Well written, thank you; referendums are the way to go for all people;
Late last year, the Swiss Federal Chancellery was sent a petition with 110,955 signatures, demanding another national referendum. That referendum was spearheaded by activists from the Sovereign Money Initiative. The goal of the referendum is to ban the creation of money by private commercial banks and force a return to the use of actual, tangible money.
The «money multiplier» con game
In economics, when a commercial bank is allowed to create money by extending credit in excess of the cash reserves it holds, this is known as fractional-reserve banking. For example, banks can accept deposits of 1,000 units of legal tender from depositors (which is «real» money, in the form of central bank banknotes), yet based on these reserves, lend out 10,000 units of legal tender, which is ten times more. And that credit will be issued in the form of what is called deposit…
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