Signs of Alien Life by 2025, Says NASA Chief Scientist

Some argue that Extraterrestrial/Extradimensional life is, and has already been, present on this Earth. Megalithic sites like the Pyramids and Puma Punku certainly suggest that some form of advanced technology was used to construct them. Or the countless traditions by indigenous cultures teaching about visitors from the stars. Also the extremely elaborate crop circle formations around the world that no human could construct with ropes and boards in a single night. 

But no matter the case, if "they" are already here or not, it seems disclosure may not come as a presidential announcement. It may come much slower than that, through the mainstream. Starting with the news that there are hundreds of billions of  habitable planets in our galaxy alone, then on to the discovery microbial life, eventually leading us to the "official" contact of intelligent species.

As much as I would like it to happen overnight, many people still need to be eased into this new reality. We have been asleep for millennia. As a collective consciousness, it takes time to shift into a completely different paradigm. The best thing to do is embrace the eternal now moment, find our peace within. That way we will be in a much better place mentally and spiritually to finally meet somebody from another world.

- Planet Awakening

Recent observations by planetary probes and telescopes on the ground and in space have shown that water is common throughout our solar system and the broader Milky Way galaxy. -NASA

APR 8, 2015 09:10 AM ET // BY MIKE WALL, SPACE.COM

Humanity is on the verge of discovering alien life, high-ranking NASA scientists say.

"I think we're going to have strong indications of life beyond Earth within a decade, and I think we're going to have definitive evidence within 20 to 30 years," NASA chief scientist Ellen Stofan said Tuesday (April 7) during a panel discussion that focused on the space agency's efforts to search for habitable worlds and alien life.

"We know where to look. We know how to look," Stofan added during the event, which was webcast live. "In most cases we have the technology, and we're on a path to implementing it. And so I think we're definitely on the road." [5 Bold Claims of Alien Life]

How Aliens Can Find Us (and Vice Versa): Photos

Former astronaut John Grunsfeld, associate administrator for NASA's Science Mission Directorate, shared Stofan's optimism, predicting that signs of life will be found relatively soon both in our own solar system and beyond.

"I think we're one generation away in our solar system, whether it's on an icy moon or on Mars, and one generation on a planet around a nearby star," Grunsfeld said during Tuesday's event.

Recent discoveries suggest that the solar system and broader Milky Way galaxy teem with environments that could support life as we know it, Grunsfeld said.

For example, oceans of liquid water slosh beneath the icy shells of the Jupiter moons Europa and Ganymede, as well as that of the Saturn satellite Enceladus. Oceans covered much of Mars in the ancient past, and seasonal dark streaks observed on the Red Planet's surface today may be caused by salty flowing water.

Further, NASA's Curiosity rover has found carbon-containing organic molecules and "fixed" nitrogen, basic ingredients necessary for Earth-like life, on the Martian surface.

Farther afield, observations by NASA's Kepler space telescopesuggest that nearly every star in the sky hosts planets — and many of these worlds may be habitable. Indeed, Kepler's work has shown that rocky worlds like Earth and Mars are probably more common throughout the galaxy than gas giants such as Saturn and Jupiter.

And just as the solar system is awash in water, so is the greater galaxy, said Paul Hertz, director of NASA's Astrophysics Division.

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Alien Life Could Exist Outside 'Habitable Zones'

New research suggests we might want to widen our search for Earth-like exoplanets.

DCI

The Milky Way is "a soggy place," Hertz said during Tuesday's event. "We can see water in the interstellar clouds from which planetary systems and stellar systems form. We can see water in the disks of debris that are going to become planetary systems around other stars, and we can even see comets being dissipated in other solar systems as star evaporates them." [6 Most Likely Places for Alien Life in the Solar System]

The Most Horrific Alien Planets In Our Galaxy: Photos

Hunting for evidence of alien life is a much trickier proposition than identifying potentially habitable environments. But researchers are working steadily toward that more involved and ambitious goal, Stofan and others said.

For example, the agency's next Mars rover, scheduled to launch in 2020, will search for signs of past life and cache samples for a possible return to Earth for analysis. NASA also aims to land astronauts on Mars in the 2030s — a step Stofan regards as key to the search for Mars life.

"I'm a field geologist; I go out and break open rocks and look for fossils," Stofan said. "Those are hard to find. So I have a bias that it's eventually going to take humans on the surface of Mars — field geologists, astrobiologists, chemists — actually out there looking for that good evidence of life that we can bring back to Earth for all the scientists to argue about."

