Date of Swiss Gold Initiative Vote Inches Closer

64
Fri, Oct 10, 2014 - 12:52pm

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...

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: https://www.snb.ch/en/mmr/speeches/id/ref_20141009_jpd/source/ref_201410...

"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,

TF

About the Author

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tfmetalsreport [at] gmail [dot] com ()

  64 Comments

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Motley Fool
Oct 10, 2014 - 5:37pm

Ah, Motley

Showing your true colors...

So the idea of Swiss gold repatriation blows the whole deal for ya? Interesting.

silver2013
Oct 10, 2014 - 5:21pm

Sierra skier ....i have to

Sierra skier ....i have to agree with you 100%. I cant see the bosses letting the slaves vote on something that makes that much of a difference on their pockets. Money buys votes and runs the vote game and more important ....money buys VOTE COUNTERS.

Marcus
Oct 10, 2014 - 5:09pm

bankster crappola

The last duty of a central banker is to tell the public the truth.” - Alan Blinder, Vice Chairman of the Federal Reserve.

Give your banksters the middle finger, people of Switzerland.

Motley Fool
Oct 10, 2014 - 5:07pm

I for one

Hope they vote no, for their own sake. As it stands the initiative is a stupid idea due to the second provision.

goldcom
Oct 10, 2014 - 3:57pm

Rickards @Markedtofuture

It is remarkable the Bloomberg newswoman woman said we the US and Germany since the financial crisis have reduced total debt to GDP. What planet is she from? Her body language was classic as Rickards schooled her on the subject. The MSM is hopeless.

sierra skier
Oct 10, 2014 - 3:50pm

Corrupt elections/votes

Have a long history and TPTB continue to find easier ways to control the vote. In our last national election the fate of our country came down too just 2 counties, one in Florida and the other in Ohio. IIRC there were more votes in at least one of those counties than there were registered voters.

I can only wish the Swiss have the fortitude to see and resolve the gold issue with a vote that is unmistakably in favor of the gold holding in their central blank.

goldcom
Oct 10, 2014 - 3:42pm

The vote

Sorry I meant Scottish

Markedtofuture
Oct 10, 2014 - 3:27pm

Rickards: Fundamental U.S. Economy Is Very Weak

Rates will not go up while we are in a depression or in Rickards lifetime unless there are structural changes made.

QE4 by mid 2015...touches on China gold imports.

Oct. 6 (Bloomberg) –- West Shore Group Chief global Strategist Jim Rickards discusses Fed Chair Janet Yellen, gold and concerns over inflation. He speaks on "Market Makers." (Source: Bloomberg)

https://www.bloomberg.com/video/fundamental-u-s-economy-is-very-weak-rickards-Rg8MTG81QFOIkRqJT6RuVQ.html?utm_content=8772669&utm_medium=social&utm_source=twitter

Angry Chef
Oct 10, 2014 - 3:17pm

The Vote

Just like in Scotland the vote will be rigged. I hope not but just harken back to the Bush/Gore recount. You would think in this day and age people could figure out how to be able to allow a voting system to be counted accurately 100% of the time. Apparently NOT !

infometron
Oct 10, 2014 - 2:27pm

reposting...

as it seems relevant: https://www.tfmetalsreport.com/comment/390388#comment-390388

https://www.zerohedge.com/news/2014-10-10/swiss-national-bank-explains-why-it-against-repatriating-gold

[snip...] The insistence that the SNB should no longer be able to sell gold at any time may turn out to be the Achilles Heel of this initiative. To my mind that condition should have been qualified to read "The SNB should not be able to sell gold except for gold holdings that may from time to time exceed the 20% minimum gold allocation of total assets." I'm not sure why this qualification wasn't made. Does anyone know why not?

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