RT: Money from the gods: Iceland’s auroracoin & a new kind of independence

Excited for Iceleand

2012: What's the 'real' truth?

Patrick L Young is expert in global financial markets working in multiple disciplines, ranging from trading independently to running exchanges.

Published time: March 28, 2014 08:18

Image from auroracoin.orgImage from auroracoin.org

Norse money-god Niord was famed for being able to give riches to anybody he wanted. In modern Iceland newly-minted money is falling from the digital heavens.

Once upon a time during the financial crisis, there was talk of distributing Quantitative Easing as ‘helicopter money’. A scattergun drop of cash would result in delighted citizens catching falling notes. The economy would recover as citizens rushed to spend their windfall.

Banks suggested that people couldn’t be trusted to actually spend the money, demanding they become the monopoly channel of money. Their corporate socialist government blood brothers readily complied. Crazed QE has expanded governments’ debt piles and enabled banks to lavish vast bonuses on traders who profited from free money while the real…

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