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. ….
Elizabeth Warren, a Democratic Senator, is known to be critical of the role of Wall Street in America.
Wall Street banks aren’t taking this without a fight, and they’ve been discussing withholding funds, not only from Elizabeth Warren, but from ALL Democratic legislators in the Senate.
This is clearly Wall Street trying to tell Democrats to back off, and make their friend Elizabeth Warren back off too.
This exemplifies everything that’s wrong with our political system beautifully.