Please don't miss the importance of this at this time in history.
Makes ‘create money’ when they make loans.
So the banks in Iceland won’t be making any loans? In that case, they don’t need to take deposits.
Maybe they can just issue credit cards and charge fees?
Welcome the Greek-Icelandic Axis.
I’ll have to wait for someone I trust to explain this to me. This financial world bank stuff makes my head spin.
“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?
They USA can not fix itself - economically or socially - until the Federal Reserve is ended.
The Fed is the foundation of progressive plans for government. Until its ended, conservatives will lose every political battle.
Just an aside, the guy’s name is Frosti.
Excellent idea!
If you want to take out a loan, parliament has to vote to give it to you.....or not.
is now planning to take the power of printing money away from bankers.
Bankers don't print money. They take deposits and loan out a portion of them.
The crooks at the bank or the crooks at the government.
As old Hickory Stick would say: they are a den of vipers
So the message is it’s better to trust the government and politicians, than bankers. I don’t think that’s going to solve the problem.
Banker gangsters rank right up there with govt gangsters. Who to trust?
Please clarify “creating money”. Printing?
April Fools!
politicians creating money. yea, that’ll work.
just look to the US to see what politicians do with the money they received (spoiler: 65% of US federal tax revenues are given directly to other people... to buy votes)
Aw crap. That means the Federal Reserve, and thus the United States, will be nuking Iceland soon. They gotta nip this in the bud.
I’ve downloaded the entire PDF from the article and I’m going through it.
It looks very good so far, as if someone has been reading my posts here on FR, with a few key changes I had not thought of to make things easier.
I’m still reviewing it.
If this gets done AS IT IS PRESENTED, it could make a great deal of sense for foreign nationals (like Americans, for example) to open transaction (sovereign money) accounts at Icelandic banks for a portion of their cash, as long as fees are reasonable and they can be accessed using a debit card, since such accounts would have zero risk related to bank insolvency, no matter the amount in the account.
If the banksters exert their influence when and if this gets passed into law, the idea of course could get messed up.
As written, I think a lot of banking businesses could flow Iceland’s way as their banking system would be the best in the world.
If done properly, the new world order types would be out to mess up the system or pressure Iceland into allowing the banksters to insert themselves into the money creation or regulation process somehow.
I’m still reading.
This is a fascinating article moreperfect !