Iceland looks at ending boom and bust with radical money plan

Icelandic government suggests removing the power of commercial banks to create money and handing it to the central bank

A bank customer holds a handful of Icelandic crowns from an ATM as Icelanders face the possibility of the island's economy running into bankruptcy on October 8, 2008 in downtown Reykavik, Iceland 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

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,Read on here...

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