Swiss reject using more gold to back money

An article on Seeking Alpha reported that the people living in Switzerland rejected a measure that would have forced the “central bank” to have on hand enough gold to represent 20 percent of outstanding francs. In an ideal world, there would be 100 percent backing, and as reported in the article, the Swiss franc recently had 40 percent backing. The measure also would have required all Swiss gold to be moved back to the country.

The article did note that the referendum raised awareness about money and gold. It’s a long road back to monetary sanity, and this referendum was an important step.

See article.

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