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

Iceland, I've often day dreamed of becoming a citizen. However, I don't like the latitude and don't feel like learning the language. Not really interested in their culture either, but I should at least look in to it.

originally posted by: NiZZiM
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.

We will probably hear how Iceland is 1 year away from the bomb.

Plus how they had links to 9/11 so must be invaded

originally posted by: MichiganSwampBuck
Iceland, I've often day dreamed of becoming a citizen. However, I don't like the latitude and don't feel like learning the language. Not really interested in their culture either, but I should at least look in to it.

Id forget it.

Getting a permenent Visa is next to impossible.

It's a crazily expensive place to live. so you need to have a very good source of income.

a reply to: crazyewok

Your posts make me roar with laughter you hit it on the head so many times. Where's the little guy gone not that the Red Coat is not amazing?

a reply to: bobs_uruncle

Didn't know that this rip-off was so extreme. And what happens to this newly created extra money? It ends up back in a bank somewhere as a deposit. And the whole process starts again and so it multiplies. And I agree that it is counterfeiting and the perpetrators should be dealt with. It makes me wonder if this scenario happened to the great civilisations in the past before they collapsed.

originally posted by: Shiloh7
a reply to: crazyewok

Your posts make me roar with laughter you hit it on the head so many times. Where's the little guy gone not that the Red Coat is not amazing?

He around. I just changed it in honer of a anti British poster on here

Read all about it. Sovereign money.

www.forsaetisraduneyti.is...

Im pretty sure the rule is banks can lend out 10 times the amount they hold. Sounds like a system designed by kings...

Norsemen have no King but the Law!!

Iceland is one of my favourite places, if anywhere feels like it resonates with me, Iceland is one of them. The fact that their political ideology is more people than bank centred is a great thing. Taking power from the corrupt has to be the way forward and this is a step hopefully all worthy nations will follow.

I am considering moving to Iceland!

a reply to: theabsolutetruth

Unfortunately the government in power is extremely corrupt.

a reply to: ChemtrailKing

Really? Less corrupt than the UK or US though surely?

Isn't Iceland uncorrupting it's government and installing people power?

politicalvelcraft.org... -from-us-media/

A tiny island of sanity in a capitalist ocean.
I rejoiced years ago when they kicked the central banks out.
Looks like they're ready to take the next step.
If I could handle eating cod every day I would move there in a heartbeat.

a reply to: theabsolutetruth

Yes, but rather unsuccessfully. The parties in power are corrupt and they are slowly but surely handing everything over to their friends and business partners.

Good Info ChemtrailKing. I'll have a nice read through this and Thank You Much for the nice addition to the thread and A Star Arjunanda. a reply to: ChemtrailKing

a reply to: Asktheanimals

You could also eat skyr, lamb, shark and lifrarpylsa (a relative of the Scottish Haggis).

Eating cod is not mandatory or necessary.

It is an interesting idea to not allow commercial banks to give lines of credit and only allow the central bank to do so. In Iceland, a tiny county with a population smaller than Tampa handing this much power to the central bank should be workable. The cental bank would be likely to be able to cover most lines of credit needed without slowing growth much since only 4 commercial banks exist in Iceland anyway. Of course in a larger country this would not work as the central bank would never be able to cover enough lines of credit to keep an economy growing. Iceland is fun to watch because its tiny population allows it to try things no other nation could.

originally posted by: arjunanda Are we on the cusp of a new beginning

i hope so but i won't be holding my breath. hope is in short supply lately.

originally posted by: bobs_uruncle
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.

This doesn't change anything. Spending money doesn't create money into existence.

The proposal from the Iceland central bank is to have a maximum quota on allowable quantity of loans outstanding by the banks, i.e. the actual money supply. Currently central banks can attempt to push and influence, by changing the price of money and reward structure for private banks, but not force a hard limit.

This proposal only limits money in the negative direction, i.e. limiting money creation in an excess boom.

originally posted by: MrSpad
It is an interesting idea to not allow commercial banks to give lines of credit and only allow the central bank to do so.

This is not how it will work. The central bank will limit the total amount outstanding. The commercial banks will still do all the credit underwriting and take profit & loss as usual. The central bank has no interest in handling paperwork, judgement calls and investigation---this is where commercial competition is better.

Of course in a larger country this would not work as the central bank would never be able to cover enough lines of credit to keep an economy growing. Iceland is fun to watch because its tiny population allows it to try things no other nation could.

The central bank is attempting to keep the Icelandic commercial banks from getting massively too big and over-leveraged for their small economy. History shows that the usual tools, reserve requirements, were nowhere nearly enough in the face of greed in a boom.

I think it's a good idea for Iceland.