Sunday, December 27, 2015

First de-pegging from the Euro, now Switzerland is voting to end private central banking

For decades, Switzerland has been known as the banking capital of the world due to their neutrality, and long history of protecting wealth from the prying eyes of governments.  And although they recently gave into U.S. pressures for transparency of accounts owned by American citizens, two major policy decisions may be separating themselves once again from the pack in the Western financial system.
Back in January, the Swiss government de-pegged the Franc from the Euro, causing a temporary setback in their economy due to the strength of their own, and the weakness of their formerly pegged to currency.  But a new referendum that is being initiated may change all of this, and help the country overcome negative interest rates that their central bank forced upon the Swiss economy.

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