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Iceland Stuns Banks: Plans To Take Back The Power To Create Money

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posted on Apr, 1 2015 @ 06:11 PM
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OK ATS, This looks like the First Rumblings of The Dissolution of Commercial and Central Banks (The Creators of our Currencies) and The handing back of the responsibility of this task to those holding elected office. All I know is that Maybe this is a good thing. But, bringing Politicians and Money together in the same room can lead to some very dire consequences. Like that money created going missing LOL!

Anyway ATS, Are we on the cusp of a new beginning or just another Bone Headed Experiment brought to us by The Always Smiling and Stealing Political Set? I'm now of the age that I've just been bamboozled too many times with All "The Good Ideas" brought to us by the very people are supposed to represent us!

I just think a lot of people are getting to the point of No Hope with this set of people doing the Right Thing and actually doing what they were elected to do (Govern). Anything you might want to add to this Boys and Girls is Most Appreciated and any questions additional info etc. I will gladly try and furnish Y'All with. Thanks for taking a peek and Peace
Arjunanda.

(Article)
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.


www.zerohedge.com..." target="_blank" class="postlink">www.zerohedge.com... celand-stuns-banks-plans-take-back-power-create-money




posted on Apr, 1 2015 @ 06:14 PM
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Frosti from Iceland is to lead the revolution?...this could be an April 1 story.



posted on Apr, 1 2015 @ 06:16 PM
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Well if it is khnum, then it's a good one and The Jokes on Me LOL
Arjunanda. a reply to: khnum



posted on Apr, 1 2015 @ 06:17 PM
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a reply to: arjunanda

Not just a good idea, but the BEST thing! Spending money into existence to produce value is a helluva lot better than borrowing money into existence with interest.

Let me just yell at harpernista..."Hey, harper you **ckwad, get a clue or I can sell you one!"

Cheers - Dave



posted on Apr, 1 2015 @ 06:17 PM
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everybody on ATS knows that the central banks are the ones who create the money and print as much as needed, no matter what any one or government says, and commercial banks are good at figuring out schemes to steel it.



posted on Apr, 1 2015 @ 06:20 PM
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Good Reply Dave! I'm not even Canadian and I don't like Harper, what a D****e Bag! A Star 4 U
Arjunanda a reply to: bobs_uruncle



posted on Apr, 1 2015 @ 06:22 PM
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Yep hounddoghowlie and that makes a Perfect Circle one hand creates and the other hand steals it, Now That's Budgeting. Good Reply and A Star
Arjunanda. a reply to: hounddoghowlie



posted on Apr, 1 2015 @ 06:23 PM
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here's a refresher for those that might have forgotten.


edit on 1-4-2015 by hounddoghowlie because: (no reason given)



posted on Apr, 1 2015 @ 06:24 PM
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Iceland is one of the few places on earth that has their *crap* together.

I love these people.



posted on Apr, 1 2015 @ 06:52 PM
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a reply to: arjunanda

Sounds like a really good idea. Are we finally going to see the beginning of the end of big banks ruling the world? Got to be better than the American system where banks lend out $1.50 for every $1 they hold in deposits. Get rid of central banks too.



posted on Apr, 1 2015 @ 07:24 PM
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originally posted by: grumpy64
a reply to: arjunanda

Sounds like a really good idea. Are we finally going to see the beginning of the end of big banks ruling the world? Got to be better than the American system where banks lend out $1.50 for every $1 they hold in deposits. Get rid of central banks too.


It's actually more like they lend out anywhere from $9 to $25 for every dollar on deposit. If everyone went to the bank and withdrew all their money, the banks would be closed within a day. If you think the FDIC can save you, they get their "money" from the banks that would closed. Hmmmm, no money, no deposit insurance. How about door #2, the stock market? Well, if there's a bank run, the stock market collapses, no money there. All we have left is door #3, the government, but they are 18 trillion dollars in debt, they ain't got no money. ROFL

Why are we allowing this retarded system to exist?

Cheers - Dave



posted on Apr, 1 2015 @ 07:26 PM
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I Don't mean to be correcting you Grumpy64, But it's more like lending out ten bucks for every one on hand! Additionally most of the time they just create money out of thin air by just putting digits in your account when you ask for a loan and then charge you interest on it. In the case of credit cards that can be up to 29.99 percent OUCH! Thanks for your reply and A Star
Arjunanda a reply to: grumpy64



posted on Apr, 1 2015 @ 07:45 PM
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Real world statistics on how much money per dollar is created out of thin air via fractional reserve lending are hard to find.

What's funny to me is that people let this system exist in the first place. It only takes a basic understanding of the concept to see that the banks are the ONLY winners.

And now it's way, way too late to fix.