NASA is also planning out a mission to Europa, which may launch as early as 2022. The main goal of this $2.1 billion mission will be to shed light on the icy moon's potential habitability, but it could also search for signs of alien life: Agency officials are considering ways to sample and study the plumes of water vapor that apparently erupt from Europa's south polar region.

Could This Alien Cell Thrive on Titan?

In the exoplanet realm, the agency's James Webb Space Telescope (JWST), an $8.8 billion instrument scheduled to launch in 2018, will scope out the atmospheres of nearby "super-Earth" alien planets, looking for gases that may have been produced by life.

JWST will scan the starlight that passes through the air of super-Earths, which are more massive than our own planet but significantly less so than gaseous worlds such as Uranus and Neptune. This method, called transit spectroscopy, will likely not work for potentially habitable Earth-size worlds, Hertz said.

Searching for biosignature gases on small, rocky exoplanets will instead probably require direct imaging of these worlds, using a "coronagraph" to block out the overwhelming glare of their parent stars, Hertz added.

NASA's potential Wide-Field Infrared Survey Telescope, which may launch in the mid-2020s if given the official go-ahead, would include a coronagraph for exoplanet observations.

Lifting the Veil, Defining Your Spiritual Awakening

What is a spiritual awakening? It can mean different things to different people. Some describe an intense feeling of love and connectedness with the universe. It doesn't necessarily have to involve a religion, but it can. There is no absolute answer. 

Share your story with us in the comments section below.

Eckhart Tolle: 

"For many years I had been deeply identified with thinking and the painful, heavy emotions that had accumulated inside. My thought activity was mostly negative, and my sense of identity was also mostly negative, although I tried hard to prove to myself and to the world that I was good enough by working very hard academically. But even after I had achieved academic success, I was happy for two weeks or three and then the depression and anxiety came back.

On that night there was a disidentification from this unpleasant dream of thinking and the painful emotions. The nightmare became unbearable and that triggered the separation of consciousness from its identification with form. I woke up and suddenly realized myself as the I Am and that was deeply peaceful."

Jim Carrey:

"I understood suddenly how thought was just an illusory thing. And how thought is responsible for, if not all, most of the suffering we experience. And then I suddenly felt like I was looking at the thought from another perspective and I wondered who is it that’s aware that I am thinking and suddenly I was thrown into this expansive amazing feeling of freedom from myself from my problems."

Russell Brand:

“It's difficult to believe in yourself because the idea of self is an artificial construction. You are, in fact, part of the glorious oneness of the universe. Everything beautiful in the world is within you. No one really feels self-confident deep down because it's an artificial idea. Really, people aren't that worried about what you're doing or what you're saying, so you can drift around the world relatively anonymously: you must not feel persecuted and examined. Liberate yourself from that idea that people are watching you.”

Former Legislator Henry W. McElroy, Jr - Eisenhower met with Extraterrestrials

Former US Legislator, Henry W. McElroy Jr., a whistleblower regarding the ET presence here on Earth.  In a testimony filmed on May 8th, 2010, Henry mentions an unreleased brief indicating that a meeting between President Eisenhower and these visitors can be arranged. Transcript is as follows:

"Hello, I’m speaking with you from Fort Monroe, Virginia. We’re also known as The Gateway to Freedom. We sit right next to a little town called Phoebus, Virginia. Interestingly, they call themselves The Gateway to the New World.

Phoebus sits inside of Hampton, Virginia whose motto is First from the Sea, First to the Stars. My name is Henry McElroy, Jr. a retiring, former State Representative from New Hampshire. Thank you for your attention to this brief message concerning the world’s interaction with both earth-based, and off-world astronauts. The reason I am making this announcement is in the hopes of encouraging better perspective to all who explore the universe. Therefore, as a result, making a more valuable contribution to humanity, for the benefit of all faiths, all races and all nations.

Another reason I am here today is because I believe in the foundational wisdom of our nation, which was laid down by our founding fathers and because we know that highly advanced knowledge and information can assist human beings in solving various problems both in current times, and in our future. When I was in the New Hampshire State Legislature, I served on the State Federal Relations and Veterans Affairs committee. It was, apparently, important that as a Representative of the Sovereign People who had elected me to this Honorable Office, that I be updated on a large number of topics related to the affairs of our People, and our Nation.

