Switzerland’s Vollgeld “Full Money Initiative” http://www.businessinsider.com/switzerland-might-end-fractional-reserve-banking-2016-1
Reserve banking will still exist. It will just move underground. In countries where the banking system is backward for whatever reason, people borrow from friends, relatives, and loan sharks.
I read an article somewhere about this that said the gov't elites weren't exactly fighting this initiative. Because if private banks can't create money, then gov't elites will have a complete monopoly on this activity. More power. More control.
swiss banks will stay and become even more the last bastions of being able to perform reserve banking, earn interest, hide wealth, protect wealth, protect money against irregular CB actions and generally allow wealth transfers and allow wealth to migrate up to the 1% Swiss banking IS the very definition of 'Under Ground'
> Swiss banking IS the very definition of 'Under Ground' It was 25 years ago, but times have changed.
You really need to understand the very loose federated political system in Switzerland to understand this story. Its nothing like the Banjos of the world interpret it to be.
Administrative divisions[edit] Main article: Cantons of Switzerland The Swiss Confederation consists of 20 cantons and 6 half cantons The cantons have a permanent constitutional status and, in comparison with the situation in other countries, each have a high degree of independence. Under the Federal Constitution, all 26 cantons are equal in status. Each canton has its own constitution, and its own parliament, government and courts.[54] However, there are considerable differences between the individual cantons, most particularly in terms of population and geographical area. Their populations vary between 15,000 (Appenzell Innerrhoden) and 1,253,500 (Zürich), and their area between 37 km2 (14 sq mi) (Basel-Stadt) and 7,105 km2 (2,743 sq mi) (Graubünden). The Cantons comprise a total of 2,485 municipalities. Within Switzerland there are two enclaves: Büsingen belongs to Germany, Campione d'Italia belongs to Italy.[59] Banking in Switzerland is a major industry, highly sophisticated and the country's tradition of bank secrecy dates to the Middle Ages. Each Caton has, in operation, private banks and these private banks operate under the jurisdiction , parliament, courts and government of the Caton which they are located. No central Swiss financial chairman makes changes or writes legislation regarding regional or local private Swiss banks. They run the way they have always run and it is up to the US or EU or whomever officials to individually prove in a court of law that misdeeds have arisen regarding internal banking policy, secrecy or non adherence to EU policy of negative interest rates or even loaning funds in a fractional reserve banking methodology. It is, however, still against Swiss law to reveal the name of a Swiss bank account holder. Sheltering money from tax payments for international clients has been very much frowned upon for some years now and most all Swiss banks whether private or public, large or small will co-operate with international tax evasion investigations. The large public Swiss banks and the large international private banks in Zurich and Geneva are, however, guided very much by EU banking statutes and recently by pressure from the US and Germany and have made large changes to their policies which have made them much more akin to US and German banks.