There is a little known landmark decision coming up in Switzerland on November 30th of this year which could affect the currency market around the globe. It could actually turn the financial world on its head. The people of Switzerland (notice I said people, not government or central bank, but “people”) will vote (notice I said “vote” not told or forced, but “vote”) whether to back their currency by 20% with gold. This will be the biggest event in sound money history since Nixon took the world off of the gold standard in 1971 to finance the Vietnam War. I think it’s important to note here that in the so called “Land of the Free” only one person made this decision to come off of a gold standard for the entire country and world. While in Switzerland, the people will make the decision about the future of their currency. America, you should be taking notes on how democracy works.
Switzerland may be a small nation, but it is a nation proud of its independence and its history of standing up to tyranny. Switzerland has garnered the reputation of being a “tax haven”. But realistically a tax haven is simply a term for a country that allows people to keep more of their own money than the US or EU does, and doesn’t attempt to plunder either its citizens or its foreign account-holders. If a 'Yes' vote is achieved on Sunday then the Swiss franc will be the only currency on the face of the planet that has any value whatsoever. At the end of the day all other currencies on the globe, including the Canadian dollar, are simply a lie and have absolutely no intrinsic value at all. Actually, let me correct myself. The true value of all other currencies is simply the BTU (British Thermal Units) of heat that can be derived from burning the paper. If a 'Yes' vote is successful this will be a return to sound money and will limit the amount of currency that the government can just print out of thin air. This gives power back to the people and places handcuffs on government spending and will halt the destruction of the purchasing power of the Swiss franc.
Now many times over the past few years there has been opportunity for the right thing to be done and yet the wrong thing happens. Canada had a choice as to whether or not to bomb Iraq. The wrong choice was made and we have gone and invaded that country. The US Federal Reserve had a choice to deal with the global debt situation and stop printing money out of thin air. They made the wrong choice and kept printing money. US Congress had a choice to stop raising the debt ceiling in the US. The wrong choice was made and the debt ceiling was shattered. As much as I hope that the Swiss people choose to reinstate gold as backing for its currency, I think somehow the powers that be will manipulate the vote or demonize gold and scare the people out of doing the right thing. That being said, at least this issue is on the table, the right thing is being offered as an option, and it shows that people are waking up to the criminality of central bank currency manipulation and destruction. The winds of change are a blown’.
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.