It seems nuts, but the Swiss may go back to a gold standard
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But the Swiss National Bank says 70% of its gold already is in Switzerland, while the rest is slumbering quietly at the Bank of England (which holds 20%) and the Bank of Canada (with 10%), not exactly the most heterodox institutions in the world.
In combination with the obligation to hold at least 20% of total assets in gold, this could gradually lead the SNB into a situation where its assets would mainly consist of gold: each extension of the balance sheet for monetary policy reasons would necessitate gold purchases, but whenever the balance sheet needed to be reduced again for the same reasons, we would not be able to resell our gold holdings. This would severely restrict our room for manoeuvre.
In short, the Save Our Swiss Gold initiative doesn’t make sense economically. (Luckily its chances of becoming law are slim—it would need to win outright in a popular vote, and also in the majority of cantons that make up the Swiss Federation.) But referenda like this and the one Swiss voters recently passed to clamp down on immigration really aren’t about economics. They’re about the increasingly influential rightward drift of European politics, which threatens to result—especially in the case of the Save our Swiss Gold initiative—in some really terrible policies.
via qz.com
Source: http://chasvoice.blogspot.com/2014/11/it-seems-nuts-but-swiss-may-go-back-to.html
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