News

May 2017 Positive Money New Zealand issued a press release seeking clarity from the Reserve Bank on how our money is created.  They still refer to intermediation by the banks, which is not how our banking system works.

5th November 2016 An article in The Guardian newspaper in England argued that abolishing debt-based currency holds the secret to getting our system off its addiction to growth.

5th September 2016 KPMG released a report, commissioned by the Prime Minister of Iceland, titled "Money Issuance" The report looked at money created by the Government.

28 March 2016 Bryan Gould has agreed to be the Patron for Positive Money New Zealand.

Bryan is a respected commentator on economic matters, an author, academic and Companion of the New Zealand Order of Merit.

31 October 2015 A monetary reform group in Switzerland has enough signatures for a referendum on who creates their money supply.

14 October 2015 The Finance Commission of the Dutch parliament discussed monetary reform.

31 March 2015. The Telegraph in London reports on the Icelandic governments plan to have their central bank issue their money supply and calls it a radical plan.

22 November. The British parliament debated money creation last week, for the first time in 170 years. There was cross-party support for a proposal to set up a monetary commission

23 September. A new generation of young people, dubbed ''property orphans'' may be destined to be renters for life.

17 September. The Bank of International Settlements (BIS), the bank used by central banks, confirmed New Zealand houses are among the most "unaffordable" in the world compared to people's incomes.

6 September. Bruce Bisset of Hawkes Bay today reveals the true story behind the so called Rock Star economy.

25th April 2014 "Strip private banks of their power to create money”: says the Financial Times’ chief economics commentator Martin Wolf, who endorses Positive Money’s proposals for reform

15th March 2014 - In a historic move The Bank of England quarterly bulletin explains how money is created. Whenever a bank makes a loan, it creates a deposit in the borrower’s bank account, thereby creating new money. The bank says that this differs from the story found in some economics textbooks.

16th August 2013. The retiring head of the Financial Markets Authority apologised for the mistakes made saying “You were let down”.

 

Napoleon"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes… Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.”

Napoleon Bonaparte, Emperor of France, 1815
Press release Sunday, 10th June 2018

A respectable result for the Sovereign Money Initiative (Vollgeld-initiative)

Despite the campaign of confusion and fear run by our opponents and the misinformation provided by the Federal Council and the Swiss National Bank, an estimated 26% voted for the Sovereign Money Initiative. This is a respectable outcome and shows that many Swiss people have realised that the creation of money by private commercial banks leads to numerous problems.

The thousands of volunteers deserve recognition for their commitment, which has led to this respectable result. The people bringing the initiative naturally acknowledge the result of the referendum. However, from the viewpoint of the MoMo (the association behind the initiative), the referendum is only the starting point for a fundamental discussion about our monetary system. The two SRG polls taken before the referendum clearly showed that the majority of people do not want private commercial banks to create our Swiss francs, but rather, the Swiss National Bank should have this responsibility. Despite this being the goal of the Sovereign Money Initiative, the initiative did not win a majority. Due to limited resources and the complexity of the matter, the committee of the Sovereign Money Initiative has obviously not been able to provide the public with sufficient information. Additionally the fear campaign run by banking lobbyists contributed to the final result.

The problems are not solved – new policies are needed

The problems in the banking system have not been solved, and a large proportion of the population is of the same opinion. Action is still urgently needed, because the next financial crisis will happen with certainty. Politicians must now take concrete measures to guarantee that both our money and the payment transaction system remain completely secure in a crisis. It is not acceptable that private commercial banks continue to jeopardise our prosperity by creating money out of nothing. In addition, technological developments such as crypto currencies will pose major challenges to the Swiss monetary system and the global economies.

MoMo, the association bringing the Sovereign Money Initiative, is well established and has developed a strong network in recent years. MoMo’s constitution states: "The association is committed to putting the financial economy at the service of the real economy and the monetary system at the service of the people". The high level of support shown in this referendum strengthens MoMo’s position, and it will continue to influence the political debate with these aims.

Citizens voted on distorted picture

Many of those voting “No” did not vote on the Sovereign Money Initiative, but on the distorted picture of it that was conveyed to them by the authorities and the banking lobby. The result of the referendum cannot therefore be interpreted as approval of the privatisation of Switzerland's money creation. Furthermore, the legal complaint brought by Michael Derrer regarding misleading communication by the authorities is still pending at the Federal Supreme Court. The people bringing the Sovereign Money Initiative hope that the Federal Council and authorities will learn the lessons from this case and that, in the future, they will avoid issuing misleading propaganda.

Further information
Majority wants the Swiss National Bank to produce money: SRG survey (press release in German)
Three misleading statements made by the federal authorities (press release in German)

Please do not hesitate to contact me with any questions.

Emma Dawnay

Board Member of MoMo, the Association bringing the Sovereign Money Initiative

Emma Dawnay +44 7958 458 386
Emma.Dawnay@vollgeld-initiative.ch


 

 

 

MoST Content Management V3.0.6756