from The Daily Bell:
Revenge of the Vikings — Iceland Will Create Its Own Money … Iceland is taking the money back from the clutches of the private fractional reserve lending cartel. It’s happened before in history, and with great success, but it has also prompted a violent backlash from the elites … – 21st Century Wire
Usually we comment on the elite propaganda of mainstream media reports, but we’ve always made an exception for “public money.”
That’s because we tend to believe it’s an elite meme – a fallback for the same people who invented the current central banking economy. So long as they can keep money controlled by a central authority, they can take over the monetary facility once more, sooner or later. It doesn’t matter who runs the monopoly central bank so long as one exists.
Nonetheless, on a regular basis we get informed that the problem with modern money is that it is controlled by a private “cartel.”
If the “government” itself controlled money, then economic conditions would be far more tolerable, we learn wearily over and over again.
This article, excepted above, makes some of the same arguments, though this time the issue is not hypothetical as Iceland is considering a form of “public money.”
Agence France Presse reports: 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 [was contained] in a report written by a lawmaker … Frosti Sigurjonsson.
The article goes on to make all the predictable arguments about “private” central banking (which is actually anything but private). We learn predictably that it’s necessary for the government to take over money production and (presumably) issue it out without debt.
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