The 'sovereign money' initiative, explained

On June 10, the Swiss will vote on the 'sovereign money' initiative. We break down what the initiative is about, and what campaigners hope to achieve and why.
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[@starguy321]

I wish Swiss democracy was more widespread, and people took their democratic responsibilities more seriously

[@Liphted]

Yo, your country is so awesome godamit! My country (USA) desperately needs to learn some lessons about governance from y'all. I've always admired the form of your federal government and military. I need to go and spend time with y'all to learn some lessons that I might bring back here.

[@herbertspencer8293]

kzbin.info/www/bejne/n5quo2CfZZdlo7s To control the inflation we need to know the operating mechanism of The Progressive Growth of the Money Supply Principle (year 2013) that tells us the exact quantity of new money the economy needs to works correctly, driving us to the Wicksell interest rate or natural interest (see the link video)

[@polopunk7003]

They’re basically advocating going back to before fractional banking was allowed - this is exactly what we need in EVERY country, but everyone is too scared to do it because the banks are so powerful. If we don’t do it in a planned, controlled way now, the whole system will collapse in another Global Financial Crisis ... and guess who will pay the bill to ‘bail out’ the banks this time? Same as last time: the working class in the developed world and the already poverty stricken in the third world (through interest on more ‘humanitarian loans’ which they will never be able to pay off).

[@Joe-ij6of]

0:31 "but coins are heavy, and hard to carry around" Can someone kindly inform Canada?

[@jordanjackson7171]

lol i think david graeber would disagree with the barter premise

[@Ashesofour]

If I'm understanding correctly, to eliminate bank created money is basically to criminalize the issuing of loans. Even if banks had a reserve rate of say 50% instead of 10%, it's still generated M1 money. The only way to get rid of M1 is to require 100% reserves. Then what would be the business of banks? I suppose the financial markets would have to hit the underground?

[@LucasRibeiro-po4pb]

Banking provides two services: storage and connecting loaner and borrower. A system without fractional reserve is a system in which loaned money wasn't created out of thin air. People would save excess money and such savings could be used as credits if such is allowed in the contract. Fractional reserve is fraud, pure and simple

[@DistributistHound]

They would be as any other profit firm, although they would have to charge services fees as the main way of covering their expenses and making of profits, they would be in charge of circulating money not issuing and cancelling it. There is a proposal from a Scottish engineering on how banks ought to operate in order to reflect real economy kzbin.info/www/bejne/b2jTgHmkm9Vmg6csi=M5iHe9TRrnCD704e

[@JamesOGant]

Why do only one or the other? You can do both sovereign and debt based money. But you would have to allow risky banks to fail. But some portion of state expenditure in the public sector for college and education and some loans can be sovereign money. While new money can also be created through the more debt based money system.

[@herbertspencer8293]

kzbin.info/www/bejne/n5quo2CfZZdlo7s To control the inflation we need to know the operating mechanism of The Progressive Growth of the Money Supply Principle (year 2013) that tells us the exact quantity of new money the economy needs to works correctly, driving us to the Wicksell interest rate or natural interest (see the link video)