Iceland Revolution

Monetary Reform

A better monetary system for Iceland

from the Preface:

“Of all the many ways of organising banking, the worst is the one we have today. ... Change is, I believe, inevitable. The question is only whether we can think our way through to a better outcome before the next generation is damaged by a future and bigger crisis. This crisis has already left a legacy of debt to the next generation. We must not leave them the legacy of a fragile banking system too.” – Lord Mervyn King, Governor of the Bank of England 2003-2013 1

This report, commissioned by the Prime Minister of Iceland, presents the results of a study into the money creation mechanism in Iceland and the potential for its improvement. 

For more than half a century, Iceland has suffered from serious monetary problems including inflation, hyperinflation, devaluations, an asset bubble and ultimately the collapse of its banking sector in 2008. 

Other countries have faced similar problems. Since 1970, bank crisis have occurred 147 times in 114 countries2 causing serious reductions in output and increases in debt. Despite its frequent failures, the banking system has remained essentially unchanged and homogenous around the world. 

Various reform proposals have been put forward, many of them promising, but none have been implemented. A necessary step toward monetary reform is to increase awareness of the drawbacks and risks of the present system and why reform is needed. 

This report will hopefully serve as a useful source of information for the coming debate on the money creation process in Iceland and how it could be reformed to serve society better in the future. 

Reykjavík, March 20th 2015 

Frosti Sigurjónsson

How did this Happen?

The Icelandic Example

Although there are conflicting studies about the correlation of porn with sexual violence (feminist researchers - usually unfunded - generally agree that 'porn is the theory, rape is the practice', but remember there is a multi-million dollar industry interested in finding other 'results', and we know research is hugely influenced by financing interests), one interesting case points to the fact that there is a strong correlation between socially regulating pornography and our human ability (willingness?) to change society in a wider sense. 

This might be a complete coincidence of course, but I doubt it very much:  
Iceland is not only the only country in the world today to have banned most forms of pornography, but also unique in (subsequently) being the first and most effective country to change politically in the great 'occupy' uprisings that happened world-wide between 2011 & 2012 (started in 2008 in Iceland and totally ignored by the media).

That this intersting 'coincidence' isn't noted in either set of articles, and that both sets of quite impressive news are generally supressed in the media is what I find most interesting & telling about this.  


Stella Ne,
9 Apr 2015, 11:17