The Daily Bell skewers the Swiss banking class for its hostility to the upcoming gold referendum, a referendum which banking interests almost certainly will find a way to defeat. Still, as the article points out, central bankers are now on the defensive. They’re forced to explain why the SNB should not hold gold- which to the average Swiss sounds like a pretty good idea. Just as with the Scottish independence referendum, elites are having a harder time framing the debate. And in politics, when you’re explaining you’re losing.
From the article:
The argument, like so many associated with central banking, involves the invocation of bankers privilege. It is a technocratic argument because it assumes that bankers know best when it comes to the volume and value of money. Yes, central bankers insist on their prerogative based on their superior knowledge of how the world works. And they simply do not know. They cannot in any sense support their arguments.
These technocrats have had a century to cultivate and improve their model and over time it has proven flawed. Depressions, recessions and ever-escalating and regional and world wars provide the theme the sound track for the expansion of this endless monetary manipulation. At the beginning of the 20th century there were perhaps five central banks. Today there are some 150 central banks, with the in Switzerland to coordinate them all. It is a legalized monopoly and it attempts to run the world. We don’t know if the upcoming Swiss referendum will win or not. We assume elite interests will do all they can to ensure the referendum loses, even if illegal measures are employed. The referendum, from what we can tell, did not emerge from any of the predictable interests allied with monetary elites. Thus, they shall be doubly desperate to refute it. Whatever does occur, presumably a defeat (though we would be delighted to be wrong), these sorts of issues will not go away. As we point out in the other article in this issue, it is the Internet itself, and the information available, that is creating the conditions that give rise to considerable economic and sociopolitical ferment.