Have fun watching it burn, I guess...



posted on Apr, 1 2015 @ 07:45 PM
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originally posted by: bobs_uruncle

originally posted by: grumpy64
a reply to: arjunanda

Sounds like a really good idea. Are we finally going to see the beginning of the end of big banks ruling the world? Got to be better than the American system where banks lend out $1.50 for every $1 they hold in deposits. Get rid of central banks too.


It's actually more like they lend out anywhere from $9 to $25 for every dollar on deposit. If everyone went to the bank and withdrew all their money, the banks would be closed within a day. If you think the FDIC can save you, they get their "money" from the banks that would closed. Hmmmm, no money, no deposit insurance. How about door #2, the stock market? Well, if there's a bank run, the stock market collapses, no money there. All we have left is door #3, the government, but they are 18 trillion dollars in debt, they ain't got no money. ROFL

Why are we allowing this retarded system to exist?

Cheers - Dave


You very likely answered your own question, amigo.
We're so well mentally herded down here it's sometimes hilarious.
Personally, I marvel at the power of sodium fluoride: it's the second
great equalizer right behind Sam Colt's double-action.

EDIT:: strictly to the thread, I also personally feel that fractional
reserve banking in respect to creating more money to loan out
than deposited should be defined as counterfeiting. Last time I
checked that was one of only three capital offenses per Plan 1787.
On the other hand I ran out of money for fluoride filters last year.


edit on 1-4-2015 by derfreebie because: Sometimes stupid is as it don't register too.



posted on Apr, 1 2015 @ 07:59 PM
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Good old Iceland.......they are a very likeable bunch .....

Thx for posting.....



posted on Apr, 1 2015 @ 08:03 PM
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originally posted by: derfreebie

originally posted by: bobs_uruncle

originally posted by: grumpy64
a reply to: arjunanda

Sounds like a really good idea. Are we finally going to see the beginning of the end of big banks ruling the world? Got to be better than the American system where banks lend out $1.50 for every $1 they hold in deposits. Get rid of central banks too.


It's actually more like they lend out anywhere from $9 to $25 for every dollar on deposit. If everyone went to the bank and withdrew all their money, the banks would be closed within a day. If you think the FDIC can save you, they get their "money" from the banks that would closed. Hmmmm, no money, no deposit insurance. How about door #2, the stock market? Well, if there's a bank run, the stock market collapses, no money there. All we have left is door #3, the government, but they are 18 trillion dollars in debt, they ain't got no money. ROFL

Why are we allowing this retarded system to exist?

Cheers - Dave


You very likely answered your own question, amigo.
We're so well mentally herded down here it's sometimes hilarious.
Personally, I marvel at the power of sodium fluoride: it's the second
great equalizer right behind Sam Colt's double-action.

EDIT:: strictly to the thread, I also personally feel that fractional
reserve banking in respect to creating more money to loan out
than deposited should be defined as counterfeiting. Last time I
checked that was one of only three capital offenses per Plan 1787.
On the other hand I ran out of money for fluoride filters last year.


On your edit, I fully agree. Actually the bank CEO and management should also be charged under RICO.

Cheers - Dave



posted on Apr, 1 2015 @ 08:28 PM
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Excellent news!!

I doubt this is a April fools joke, for the past few years Iceland has been making smart decisions when it comes to ending the perpetual slavery enforced upon people from central banks!

Setting the example for all!

In order for us to move forward, one of the first things that has to go is centralized bankers, the fact that so few are addressing this head on quite frankly mind blowing!



posted on Apr, 1 2015 @ 08:49 PM
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HEY Elementalgrove, The reason it isn't being addressed by those in charge is because the bankers are smart enough to just spread enough of the loot around to keep the dogs off their backs. Good Reply and A Star
Arjunanda. a reply to: elementalgrove



posted on Apr, 1 2015 @ 09:21 PM
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a reply to: arjunanda

You got that right!

Funny thing is, that through the collective oppression they have wielded they have unknowingly taught the people one of the greatest lessons that we could learn and that is that we are not here to profit off of each other!

We are here to share, grow, and learn together!

I do not know how this corrupt system shall end, however I do know that the consciousness of the planet is raising and these people will be but a page in history as our civilization experiences a golden age we have yet to see once we learn the lessons we need to!

Or some kind of hippie nonsense along those lines!

edit on America/ChicagoWednesdayAmerica/Chicago04America/Chicago430pmWednesday10 by elementalgrove because: (no reason given)



posted on Apr, 1 2015 @ 10:54 PM
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Gooooo Iceland!! I doubt the west would try to retaliate with "democracy" since Icelanders can't really be portrayed like they do the Middle East. I can see them trying some back door shady things to destroy the plan, because when the world sees that a western country is flourishing with the new bank laws they might wake up and demand the same.



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