As I understood it, some of those ongoing topics had been examined and categorized as Federal, State, Local development, and security matters. These documents related to various topics some of which spanned decades of our nation’s history. One of those recurring topics is the reason I am addressing you this evening. I would like to submit to our nation my personal testimony of one document related to one of these ongoing topics which I saw while in office, serving on the State Federal Relations and Veterans Affairs Committee. The document I saw was an official brief to President Eisenhower. To the best of my memory this brief was pervaded with a sense of hope, and it informed President Eisenhower of the continued presence of extraterrestrial beings here in the United States of America.

The brief seemed to indicate that a meeting between the President and some of these visitors could be arranged as appropriate if desired.

The tone of the brief indicated to me that there was no need for concern, since these visitors were in no way, causing any harm, or had any intentions, whatsoever, of causing any disruption then, or in the future. While I can’t verify the times or places or that any meeting or meetings occurred directly between Eisenhower and these visitors – – because of his optimism in his farewell address in 1961, I personally believe that Eisenhower did, indeed, meet with these extraterrestrial, off world astronauts.

I hope my personal testimony will aid the nation in its quest for continued enlightenment. I am honored to follow in the footsteps of those who have come forward with their personal testimonies – those who deserve the admiration of the American people for sharing their accounts publicly, in an effort to elevate our knowledge to a higher understanding of our existence.

People such as:

Former Astronauts - John Glenn, Edgar Mitchell, Gordon Cooper, and Buzz Aldrin.

Former Presidents - Ronald Reagan and Jimmy Carter

Captain Bill Uhouse of the United States Marine Corps

Lt. Col John Williams of the United States Air Force

Co Phillip Corso Sr. of the United States Army Commander Graham Bethune of the United States Navy 

Along with: 

David Hamilton of the Department of Energy, Donna Hare of NASA and James Kopf of the National Security Agency 

I would also like to thank the countries of: France, Brazil, Britain, Russia, Italy, Denmark, Sweden, Norway, New Zealand, and our neighbor to the north Canada, Uruguay, and Australia, for also opening their files to the citizens of their countries, and allowing them access to information that is so very important to the evolution of humanity.

I thank you for allowing me this opportunity to have a small part in doing the same, by sharing the information I have given you today. Thank you very much and I’d like to thank our communications crew for helping us make this happen today.

And, I’d also like to authorize distribution of this video for anyone who wants to use it for educational purposes. Thank you."

Earth Ascending? Schumann Frequency Resonance of the Earth Has DOUBLED!

Earth Ascending? Schumann Frequency Resonance of the Earth Has DOUBLED!

(Earth. We Are One) March was a landmark month energetically, with several rare planetary alignments, including a Super moon, Solar Eclipse and Equinox all within the same 24 hours on March 21st! Coming as it did just after the 7th of 7 exact T-Squares, everything points to that day being a moment of paradigm shift – a time of great Awakening. Our ancient ancestors believed that Eclipses open a portal to higher realms, making it possible for us to receive huge downloads of information. That is why they built sophisticated and mysterious structures such as Stonehenge and Newrange, which were designed to amplify the powerful cosmic energies being made available to them.

Despite the opening of powerful Stargate portals and the potential for new beginnings offered by the current universal geometries however, many people find it difficult to believe that anything is really changing when chaos still seems to reign, and evidence of human mayhem continues all around us. Perhaps this ‘madness’ is part of a deep cleansing of the planet? And perhaps how quickly we can integrate the new energy and adjust to it, will depend on the level of each individual’s vibratory frequency. We are being asked I think, to do everything in our power to raise our vibration out of 3D density and into the higher frequencies of Light. This always has been and still is, the prime purpose and raison d’être of the  ‘Sounds of Sirius’. It’s my belief that the melodies, tones and Light Language that flow through me from the higher dimensional realms, are being gifted quite specifically to raise the vibration of those who receive them, and in so doing, reconnect them with their soul’s original blueprint.

There is concrete evidence to suggest that Mother Earth herself is shifting her vibration, in order to adapt to the paradigm shift. The Schumann Frequencies are the ‘sound’ of the earth. It’s like hearing the sound of a big drum, with that drum being the earth’s resonant cavity. Only a few years ago the earth was vibrating at around 7.8 hertz, but a few days ago, the Schumann frequency hit 16.5. This demonstrates that the earth itself is changing…she is literally speeding up!

Why is the number 16.5 important?

16.5, 33, 66, 132, 264….these numbers are all harmonic to the Solfeggio tone 528, which is the exact frequency used by genetic biochemists to repair broken DNA – the gentetic blueprint upon which life is based.

What are Solfeggio Frequencies?

Here’s a short clip that explains the basis of the Solfeggio tones.

