Iceland issues a Monetary Reform Report!

Beware bankers what now
The 110 page report by FROSTI SIGURJONSSON can be downloaded in English here:
http://www.forsaetisraduneyti.is/media/Skyrslur/monetary-reform.pdf

This report, commissioned by the Prime Minister of Iceland, presents
the results of a study into the money creation mechanism in Iceland
and the potential for its improvement.

“Of all the many ways of organising banking, the worst is the one we
have today. … Change is, I believe, inevitable. The question is only
whether we can think our way through to a better outcome before
the next generation is damaged by a future and bigger crisis. This
crisis has already left a legacy of debt to the next generation. We
must not leave them the legacy of a fragile banking system too.”
–Lord Mervyn King, Governor of the Bank of England 2003-2013

Posted 4 Apr 2015

The international monetary system chatter has risen in several countries, and the question is “who will dip their toe into the water first?”
Canada, Greece, Iceland, or some other nation…

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RELATED:
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3 comments on “Iceland issues a Monetary Reform Report!
  1. RonMamita says:

    This Is Evidence Of The End Of Bretton Woods

    The current World wide banking/debt Crisis has the public media stage a platform for governments and bankers to offer their solution.
    Another round of international monetary policy, under a new disguise, with new name, and some reforms. The bankers will survive, bankers will thrive, and future unsuspecting and ignorant generations will be threatened…

    As this banking system has survived from ancient civilizations (Babylon, Canaanites, Romans, and Venetians) till today, the corporate (bank) owned media and governments are not offering to abolish and criminalize banking.
    Be Not Fooled or Tricked:
    Monetized debt, taxes, and bondage is allowed to continue even as Greece, Canada, and Iceland face their battles with the banks.

    ~Ron

    Zero Hedge Shared A Report:

    Iceland Stuns Banks: Plans To Take Back The Power To Create Money
    4 April 2015 Submitted by Raul Ilargi Meijer via The Automatic Earth blog
    http://www.zerohedge.com/news/2015-04-01/iceland-stuns-banks-plans-take-back-power-create-money

    Who knew that the revolution would start with those radical Icelanders? It does, though. One Frosti Sigurjonsson, a lawmaker from the ruling Progress Party, issued a report today 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 Iceland 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.

    Everyone, with the possible exception of Paul Krugman, understands why this is a very sound idea. Agence France Presse reports:

    Iceland Looks At Ending Boom And Bust With Radical Money Plan

    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”.

    “The findings will be an important contribution to the upcoming discussion, here and elsewhere, on money creation and monetary policy,” Prime Minister Sigmundur David Gunnlaugsson said. The report, commissioned by the premier, is aimed at putting an end to a monetary system in place through a slew of financial crises, including the latest one in 2008.

    According to a study by four central bankers, the country has had “over 20 instances of financial crises of different types” since 1875, with “six serious multiple financial crisis episodes occurring every 15 years on average”. Mr Sigurjonsson said the problem each time arose from ballooning credit during a strong economic cycle.

    He argued the central bank was unable to contain the credit boom, allowing inflation to rise and sparking exaggerated risk-taking and speculation, the threat of bank collapse and costly state interventions. In Iceland, as in other modern market economies, the central bank controls the creation of banknotes and coins but not the creation of all money, which occurs as soon as a commercial bank offers a line of credit. The central bank can only try to influence the money supply with its monetary policy tools.

    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,” he wrote.

    Banks would continue to manage accounts and payments, and would serve as intermediaries between savers and lenders. Mr Sigurjonsson, a businessman and economist, was one of the masterminds behind Iceland’s household debt relief programme launched in May 2014 and aimed at helping the many Icelanders whose finances were strangled by inflation-indexed mortgages signed before the 2008 financial crisis.

  2. RonMamita says:

    Q.E. For The People?

    Posted 7 Apr 2015
    In this episode of the Keiser Report, Max Keiser and Stacy Herbert are joined by Professor Steve Keen (@ProfSteveKeen) to discuss building new economic models to make the current model obsolete. They consider Quantitative Easing (QE) for the people and examine Iceland’s radical new plan to remove the power to create money from commercial banks.

