Three years ago, the sinking of Credit Suisse and its forced takeover by UBS were supposed to mark an account to be settled. We were promised a return to reason. In reality, the trap has closed.

Behind the soothing acronym of PLB (Public Liquidity Backstoppresented today by Bernocracy and banking lobbies as the magic potion against liquidity crises, lies the ultimate surrender of our financial sovereignty. This «new systemic tool», currently being debated under the federal dome, is nothing more than a license to speculate with impunity, issued on the backs of Swiss taxpayers.

By agreeing to enshrine this public guarantee mechanism in law, official Switzerland is not protecting its citizens: it is definitively transforming the Swiss National Bank (SNB) into a subsidiary of Wall Street, while handing over our savings and pensions to the giants of transatlantic capitalism.

1. The PLB, or the institutionalisation of a citizen's hold-up

Presented as a «stabilisation» measure, the Public Liquidity Backstop is a conceptual and moral aberration. It is a state promise, written down in black and white, to lend tens of billions of francs on an overdraft basis to a mega-private bank in the event of a panic.

• Privatising profits, socialising losses As though the UBS bankers refuse even the very idea of paying a proper preventative risk premium for this state guarantee – labelling any commission as «unjustified» – they demand that the taxpayer acts as a human shield.
• The stigma trap: As the few lucid economists point out, if one attempts to adjust this premium according to the bank's actual risk, the mere act of increasing it will send a panic signal to the market, triggering precisely the bank runbank runwhich was claimed to be avoided.

This mechanism is an illusion: it validates the model of fractional reserves pushed to its absurd extreme, where the money deposited by savers no longer exists in the vaults, having vanished into high-frequency trading algorithms in a few clicks on the internet.

2. The SNB: from guardian of the currency to insurer of Wall Street's excesses

The Swiss National Bank has abdicated its primary mission: to ensure sound and honest money, backed by the reality of our productive economy.

By becoming the ultimate guarantor of a behemoth whose balance sheet is more than double Switzerland's GDP, the SNB is chaining itself to global financial markets. It no longer manages the stability of our currency; it manages the risk of bankruptcy for a handful of financial oligarchs.

While the SNB prepares to offer unlimited liquidity to a private bank without solid collateral, the deposit guarantee for ordinary citizens via Esisuisse remains capped at a paltry sum of 8 billion francs for the entire country. The message is clear: the billions of financial multinationals are sacred, the life savings of the Swiss are secondary.

3. Our supervised pension funds: the shadow of BlackRock

This drift does not stop at the doors of the banks. The real silent tragedy of this forced integration into the Anglo-Saxon financial model touches the heart of our social contract: our second pillar.

Under the guise of performance and «modern» risk management, a gigantic portion of Swiss pension fund assets is today delegated to American asset managers, BlackRock and co. heading.

• It's the pensions of Swiss workers that fuel this global financial machine.
• In the event of a systemic crash, these pension funds, invested in complex and interconnected products, will be the first to be sacrificed on the altar of UBS's survival and that of its Wall Street counterparts.

We have replaced traditional Swiss prudence, the cult of real assets and sound money, with a total dependence on dematerialised, stateless finance.

Conclusion: For the return to Swiss monetary sovereignty

Le Public Liquidity Backstop It is not a golden parachute for Switzerland, but a golden leash held by New York and Brussels. By agreeing to legislate under the dictation of a mega-bank «too big to fail», Bern is signing the death warrant of our independence.

It is urgent to break this vicious circle. Switzerland must get back on the path to sound and honest money, to stop the madness of unsecured fractional reserves, and to prevent the savings of our retirees from being fed to the algorithms of Wall Street giants. If our Parliament capitulates to UBS's lobbying and validates this historic transfer of risk to citizens, Switzerland will only have sovereignty in name on its coins.

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