If the Schumann frequency is resonating at a harmonic of 528 – the frequency scientists use to repair broken DNA – it would suggest would it not then, that our DNA may be repairing itself right now? Perhaps Mother Earth’s change of vibration to the harmonic of 528 is kick-starting our DNA re-activation, in order that we can move in sync with her, as she transcends 3D density to enter 4th and 5th dimensional realms.

The following excerpt from channel and healer Malcolm Bell’s book ‘Rider in the Mist’ reinforces the idea of the intrinsic connection between human beings and Planet Earth:-

“The human being is comprised of five bodies: the physical, the mental, the emotional, the spiritual, and the higher self. Any change in the earth’s energy field affects all five bodies, so all five have to be realigned – adjusted in increments according to the varying and ongoing energy fluctuations – and brought back into balance and harmony. In short, the symptoms that people were experiencing were the body’s response to the changing vibration. The body was struggling to adjust to the previously unknown, and never before encountered, elevated and newly patterned energy levels. Unknown to us at times such as this, the body searches through its ancient tribal and genetic memory bank imprints, in an attempt to find a pre-existing pattern to align with. Finding none, it now has to embark upon a critical program of developing and implementing a precise and compatible alternative energy-pattern match. In the process of doing so, all five bodies endure considerable discomfort and confusion.”

The many and varied symptoms that people have been experiencing over the past few years as their bodies attempt to align with the huge ‘Shift of the Ages’ taking place, have become so widespread that they have called ‘Ascension Symptoms’.

So don’t panic if you have been feeling kind of strange, ungrounded, exhausted, dizzy, fuzzy or depressed – you are not alone! As Mother Earth continues to uplift her vibration to the New Earth dimensional frequencies, with our Sun assisting by sending us massive charges of intense radiation on almost a daily basis now, you are instinctively acclimatising and trying to match her vibration, so that you can travel with her on the ‘Ascension’ path.

Source: Earth. We Are One

Benjamin Fulford - April 6th 2015: Chinese bid to take over the world fails despite support for Chinese development bank

By Benjamin Fulford

A meeting last week between a representative of the Chinese Communist Government and of the White Dragon Family ended badly after the Chinese stated their goal was to take over control of the planet. They were told the Chinese account for at most a fifth of the world’s population so the best they could hope for was one fifth of world power.

The meeting took place April 4th, 2015 a day of great occult significance. As widely reported, on that day there was a blood moon lunar eclipse that coincided with the Jewish Pass Over holy day and the Christian Easter day of rebirth. This is all seen as a good omen for the West. For the Chinese, however,the fourth day of the fourth month means double death and is highly inauspicious. The Chinese representative was also unable or unwilling to visit the shrine to the Dragon God King of the White Waterfall (白瀧龍王神) where the meeting was supposed to take place. He seemed scared of it so, the meeting took place about 200 yards away from the shrine. This seems symbolic of how the Chinese push for world dominance fell short of its goal.

For sure, the Chinese have been on a roll and their big push in February and March of this year produced big results. The most significant was the agreement by major European powers and US allies to join China’s proposed Asian Infrastructure Investment Bank, despite US opposition. What some Chinese failed to understand is that supporting a Chinese infrastructure initiative is not the same as voting to become Chinese serfs.





China has become the world’s biggest economy and has made huge accomplishments in the past decades. They have lifted a record number of people out of poverty, poured an awful lot of cement, built great infrastructure around the world and produced vast quantities of cheap but high quality knickknacks.

The West, by contrast, has seen its economic base badly damaged because the highest levels of its government institutions were taken over by vicious and incompetent gangsters. The West also does feel a bit down-trodden by the recent shift in economic and industrial power to the East.

However, the gangsters are now being systematically purged from governmental control and as result, the West is about to experience a renaissance that will by far outdo the original.

Furthermore, a little bit of perspective is needed here to explain why the West cannot be written off. Let us talk about science and technology for example. We all know the Chinese invented gun-powder, the printing press and paper etc. but can you think of any world changing Chinese invention within the past 600 years? Did they invent the steam engine? The industrial revolution? Automobiles? Airplanes? Radios? Television? Computers?

Semiconductors? The internet? Even the LED lights they are now mass producing were invented by the Japanese. We hope soon to be awestruck by new Chinese inventions but they ain’t here yet.

Another thing the Chinese need to keep in mind before they start talking about world domination is how much they owe the West. The West provided them with technical knowledge, education, financial assistance and more to modernize their economy. They did this not just out of the profit motive but out of a sincere desire to see China modernize and become prosperous.

