Iceland's ruling party proposes to take back the power to create money from commercial banks, institute a "sovereign credit" system under the supervision of Parliament.

This comment was posted to reddit on Apr 03, 2015 at 2:53 pm and was deleted within 7 minutes.

Iceland's ruling party proposes to take back the power to create money from commercial banks, institute a "sovereign credit" system under the supervision of Parliament.

This is an automatically generated TL;DR, original reduced by 82%.

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.

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.

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.

Extended Summary | FAQ | Theory | Feedback | Top five keywords: bank^#1 money^#2 central^#3 Iceland^#4 commercial^#5

Duplicates found in /r/POLITIC, /r/Economics and /r/freeforum.

/r/freeforum Thread Link - theautomaticearth.com

Iceland's ruling party proposes to take back the power to create money from commercial banks, institute a "sovereign credit" system under the supervision of Parliament.

More Random Comments