Money vote set to fail on Sunday
Voters will be going to the polls on Sunday to decide if the country should adopt a revolutionary financial system.
The proposal is called the ‘Sovereign Money Initiative’ and says the only bank that will be allowed to issue money – cash and book money – should be the Swiss National Bank.
The move would prevent banks from issuing loans.
Backers of the initiative say it would prevent a repeat of the financial crises in 2008.
But the government – and many economists – disagree. The system has not been tried in any other country.
The latest polls suggest it will fail.