“I am a hard working taxpayer who is getting pretty fed up. . .”.
So the Swiss have decided not to force their central bank into underpinning its reserves with harder assets than increasingly worthless euros.
At least they had the chance to vote.
But in the bigger picture, the rejection of the “Save Our Swiss Gold” initiative flies in the face of a broader trend towards repatriation and consolidation of sovereign bullion holdings – following on the heels of similar attempts by the Bundesbank, the Dutch central bank, for example, recently announced that it had moved a fifth of its total gold reserves from New York to Amsterdam.
And the physical metal continues its inexorable exodus eastwards, into stronger hands that are unlikely to relinquish it any time soon.
The Swiss vote was preceded by some fairly extraordinary black propaganda, most notoriously by Willem Buiter of the banking organisation that now styles itself ‘Citi’.
Once again we were treated to the intriguing claim that gold is nothing more than “a six thousand year-old bubble”, and a “fiat commodity currency” (whatever that might mean) that has “insignificant intrinsic value”.
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