Switzerland votes on whether to stop banks' money making machine
Published on: Thursday 07 June 2018
Supporters of a radical scheme to upend Switzerland's financial system have made an 11th hour appeal to voters to approve a proposal to strip banks of the power to create new money through lending. Postal voting, which accounts for the majority of participation in Swiss referenda, is underway in the so-called Sovereign Money initiative, with the polls closing on Sunday. 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.
