Still reeling from the economic catastrophe that struck in 2008, Iceland and its Parliament are debating a plan that would dramatically restructure the tiny nation’s monetary system by stripping commercial banks of the legal ability to create currency out of thin air — and handing that power exclusively to politicians and central bankers under what is being labelled a “sovereign money” system. The proposal to quash private bankers’ fractional-reserve system, where banks literally bring new currency into existence with government permission and then charge interest on it, is already making major waves. It is being described by analysts as everything from “radical” and “revolutionary” to a prescription for “an almost Soviet-style banking system.” Either way, the implications of the debate are enormous.
The Peterson Institute has discredited itself repeatedly with promised benefits from NAFTA and other free trade agreements that failed spectacularly, but it is back with more of the same to promote the Trans-Pacific Partnership (TPP).
Police and firemen in Memphis are quitting and finding work elsewhere because their pensions have been underfunded and must be scaled back.
The international Energy Agency is astonished that the oil industry continues to produce at record levels, despite predictions there would be production cuts.