steve on Nostr: How devaluation starts: April 18 will be the 25th anniversary of the current Swiss ...
How devaluation starts:
April 18 will be the 25th anniversary of the current Swiss constitution’s adoption. With that ratification, the #franc became fully fiat.
Yesterday, 58.2% of Swiss voted to add a 13th monthly federal pension payment, while a second initiative to raise the retirement age and begin tying it to life expectancy failed, garnering only 25.3% of votes.
Unless the #Swiss either raise taxes or cut other spending, the supply of franc will have to rise. Budgets must always balance: if not in nominal terms, then in real terms.
April 18 will be the 25th anniversary of the current Swiss constitution’s adoption. With that ratification, the #franc became fully fiat.
Yesterday, 58.2% of Swiss voted to add a 13th monthly federal pension payment, while a second initiative to raise the retirement age and begin tying it to life expectancy failed, garnering only 25.3% of votes.
Unless the #Swiss either raise taxes or cut other spending, the supply of franc will have to rise. Budgets must always balance: if not in nominal terms, then in real terms.