To the Althingi: Monetary reforms in Iceland are urgent!
This petition had 210 supporters
¥€$, Iceland can make its own money! The need for a fundamental reform of Iceland's monetary system is outlined in a report, initiated by the MP Frosti Sigurjónsson.
The report describes how
1. Iceland's history of economic instability is connected with the ability of banks to "create money" in the process of lending,
2. commercial banks in Iceland created far more money than was needed for economic growth, and
3. the Central Bank failed to bring the money supply under control.
Among various reform proposals, an effective reform in Iceland could provide the Sovereign Money proposal, where
1. the state owned Central Bank would become the only creator of money in the economy,
2. the power to allocate money would be separated from the power to create new money, and
3. the Central Bank would handle creation of money, while Parliament would vote on how new money is allocated.
The proposal aims to reduce
1. the risk and instability of the monetary system,
2. reduce debts substantially, and
3. direct the income from creating money to the state instead of commercial banks.
The author of the report, Frosti Sigurjonsson, Member of the National parliament of Iceland and Chairman of the Committee for Economic Affairs and Trade said: "Iceland, being a sovereign state with an independent currency, is free to abandon the present unstable fractional reserves system and implement a better monetary system. Such an initiative must however rest on further study of the alternatives and a widespread consensus on the urgency for reform."
THIS PETITION IS GOING TO SHOW BOTH
1. HOW WIDESPREAD THE CONSENSUS ON THE URGENCY FOR REFORMS TO
A. MONEY CREATION AND
B. MONETARY POLICY ARE, AND
2. HOW BIG THE PUBLIC SUPPORT OF THIS PROPOSAL IS!
The proposal's status is described in this article:
During april 2016, the opinion of the Committee for Economic Affairs and Trade's opinion will be ready and delivered to Althingi.
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