“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.”
Your point is not what the article said. Our central bank, the privately held “federal reserve” has always had that power, printing fiat money then charging interest on it. How does that change anything in the case of Iceland?
Isn't privately held.
has always had that power, printing fiat money then charging interest on it.
The Fed doesn't lend FRNs to anyone. How would they charge interest on it?
“Our central bank, the privately held “federal reserve” has always had that power, printing fiat money then charging interest on it. How does that change anything in the case of Iceland?”
All Iceland is doing is what the rest of the world already does: vests the power to create fiat currency in the hands of a central bank that is a creature of the state. Same thing U.S. does now.
To claim what Iceland is contemplating doing is stunning, revolutionary, etc. is just plain stupidity on the part of the author, who apparently is completely clueless.
“Our central bank, the privately held “federal reserve” has always had that power, printing fiat money then charging interest on it.”
Please tell us where you send the interest payments that the Fed charges you on your money. So far I’ve never received a bill for the interest owed on my cash hoard. Inquiring minds want to know.