Switzerland will vote on a measure to end fractional reserve banking in 2018. Known as the Vollgeld, or "Full Money," Initiative, this proposal could transform modern finance as we know it. Jason Voss, CFA, curates a helpful reading list.
The Vollgeld Initiative, with its primary objective of separating money creation from fractional reserve banking, proposes a complete overhaul of the monetary and banking system. A poll of CFA Institute Financial NewsBrief readers indicates concern over its implications.
In this week's edition of Weekend Reads for Investors, Jason Voss, CFA, salutes the NFL champion Denver Broncos and curates selections on the gravity of falling global equity markets, behavioral biases, Einstein's relativity, and more.
Jason Voss, CFA, provides an overview of the growing movement to end fractional reserve banking, which culminated in the December 2015 announcement of a Swiss referendum on whether to scrap the system.
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VanEck has brought to Cboe Global Markets an exchange-traded fund that gives exposure to the municipal bond market, primarily through other VanEck ETFs. The VanEck Vectors Municipal Allocation ETF is actively managed using a quantitative model that incorporates momentum and macroeconomics. ETF (16 May.)
Global regulators should examine the different approaches the EU and the US are taking to implement Basel III, says Fernando Restoy, chairman of the Bank for International Settlements' Financial Stability Institute. A review could show regulators how to encourage "a level playing field while protecting financial stability," Restoy says. MLex (subscription required) (16 May.)
Five banks have agreed to pay fines to the EU, which says nine traders have colluded via online chat to manipulate the foreign exchange market. Barclays, Royal Bank of Scotland, Citigroup, JPMorgan Chase and Mitsubishi UFJ Financial Group will pay €1.07 billion combined, the European Commission says. Reuters (16 May.)
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