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Curbing central banks is the point of the Swiss Gold Initiative

Section: Daily Dispatches

Ron Paul and Other Gold Bugs Keep Fingers Crossed for Swiss Vote that Could Add $50 to Price of Gold

By Debbie Carlson
The Guardian, London
Wednesday, November 26, 2014

Swiss voters are likely to reject a November 30 referendum to force the Swiss National Bank to hold 20% of its reserves in gold, but you can't crush a gold bug.

Die-hard gold fans -- known as "gold bugs" -- aren't discouraged by the impending rejection of the Swiss people for their favorite metal. ...

... The Swiss National Bank and the major Swiss political parties are against the measure. On Sunday SNB president Thomas Jordan said the referendum would restrict the flexibility of the bank to respond to crises.

... Dispatch continues below ...



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Restricting the power of banks is the point, say the bugs.

"It is about time that the power of central banks is contained and regulated. The Swiss gold initiative, while not ideal, would be a starting point," said Marc Faber, editor of the Gloom, Boom, Doom Report, a newsletter. ...

Guillermo Barba, a Mexican independent analyst and blogger at Inteligencia Financiera Global, or Global Financial Intelligence, says the negative sentiment from politicians is influencing voters.

"It's bad propaganda's fault. Opponents are scaring voters. Swiss bureaucrats are acting like lackeys of the American establishment," he said.

"The current economic, financial and monetary situation in the world is terrible. Debts keep growing and growing, all major central banks including the Fed are still printing money like crazy and keeping artificially low interest rates," Barba said. He predicts "a global mess."

"When that happens, believe me, you will want to have your gold as close to you as possible," Barba said. ...

... For the remainder of the report:

http://www.theguardian.com/business/2014/nov/26/ron-paul-switzerland-gol...

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