Date of Swiss Gold Initiative Vote Inches Closer
Will November 30, 2014 be a seminal day in the fight to return the world to a system of sound money? Maybe. But only if the good people of Switzerland ignore their devious central bankers and sycophant media.
Regular readers of this site know that we've been all over this story for months. As the date of the Swiss national referendum approaches, you can be assured that many more updates will follow. For today, just a recap.
To begin with, please read this: https://www.tfmetalsreport.com/blog/5731/turdville-love-open-letter-good-people-switzerland
Then follow that up with this: https://www.tfmetalsreport.com/blog/6065/swiss-gold-initiative
Why am I bringing this up again today? Because earlier this week, the Swiss National Bank (SNB) put out an opinion piece that was clearly designed to frighten the Swiss people into voting "NO" on The Initiative. You can read the entire missive by clicking this link but the "conclusion" is reprinted below: http://www.snb.ch/en/mmr/speeches/id/ref_20141009_jpd/source/ref_20141009_jpd.en.pdf
"History is a great teacher. And central banks must learn from its critical episodes. The recent crisis is such an episode and is thus an exceptional learning opportunity.
Central banks were active in managing the crisis with both conventional and unconventional tools. Their efforts played a major role in preventing the collapse of the financial system in the early days of the crisis, and have contributed to mitigating the economic damage of the aftermath. These actions were only possible because central banks, including the SNB, were able to act flexibly in exceptional circumstances – a flexibility which the gold initiative would severely constrain.
But the social costs of the crisis were – and still are – enormous, and the main lesson that central banks need to take away from it is the necessity of reinterpreting their financial stability mandate, away from managing crises and towards a more prominent role in preventing them.
This means that systemic risk has to be addressed directly and effectively, a job for which central banks are well placed. If we succeed, the need for extensive crisis management measures will be reduced. In other words, one should expect to see more of central banks on one front so as to see less of them on another.
Let me conclude by reiterating the answer I gave right at the very beginning: in responding to the crisis and in implementing new regulatory measures to prevent another one, central banks did not do too much; they did what was and is necessary."
To sum up, the SNB essentially said this:
The current global financial system nearly collapsed in 2008 and it could do so again at any moment. The only way the Swiss will/can survive this coming debacle is to continue to invest all monetary authority into the same deviant central bankers that brought upon the crisis in the first place.
That sounds like a good idea, doesn't it?
While it's certainly true that a "YES" vote would be positive for gold (and silver), this referendum is about much, much more than that. It is about returning power to the people while diminishing the destructive power of the central bankers. As the world's only remaining direct democracy, the Swiss are uniquely positioned to champion this cause and begin the process of global liberation from central banking. Will they vote "YES" on November 30 or will they be cowed by fear through the propaganda spewed by their bankers and repeated by their media? Only time will tell.
I'll conclude this post today with the same words that I've used to conclude the other two posts, imploring the Swiss people to choose wisely:
The world is rapidly changing and tomorrow will not be like yesterday. The current global financial system, based upon promises, debt and unlimited fiat currency will one day soon by replaced by a system that returns the world to a sound money platform. The monetary powers of the 21st Century will come to the forefront by virtue of their accumulated reserves of sound money, not by their addiction to easy money.
You, Switzerland, still have time to act and prepare but you must move quickly. The possibility exists for you to reverse course and demand change but time is short. The end of the great Keynesian experiment is upon us. Reclaim your gold and your sovereignty now or be forever consigned to the trash heap of fiat currency history.
Faithfully submitted with all sincerity,