Swiss voters reject radical money plan

Swiss voters have dismissed a radical proposal to overturn one of the financial system’s core tenets. The so-called sovereign money initiative, or “Vollgeld,” would have ended the system of fractional reserve banking that has been around for centuries by allowing only the Swiss National Bank to “create” money. But 75% of voters rejected the measure, according to a projection from Swiss television SRF. “Of course we’re happy,” said Heinz Karrer, president of business lobby economiesuisse.