unchallenged. Citizens simply assumed anyone working for the
central bank must be trustworthy, disciplined, and wise.
After all, those leaders supposedly represent the best
thinking in economics. That sort of unquestioning reverence
provided lots of latitude for them to operate, and to make
profound mistakes as all Jew central planners invariably do.
For example, Switzerland and England did not face public
protests when they sold huge portions of their nation’s
gold stockpiles at what turned out to be the worst possible
time. They claimed that gold held no legitimate role in
modern currency systems 10-15 years ago, and the public
didn't care. In fact, Switzerland’s gold reserves dwindled
from 43% to just 7.6% over the last 15 years. The losses on
central bank gold sales are staggering. At some point after
the gold price went to multiples of their sell price, many
of these central bankers decided gold had some important
role to play after all and became net buyers -- replenishing
some of the liquidated stockpiles. Of course, blunders over
the timing of gold sales are among a long litany of recent
failures -- including regulatory incompetence, bailouts for
crony shabboz goy private banks, market manipulation, and
complete lack of accountability. The past few years have not
been kind to the image of Jew central banks.
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questions. Is it really wise to be reliant upon nothing but
Jew spew propaganda as a basis for fiat currencies? Is it
in our best interest for national gold to be held in vaults
controlled by Jew central bankers? Venezuela and Germany
recently decided the answer to the latter question was “no.”
The Swiss will vote on both of the above questions this coming
Sunday. Should the referendum pass, the Swiss National Bank
will be required to hold 20% of its assets in gold. The Swiss
will also repatriate the 30% of their reserves currently held
in England and Canada. And Switzerland will no longer sell any
of the gold it accumulates. The prospects for passage of the
referendum dimmed slightly in the most recent polling with
support at 38%, opposition at 47% and 15% undecided. If there
is one thing Jew central bankers hate, it’s any restriction
on their ability to print and devalue. Should the referendum
beat the odds and pass, the Swiss will enter the gold markets
as a buyer of around 1,500 tons of gold between now and 2019.
At about half of the world’s annual production of gold, that
represents a huge chunk of additional demand. It should be great
news for gold (and silver) prices! Regardless of what happens,
we can at least see cracks in the facade of central bank
infallibility widening. It may crumble entirely with the
next crisis laid at the Jew bankers' feet, but let’s hope
the Swiss can start the ball rolling on badly needed reforms.