Federal Council ignores science
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Rejection of the Federal Council
Unfortunately, the Federal Council overlooks the numerous positive aspects of the full money initiative. In addition, the five most important arguments of the Federal Council, which he considers to be a full-boggling form, are also easy to invalidate:
1. The Federal Council fears that full money is an untested transformation of the money and currency system with considerable risks.
The statement by the Federal Council contradicts the current state of scientific research on Vollgeld: The internationally renowned audit and consulting company KPMG shows in a meta-study that the vast number of scientific studies comes to a positive conclusion: Vollgeld leads to more economic stability and employment , To lower public and private debt and to prevent inflation. The Federal Council does not deal with this in any line. The IMF has already clearly identified its advantages in its "The Chicago Plan Revisited" study.
2. The Federal Council also overlooks the fact that there has always been an imprisonment of money everywhere and that the full money initiative does not want anything fundamentally new:
The money in the form of banknotes, coins and electronic money from the National Bank is what is understood by the population as 'money', and for which the Swiss population has decided in 1891 in a popular vote. Banks' electronic book money was only spread in the last decades by the introduction of electronic payment transactions. This happened imperceptibly. According to polls, 80% of the citizens believe that the electronic book money would be generated by the national bank rather than by the banks. The full-money initiative corrects this misconception and transforms today's payment promises by the banks to real full money.
3. The Federal Council fears that the SNB will be increasingly exposed to political desires through the creation of new money without guilt
The National Bank has always been under great political pressure and must deal with it. Over the last few years, the Bank has demonstrated its independence, in particular, against the covetousness of the cantons in connection with the distributions of profits, as well as their considerations in the country's overall interest in Swiss franc or financial or banking crises. When a new money is paid directly to the citizens - a possibility of circulating new money - it is not clear why this would lead to a polarization of the National Bank. This citizens' dividend (a form of "helicopter money") is already being discussed internationally as an important additional monetary policy tool. It is certainly not possible to infer a political covetousness.
4. The Federal Council fears that the profit potential of the banks would decrease
Banks can make good profits with and without an all-cash payment. This is shown by the PostFinance, which is already similar to a full money bank, since it can not generate money itself. PostFinance generates around 600 million francs a year. Insurance companies and other financial companies also work profitably without making money themselves.
The previous privilege of banks to generate their own money is equivalent to an enormous government subsidy. Banks today have unjustified competitive advantages over all other companies. Such a distortion of competition does not fit into a market economy.
In times of zero interest, banks no longer have a financial advantage from their own money making and still write profits. Whether banks borrow money free of charge or borrow at zero percent interest from the national bank makes no difference for them. For this reason, the banknote form is financially neutral for banks.
Unfortunately, the Federal Council overlooks the numerous positive aspects of the full money initiative. In addition, the five most important arguments of the Federal Council, which he considers to be a full-boggling form, are also easy to invalidate:
1. The Federal Council fears that full money is an untested transformation of the money and currency system with considerable risks.
The statement by the Federal Council contradicts the current state of scientific research on Vollgeld: The internationally renowned audit and consulting company KPMG shows in a meta-study that the vast number of scientific studies comes to a positive conclusion: Vollgeld leads to more economic stability and employment , To lower public and private debt and to prevent inflation. The Federal Council does not deal with this in any line. The IMF has already clearly identified its advantages in its "The Chicago Plan Revisited" study.
2. The Federal Council also overlooks the fact that there has always been an imprisonment of money everywhere and that the full money initiative does not want anything fundamentally new:
The money in the form of banknotes, coins and electronic money from the National Bank is what is understood by the population as 'money', and for which the Swiss population has decided in 1891 in a popular vote. Banks' electronic book money was only spread in the last decades by the introduction of electronic payment transactions. This happened imperceptibly. According to polls, 80% of the citizens believe that the electronic book money would be generated by the national bank rather than by the banks. The full-money initiative corrects this misconception and transforms today's payment promises by the banks to real full money.
3. The Federal Council fears that the SNB will be increasingly exposed to political desires through the creation of new money without guilt
The National Bank has always been under great political pressure and must deal with it. Over the last few years, the Bank has demonstrated its independence, in particular, against the covetousness of the cantons in connection with the distributions of profits, as well as their considerations in the country's overall interest in Swiss franc or financial or banking crises. When a new money is paid directly to the citizens - a possibility of circulating new money - it is not clear why this would lead to a polarization of the National Bank. This citizens' dividend (a form of "helicopter money") is already being discussed internationally as an important additional monetary policy tool. It is certainly not possible to infer a political covetousness.
4. The Federal Council fears that the profit potential of the banks would decrease
Banks can make good profits with and without an all-cash payment. This is shown by the PostFinance, which is already similar to a full money bank, since it can not generate money itself. PostFinance generates around 600 million francs a year. Insurance companies and other financial companies also work profitably without making money themselves.
The previous privilege of banks to generate their own money is equivalent to an enormous government subsidy. Banks today have unjustified competitive advantages over all other companies. Such a distortion of competition does not fit into a market economy.
In times of zero interest, banks no longer have a financial advantage from their own money making and still write profits. Whether banks borrow money free of charge or borrow at zero percent interest from the national bank makes no difference for them. For this reason, the banknote form is financially neutral for banks.
5. The Federal Council fears that the money supply would no longer be reducible.
In order to reduce the amount of money, the National Bank can also let loans expire at any time, or sell foreign exchange and securities. The National Bank will never put the entire money into circulation without guilt. In practice, the amount of money disbursed will be so small that this is hardly noticeable in relation to the assets in the National Bank balance even if it repeats the debt-free payout for years. Suppose that the SNB pays SFr 5 billion a year. (Today's net profit of the SNB is 1 billion Swiss francs), this would be one percent of the current balance sheet total.
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