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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”.
Iceland Wisens to Banksters Game with Plan to Remove Power of Commercial Banks to Create Money*
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.
Everyone, with the…
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The Most Revolutionary Act 
It must be those long dark winters, the perma-frost and the Icelandic way of doing things. I wish this would be featured on the main news down sunny southern hemosphere. Fat chance though. We are more into ruggers and celebrities.
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Interesting theory. It would be great to test it out.
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I thought credit unions was the answer but i remember in 1982 they put up my morgage to 22%.In 2008 they missed the golden oppertunity to nationalize the banks .tim geithner and barry obama groomers our the ones that need jail time
http://www.opednews.com/Diary/Meet-Timothy-Geithner–Ob-by-Kenny-081122-25.html
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According to a Scott Noble documentary I just watched the main reason Obama gave Geithner this job is because he fucked up at everything else. The ruling elite like people who are grossly incompetent because they’re less of a threat to the system.
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Dr i don’t think he was such fuckup after all he did every thing he was told to do and even got away not paying his nannies taxes
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This is awesome! I hope this is the beginning of a new direction for all of us
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The US and UK Green Party have both called for ended private-bank creation of money in their manifestos. There’s also strong support in the NZ Green Party, but we have yet to get it approved as official policy.
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The 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…
or
or Iceland:
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Oops, I meant to include Iceland’s Monetary Reform PDF report by FROSTI SIGURJONSSON:
Click to access monetary-reform.pdf
The report was Commissioned by Iceland’s Prime Minister; please read the details.
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Thanks, Ron. It’s great to have access to the original proposal that was tabled. Hopefully New Zealand will also be one of the early ones to ban banks from creating money.
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We have a good group here in the uk fighting for the same http://www.positivemoney.org we can only hope on may the 7th we get a government that listens.
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We also have a Positive Money branch here in New Zealand.
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