to percolate but the next leg is within sight and should have some genuine force once more people 'get it in their nuts' (as per artist taxi driver) that the 'money' in their 'bank accounts' is a fiat potemkin village of nothing at all.

Xty's picture

Bollocks, your sense of humour has caused you

to libel me.  Unfortunately, despite having been loyal colonists to the Crown, we have needed to make peace with the revolutionaries to the south, and their pernicious influence does cause linguistic confusion.  Perhaps had you not let those unruly ones throw off the yoke of repression, we would be able to maintain our air of cultural superiority more easily.

Our cultural confusion leads to this monstrosity of a name: Canadian Tire.  How can it not be Canadian Tyre?  And why are they allowed to use their name in Quebec, when Eaton's had to drop the apostrophe s?  It should be Pneu Canada, mais oui?

So many questions, and so few answers.

But for Bollocks to lecture me about how to spell humour?  Not neighbourly.  Or in good colour.  I mean, get with the programme.

Fuckonomics Traumzeit's picture

Greetings from a another

Greetings from a another Swiss Turdite. Thanks for this Site.

Some thoughts on this.
1 Swiss People still have to vote on this Inititve to be Law.
2 Our Media is totaly controlld by the Globalist. Even the NZZ (Printmedia)wich
  is same like the German FAZ would fight that Law. Television and our
  national Radio is even worse.
3 The SNB Balancesheet is in relation 10 times or more worse than the FED ones.
4 The Francs Euro peg from the private and corrupt(Philip Hildebrandt) SNB.
5 Banking sector to GDP ratio.
6 Worlds bigest refiners.

Many Targets to fire if we vote for this.

Code The Plumber's picture

BigDynasty, there are few

BigDynasty, there are few meth labs now because it's not profitable.  If you have the sniffles, DEA, err FDA, now has you whipping out a DL and signing for what was the primary ingredient in cooking meth.  Like all intervention, it simply handed money to the larger illegal cartels (you know, as opposed to "buy local" mom and pop meth labs, lol).  Anyways, MS13 is here now, all over, simply because we criminalized/regulated pseudoephedrine (ie Sudafed).  Now it is made outside the country and imported.  Price is higher, risk higher, crime higher, etc.  It's basically blood in, blood out from beginning to end.  Even rural college towns have MS13, but they ain't there to study, and they didn't come here to pick fruit or build houses.

The series Breaking Bad should paint this clearly if you haven't watched it.  It's big, organized crime business, not something to risk in the USA "manufacturing sector" with all its regulation and risk.

Never took meth, and certainly never would have cooked it by the way.  I just track (allegedly)unintended consequences of regulation, which reminds me.  Who's already buying antibiotics over the counter @ Tractor Supply Company because it costs too much to go to the doc and  fill a prescription?  Give it time.

Syndicate contentComments for "The SVP Gold Initiative"