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Swiss gold referendum soundly defeated

CaptHenwayCaptHenway Posts: 32,112 ✭✭✭✭✭
in Precious Metals
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Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.

Comments

  • MGLICKERMGLICKER Posts: 7,995 ✭✭✭


    << <i> The proposal was opposed by the Swiss National Bank and the Swiss government, as it would limit the SNB's ability to print money.[14] >>




    Can't let that happen!
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Looks as if the big boys may have influenced the vote to some extent...Cheers, RickO
  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭
    "big boys" don't play with gold.
    They play with entire economies.

    Cuz we lettem....... image
  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    Defeated because it was a three part question to the voters and they had to want all three parts to get any of the parts:
    1. Repatriating of Swiss gold stored abroad.
    2. A ban on the central bank selling any gold - EVER!
    3. Requirement for central bank to buy $12-14 billion in gold every year for 5 years.

    The second and third parts of the referendum caused the defeat of the first. I guess their system works a lot like ours - if you want to defeat legislation attach a rider that no one wants to see pass.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • Steve27Steve27 Posts: 13,274 ✭✭✭
    "The proposal was opposed by the Swiss National Bank and the Swiss government, as it would limit the SNB's ability to print money."

    If approved, their economy would have stopped growing unless/until they could obtain enough gold to cover the 20% requirement. That would have been a very bad mistake, with major economic consequences for all.
    "It's far easier to fight for principles, than to live up to them." Adlai Stevenson
  • bronco2078bronco2078 Posts: 10,207 ✭✭✭✭✭


    << <i>"The proposal was opposed by the Swiss National Bank and the Swiss government, as it would limit the SNB's ability to print money."

    If approved, their economy would have stopped growing unless/until they could obtain enough gold to cover the 20% requirement. That would have been a very bad mistake, with major economic consequences for all. >>




    Why do you say that ? The money a central bank could print was never indexed to the amount of gold even under a strict gold standard. This would not be a gold standard by any stretch.


    The swiss economy is toast anyway , it will be ruined when the eurozone implodes even though they aren't in technically a part of it.

  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>Defeated because it was a three part question to the voters and they had to want all three parts to get any of the parts:
    1. Repatriating of Swiss gold stored abroad.
    2. A ban on the central bank selling any gold - EVER!
    3. Requirement for central bank to buy $12-14 billion in gold every year for 5 years.

    The second and third parts of the referendum caused the defeat of the first. I guess their system works a lot like ours - if you want to defeat legislation attach a rider that no one wants to see pass. >>



    Derryb..Europe’s rising right wing was the big looser along with Ron Paul who endorsed and supported it.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • Steve27Steve27 Posts: 13,274 ✭✭✭


    << <i>

    << <i>"The proposal was opposed by the Swiss National Bank and the Swiss government, as it would limit the SNB's ability to print money."

    If approved, their economy would have stopped growing unless/until they could obtain enough gold to cover the 20% requirement. That would have been a very bad mistake, with major economic consequences for all. >>




    Why do you say that ? The money a central bank could print was never indexed to the amount of gold even under a strict gold standard. This would not be a gold standard by any stretch.


    The swiss economy is toast anyway , it will be ruined when the eurozone implodes even though they aren't in technically a part of it. >>




    Just read the referendum "The gold reserves proposal would have required the Swiss National Bank to have gold reserves of at least 20% of the value of the assets of the Swiss National Bank,..." that would have led to an immediate need to purchase huge amounts of gold and it would have stopped their ability to print additional paper money. Simply, it would have wrecked their economy.
    "It's far easier to fight for principles, than to live up to them." Adlai Stevenson
  • derrybderryb Posts: 36,779 ✭✭✭✭✭


    << <i>that would have led to an immediate need to purchase huge amounts of gold and it would have stopped their ability to print additional paper money. Simply, it would have wrecked their economy. >>


    Are you quoting the actual referendum or an opinion piece on what would happen?

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • bronco2078bronco2078 Posts: 10,207 ✭✭✭✭✭


    If they hadn't sold a big pile of gold they would still have the 20% as they did before . Being below 20% is a fairly recent thing for them
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