Iceland Is Fighting the Banks but Could Do Better

Though they would do better with a sound monetary theory, it is great that SOMEONE is fighting the banks! The Daily Bell has a great piece out, “Iceland vs Banksters.” 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, Read more […]

Iceland’s Political-Economy: The Good, The Ugly, & The Inconsistent

This is a mixture of the good and the ugly, and a powerful example of the inconsistencies of men. From Bloomberg: “Let Banks Fail Is Iceland Mantra as 2% Joblessness in Sight.” Iceland let its banks fail in 2008 because they proved too big to save. Now, the island is finding crisis-management decisions made half a decade ago have put it on a trajectory that’s turned 2 percent unemployment into a realistic goal. While the euro area grapples with record joblessness, led by more than 25 Read more […]