Carl Munson: Michael, what do you make of Switzerland's move to make fractional reserve banking a full reserve system? Should we ban banks from creating money?
[See Renegade Inc.'s illuminating article: https://renegadeinc.com/is-the-existing-banking-system-coming-to-an-end/]
Michael Brodie: The Swiss referendum on replacing the fractional reserve banking system with a full reserve banking system completed a few days ago with a resounding NO from the population. And in my view, quite wisely.
I'm a passionate believer in crypto-currencies and decentralised financial systems, and some would find my position at odds with that.
Whilst I believe that a full reserve banking system is inherently more stable than the worldwide system we have, I value much of what our civilisations have achieved, and I would not want to risk complete meltdown of our global socio-economic system, until we have a robust and extensively used alternative to take its place.
The frailty and, arguably, madness of a financial system based on debt, should not be dramatically tampered with without a clear understanding of the effect of the tampering. Unfortunately, we cannot rely on economists to accurately predict the results.
Staying in Switzerland, is this the shape of things to come: https://www.coindesk.com/swiss-city-plans-to-vote-on-blockchain-using-ethereum-digital-id/
ONversations are where OurNet's Michael Brodie (CEO) and Carl Munson (Community Builder) showcase the project's founding principles and key premises through conversations, ahead of the platform relaunch later this year.