Iceland To Take Back The Power To Create Moneyhttp://www.theautomaticearth.com/2015/03/iceland-to-take-back-the-power-to-create-money/Iceland’s government is considering a revolutionary monetary proposal – removing the power of commercial banks to create money and handing it to the central bank. The proposal, which would be a turnaround in the history of modern finance, was part of a report written by a lawmaker from the ruling centrist Progress Party, Frosti Sigurjonsson, entitled “A better monetary system for Iceland”.Under the so-called Sovereign Money proposal, the country’s central bank would become the only creator of money. “Crucially, the power to create money is kept separate from the power to decide how that new money is used,” Mr Sigurjonsson wrote in the proposal. “As with the state budget, the parliament will debate the government’s proposal for allocation of new money.”Banks would continue to manage accounts and payments, and would serve as intermediaries between savers and lenders.
Iceland at the forefront of real
revolution. Iceland – If you do this, I'll salute and celebrate you. This is the kind of change the west need, I can only hope it will be implemented and be successful.