{"id":15711,"date":"2015-12-27T11:21:53","date_gmt":"2015-12-27T16:21:53","guid":{"rendered":"http:\/\/olduvai.ca\/?p=15711"},"modified":"2015-12-27T11:21:53","modified_gmt":"2015-12-27T16:21:53","slug":"reinventing-banking-from-russia-to-iceland-to-ecuador","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=15711","title":{"rendered":"Reinventing Banking: From Russia to Iceland to Ecuador"},"content":{"rendered":"<h3><a title=\"Reinventing Banking:  From Russia to Iceland to\u00a0Ecuador\" href=\"http:\/\/ellenbrown.com\/2015\/12\/11\/reinventing-banking-developments-in-russia-iceland-the-uk-and-ecuador\/\" rel=\"bookmark\">Reinventing Banking: From Russia to Iceland to\u00a0Ecuador<\/a><\/h3>\n<div class=\"postinfo\">Global developments in finance and geopolitics are prompting a rethinking of the structure of banking and of the nature of money itself. Among other interesting news items:<\/div>\n<div class=\"entry\">\n<ul>\n<li>In Russia, vulnerability to Western sanctions has led to proposals for a banking system that is not only independent of the West but is based on different design principles.<\/li>\n<\/ul>\n<ul>\n<li>In Iceland, the booms and busts culminating in the banking crisis of 2008-09 have prompted lawmakers to consider a plan to remove the power to create money from private banks.<\/li>\n<\/ul>\n<ul>\n<li>In Ireland, Iceland and the UK, a recession-induced shortage of local credit has prompted proposals for a system of public interest banks on the model of the Sparkassen of Germany.<\/li>\n<\/ul>\n<ul>\n<li>In Ecuador, the central bank is responding to a shortage of US dollars (the official Ecuadorian currency) by issuing digital dollars through accounts to which everyone has access, effectively making it a bank of the people.<\/li>\n<\/ul>\n<p><strong>Developments in Russia<\/strong><\/p>\n<p>In a November 2015 article titled \u201c<a href=\"http:\/\/journal-neo.org\/2015\/11\/22\/russia-debates-unorthodox-orthodox-financial-alternative\/\">Russia Debates Unorthodox Orthodox Financial Alternative<\/a>,\u201d William Engdahl writes:<\/p>\n<blockquote><p>A significant debate is underway in Russia since imposition of western financial sanctions on Russian banks and corporations in 2014. It\u2019s about a proposal presented by the Moscow Patriarchate of the Orthodox Church. The proposal, which resembles Islamic interest-free banking models in many respects, was first unveiled in December 2014 at the depth of the Ruble crisis and oil price free-fall. This August the idea received a huge boost from the endorsement of the Russian Chamber of Commerce and Industry. It could change history for the better depending on what is done and where it further leads.<\/p><\/blockquote>\n<p>Engdahl notes that the financial sanctions launched by the US Treasury in 2014 have forced a critical rethinking among Russian intellectuals and officials. Like China, Russia has developed an internal Russian version of SWIFT Interbank payments; and it is now considering a plan to restructure Russia\u2019s banking system. Engdahl writes:<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Reinventing Banking: From Russia to Iceland to\u00a0Ecuador Global developments in finance and geopolitics are prompting a rethinking of the structure of banking and of the nature of money itself. Among other interesting news items: In Russia, vulnerability to Western sanctions has led to proposals for a banking system that is not only independent of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[61,2014,175,951,195,6716,1069,7693],"class_list":["post-15711","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banking","tag-banking-crisis","tag-credit","tag-currency","tag-debt","tag-ellen-brown","tag-finance","tag-web-of-debt"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15711","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15711"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15711\/revisions"}],"predecessor-version":[{"id":15712,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15711\/revisions\/15712"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}