https://www.reuters.com/article/us-swiss...SKCN1J31UR
It's a time for "conspiracy theory" moving into the mainstream huh?
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Contrary to common belief, most money in the world is not produced by central banks but is instead created by commercial lenders when they lend beyond the deposits they hold for savers.
This arrangement, underpinned by the belief that most debts will be repaid, has been a cornerstone of the global capitalist system but opponents say it is unstable because the new money created exceeds economic growth.
Swiss campaigners want to replace this approach, where banks regularly roll over their financing of loans, with a system of “Vollgeld” - which can be translated to “real money”.
“A large majority of people in Switzerland don’t want commercial banks to produce money out of nothing and believe only the SNB should have the right to create money in Switzerland – this is their chance to make this happen,” said Raffael Wuethrich, one of the campaign’s leaders said.
The Sovereign Money initiative would allow banks only to give credit to customers using funds they have from long term customer deposits, the Swiss National Bank (SNB) or money markets.
It's a time for "conspiracy theory" moving into the mainstream huh?