The West, for its part, needs to be eternally grateful to China for its help in purging our leadership of Khazarain (Hyksos) Satanists. The West also needs to be grateful for all the financial assistance the Chinese have provided.

Both East and West now need to look back at when the Chinese secret societies made a deal with the White Dragon Society and its allies to join the fight against the Satanists. The Chinese said they wanted to once again be the center of the world and were told this would happen only on the condition that they ended poverty and stopped environmental destruction.

The Chinese have done a lot against poverty, especially in China, but they are some of the world’s worst polluters and have a hideous environmental record. There is also a lot of poverty that still needs to be dealt with. The West can take pride in its efforts to stop environmental destruction but, they certainly take a back seat to the Chinese when it comes fighting poverty.

That is why East and West need to stop thinking in terms of who is in charge and instead form a 50/50 win/win relationship for the sake of the planet as a whole. This is what the proposed world federation is supposed to accomplish.

On that front, despite the Chinese over-reach, progress continues to be made towards reaching a final deal.

The Pentagon has proposed dividing the world into 9 regions instead of 7 because South America and Russia respectively want independence from North America and Europe. This is an issue that is open to debate and can be settled once the more crucial financial architecture is worked out.

On that front, US Defense Secretary Ashton Carter is visiting Japan, South Korea and Sinpapore this week. The US also deployed warplanes in Taiwan to coincide with this visit. The idea is to remind the Chinese that if it ever came to war the US still has an overwhelming military advantage. For example, the Americans have energy weapons that would allow them to hit China with micro-waves thus causing every head in China to burst like an egg would in a microwave oven. They also have the technology to neutralize Chinese nuclear weapons. Of course this technology would never be used but merely serves as a reminder the US military industrial complex is proposing an alliance with China, not subservience to China.

It is also worth noting the US military is clearly aligning itself with the Iranians as their preferred partner in the Middle East. During the negotiations on Iran’s nuclear program, the Pentagon released detailed intelligence about Israel’s nuclear program. The message was clear, the Pentagon views Israel and not Iran as the real rogue nuclear threat in the Middle East.

US Senator Robert Menendez, until recently head of the Senate Foreign Relations Committee, was indicted on charges of accepting bribes because he was a key member of the Khazarian faction that wanted to start World War 3, according to Pentagon sources. Visible actions like this make the ongoing purge of the Khazarians impossible to deny.

There is a lot less visible stuff also going on. For example, there was a mysterious attack on a Rockefeller facility last week. At the link below you can see a Rockefeller General Electric plant burning after what could only have been some sort of military attack.

http://www.zerohedge.com/news/2015-04-03/caught-tape-raging-fire-kentucky-ge-plant

Also last week Turkey experienced a nation-wide power outage that was clearly part of the ongoing covert war against the last Khazarian strongholds. It is not clear though which side attacked which in that event though.

Otherwise, the proxy war between the Iran/Pentagon alliance and the Saudi/Israeli faction cooled down somewhat last week. That was because representatives of both the Saudi faction and the Iranians contacted the White Dragon Society and were told the long Sunni/Shia divide had to be ended once and for all. Doing so would release vast funds for both sides, they were told. The Saudis were also told they had to remove the misogynist and other globally unacceptable elements of the Wahhabi doctrine if they wished for their regime to survive.

In Europe meanwhile, the thing to watch for this week is the April 9th IMF payment date the Greeks are expected to miss. If they miss it and go back to the Drachma then the European financial house of cards will suffer a fatal blow as Italy follows Greece. The only people who have the money to help the Greeks pay their bills are the Chinese. That is one of the main reasons why the British, Germans, French, Italians etc. agreed to join the Chinese led AIIB.

The Chinese though, as noted above, are not the real solution either. For that reason, they will probably kick the Greek can down the road yet again as they wait for a final settlement of the financial war. That will depend on the Chinese and Japanese agreeing to a compromise on who will control the proposed economic planning agency. That is because the Pentagon, the Swiss, the Vatican, the British etc. have already agreed to create such an agency and it is only the Chinese/Japanese split now standing in the way. The WDS is doing its bit to help by removing Khazarians from power in Japan to make sure a genuine Japanese voice speaks for Japan. That would open the door to compromise. The WDS also suggests selecting somebody from Singapore as the first head of the agency. That is because of Singapore’s successful planned transition from being one of the poorest backwaters on earth to being one of the richest nations on earth in a very short time.

The solution to the financial crisis and the beginning of a new age also await the arrival of certain promised documents.

