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A Switzerland fan waits before their Group A Euro 2008 soccer match against Portugal at St Jakob Park in Basel, June 15, 2008.

An economist explains the fundamental flaw at the heart of Switzerland’s revolutionary referendum on banking

The Vollgeld Initiative, as it is known, has the chance to fundamentally change the face of modern banking, but it has huge flaws according to most reputable economists.
The Swiss are being asked if they want to fundamentally change banking.

Here’s how the Swiss plan to change the face of the global financial system would actually work

On June 10, a vote will be held to ask if Swiss citizens back the introduction of a concept known as the sovereign money initiative, proposed by a group called the Vollgeld Initiative. The sovereign money initiative boils down to a change in what is actually recognised as money, and what is not.

Switzerland is about to vote on whether to send its financial system back to the Dark Ages in a referendum to ban banks from creating money

The concept of the sovereign money initiative itself is a fairly complicated one, but fundamentally boils down to a change in what is actually recognised as money, and what is not.