  3. RonMamita says:

    THE GOLD REPATRIATION IS UNDERWAY AGAIN…

    Germany is repatriating their gold, again. Joseph Farrell summarizes the hidden importance:

    http://gizadeathstar.com/2015/04/this-week-from-germanys-handelsblatt-the-gold-repatriation-is-underway-again/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+GizaDeathStar+%28Giza+Death+Star%29
    April 5, 2015 by Joseph P. Farrell

    Just when you thought that all that fuss and muss about Germany repatriating its gold was over and done with when the Bundesbank, Germany’s central bank, announced that it was satisfied that everything was shipshape at the N.Y. Fed, think again. Mr. V.T., a regular reader and contributor of articles here, found this post, from yesterday, at Investment Watch:

    GERMAN GOLD RESERVES – Germany Repatriates Its Gold Reserves from U.S.

    There are a number of new things here which, if true, are extremely intriguing for the simple reason that what was “high octane speculations” from last year and the year before, now seem to be entering the realm of speculation in at least major investment advisory site:

    “Despite previously characterizing the idea that it was planning on moving gold out of the New York Fed as an “irrational fear,” the German Bundesbank is set to announce a huge repatriation of its bullion this week, with France also being emptied of German gold in a sign that trust between central banks has hit rock bottom.

    “’In what could be a watershed moment for the price, provenance, and future of physical gold, not to mention the “stability” of the entire monetary regime based on rock solid, undisputed “faith and credit” in paper money, German Handelsblatt reports in an exclusive that the long suffering German gold, all official 3,396 tons of it, is about to be moved. Specifically, it is about to be partially moved out of the New York Fed, where the majority, or 45% of it is currently stored, as well as the entirety of the 11% of German gold held with the Banque de France, and repatriated back home to Buba in Frankfurt,’ reports Zero Hedge. Apparently, since a significant proportion of that gold is now being moved out of the New York Fed, are we to assume that this “trust” no longer exists?”

    What is new here is the Handelsblatt is now maintaining that all of Germany’s foreign gold reserves, “all official 3,396 tons of it,” is to be moved from the NY Fed and from the Bank of France.

    But there’s more, and my bet is that the reader noticed it too, and that is the reasons being offered for the new decision:

    “Financial analyst Jim Willie sensationally claims that Germany is preparing to ditch the unipolar system backed by NATO and the U.S. in favor of joining the BRICS nations, and that this is why the NSA was caught spying on Angela Merkel and other German leaders.

    “(The) real reason behind the recent NSA surveillance scandal targeting Germany was centered around the United States’ fear that Europe’s financial powerhouse is looking to escape from an inevitable dollar collapse.”

    This move of Germany towards the BRICSA bloc, and a decoupling from NATO, has been in my high octane predictions list for at least two years. What is unique here is specific wording: a decoupling not merely from the unipolar dollar system, but from NATO, i.e., Investment Watch is maintaining that the gold move signals a potential collapse of the NATO system, for without Germany, there really is no NATO. After all, as Zbigniew Brzezinski put it in his The Grand Chessboard, the formation of NATO was as much about how to contain German power, as it was about hedging in the Soviet bloc. And for the German leadership, NATO was as much about… well… that’s another story best left for another venue.
    What is interesting here is that the timing of the article makes sense, for as other stories this last week indicate, not only Germany, but America’s “special relationship ally,” Great Britain, and even Israel, have announced their intention to join China’s new Asian development bank.

    In Britain and Germany’s case, these two nations are joining as founding members, that is to say, one may expect that they will have permanent seats, and thus influence, within the new bank, which many are already seeing as a rival to the US’s system of the IMF and World Bank.

    Time will tell, of course, whether Germany will be successful with this latest alleged repatriation attempt. But now, the lines are drawn and the intentions are clear, and the pressure on the New York Federal Reserve are now immense: repatriate, or be self-evidently no longer a trustworthy organization.

    So why the move?
    Herewith the high octane speculation of the day: if there is, as I have argued, a hidden system of finance that has been in place since the Truman administration, a system used to fund a long-term mega-Manhattan Project for research into exotic technologies, then what these moves also portend are not merely moves against the overt system of Western finance, but a blow against the covert one.
    And that has other implications, for if those projects and that hidden financial system were designed to develop exotic UFO-related technologies – as I believe they were- and to put into place a “gatekeeping” counter-intelligence operation to suppress certain data about those things and related subjects, then the move is also slated to give those nations greater influence over those subjects, and any public discussion of them.

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