The Phaserl


Why The Swiss Gold Referendum Failed

by Jeff Nielson, Bullion Bulls Canada:

Let me begin by saying that I take no joy in reporting this, even though I predicted this result the moment the referendum was announced, and even after early polling showed majority support for the propositions put forth in the referendum. For those who have not been following this (ultimately futile) attempt at democratic reform in Switzerland, here are the propositions on which the people of Switzerland were voting:

1) Raising the percentage of the government’s currency reserves held in gold to 20% of the total, and maintaining that ratio.

2) Imposing a permanent moratorium on any/all gold sales (by its central bank).

3) Requiring the government to store all gold reserves inside Switzerland; requiring all gold (supposedly) held outside Switzerland to be repatriated.

There was no prophecy involved here in predicting that the referendum would be defeated, even though Switzerland is virtually the last bastion of quasi-democracy remaining in the corrupt West. It was inevitable that this would be the outcome, for two reasons. One of these reasons was specific to the propositions of the referendum itself, one of these reasons was more general.

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