Iceland Wisens to Banksters Game with Plan to Remove Power of Commercial Banks to Create Money*

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Iceland’s government is considering a revolutionary monetary proposal – removing the power of commercial banks to create money (out of thin air) and handing it to a government-run 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”.

Originally posted on Hwaairfan's Blog:

Who knew that the revolution would start with those radical Icelanders? It does, though. One Frosti Sigurjonsson [seriously, that’s his real name], a lawmaker from the ruling Progress Party, issued a report April 2 that suggests taking the power to create money away from commercial banks, and hand it to the central bank and, ultimately, Parliament.

Can’t see commercial banks in the western world be too happy with this. They must be contemplating wiping the island nation off the map. If accepted in the Icelandic Parliament, the plan would change the game in a very radical way. It would be successful too, because there is no bigger scourge on our economies than commercial banks creating money and then securitizing and selling off the loans they just created the money (credit) with.