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Will the Swiss Gold Initiative Start a Revolution In Europe?

Luzi Stamm, a member of Swiss Parliament, and a growing number of Swiss citizens are attempting to force the Swiss central bank to halt all sales of current gold reserves, repatriate all gold back home, and to back any further money printing with 20% of gold purchases.

In a recent interview with Financial Sense Newshour (FSN), Luzi believes that if Switzerland passes this initiative and takes the lead in backing their currency this will lead to a chain reaction in the central banks of other European nations, like Germany and Austria, to do the same.

FSN: Luzi, tell us a little bit about the Swiss Gold Initiative. I know that in the beginning of the last decade Switzerland sold off a considerable amount of its gold, which was rather surprising, because I can remember the last gold bull market in the 70s when we were looking at hard currencies, Switzerland was certainly considered one of them. That’s no longer the case today.

Stamm: Everything you’ve said is totally correct. And Switzerland, from the political system, has the advantage that the population can start a movement. We call it direct democracy. We call it the Swiss initiative. And a small group of politicians and a group of the population launched this initiative to say, “Stop selling gold and keep it in Switzerland,” and we try to force our central bank to keep a certain percentage of the assets in gold.

Source Financial Sense

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