250 MILLION YEAR-OLD STONE WITH MICROCHIP DISCOVERED

April 6, 2015 - Researchers have made another incredible discovery in Labinsk, Russia. According to scholars this discovery marks the beginning of a completely new history, one that many ancient alien theorists have been talking about for years. The object that researchers have found is believed to be some sort of ancient microchip and according to researchers, this ancient microchips dates back millions of years. After countless tests, researchers have come to the conclusion that this antique piece was used as some sort of microchip in ancient times.

The problem is its age, according to tests, the artifact is believed to be between 225 and 250 million years old. Some researchers believe that the dating of the artifact is not entirely accurate given the fact that you cannot date rock, and the tests were based on traces of organic material found around the mystery “chip”.



The million dollar question is, who and what used a microchip that dates back 250 million years? Is there a possibility that this is in fact the remains of ancient technology? Technology that belonged to a highly advanced civilization that inhabited Earth millions of years ago? Or is there a possibility that this artifact did not originate from Earth, but on another planet, belonging to an extraterrestrial race.

Better yet, what makes Russia so unique that numerous artifacts, like the one we see here, have been discovered over the years.

This “ancient microchip” was discovered in the Krasnodar region, and ufologists have already tagged this discovery as a fragment of technology previously unknown to science. Like many other discoveries, this remarkable artifact was found by chance by a local fisherman by the name of Viktor Morozov who donated his curious finding to scholars from the University of Southern Polytechnic Nowoczerkaskiej who performed several tests and concluded that embedded into the rock, is a strange “device” which strangely resembles modern-day microchips. Researchers have not tried removing the alleged microchip from the rock in fear that the might damage it.

Geologists and researchers cannot explain the origin of this fantastic finding and there are numerous possibilities that explain what this object is. Extraterrestrial technology, evidence of sophisticated ancient societies, or just one of those strange rocks made by mother nature. Some researchers point out that this might actually be part of a stem plant, such as lillies, skeptics have already “debunked” this finding suggesting that it is noting worth the while, just like many other discoveries which couldn’t be explained, so the best guess was… “its nothing important”, however the origin of this artifact, and many others also discovered in Russia have not been explained.

What do you believe this artifact is? Is it another rock, courtesy of mother nature? Or is this item, a microchip that belonged to an extraterrestrial race that visited Earth in the distant past?

http://www.disclose.tv/news/250_million_yearold_stone_with_microchip_discovered/116314#ixzz3WZ33WoEm

Iceland To Take Power To Create Money Away From Rothschild Cartel

http://www.conspiracyclub.co/2015/04/05/iceland-bank-rothschild/

Who knew that the revolution would start with those radical Icelanders? It does, though. One Frosti Sigurjonsson, a lawmaker from the ruling Progress Party, issued a report today that suggests taking the power to create money away from commercial banks, and hand it to the central bank and, ultimately, Parliament.

Can’t see commercial banks in the western world be too happy with this. They must be contemplating wiping the island nation off the map. If accepted in the Iceland parliament , the plan would change the game in a very radical way. It would be successful too, because there is no bigger scourge on our economies than commercial banks creating money and then securitizing and selling off the loans they just created the money (credit) with.

Everyone, with the possible exception of Paul Krugman, understands why this is a very sound idea. Agence France Presse reports:

Iceland Looks At Ending Boom And Bust With Radical Money Plan

Iceland’s government is considering a revolutionary monetary proposal – removing the power of commercial banks to create money and handing it to the central bank. The proposal, which would be a turnaround in the history of modern finance, was part of a report written by a lawmaker from the ruling centrist Progress Party, Frosti Sigurjonsson, entitled “A better monetary system for Iceland”.

“The findings will be an important contribution to the upcoming discussion, here and elsewhere, on money creation and monetary policy,” Prime Minister Sigmundur David Gunnlaugsson said. The report, commissioned by the premier, is aimed at putting an end to a monetary system in place through a slew of financial crises, including the latest one in 2008.

According to a study by four central bankers, the country has had “over 20 instances of financial crises of different types” since 1875, with “six serious multiple financial crisis episodes occurring every 15 years on average”. Mr Sigurjonsson said the problem each time arose from ballooning credit during a strong economic cycle.

He argued the central bank was unable to contain the credit boom, allowing inflation to rise and sparking exaggerated risk-taking and speculation, the threat of bank collapse and costly state interventions. In Iceland, as in other modern market economies, the central bank controls the creation of banknotes and coins but not the creation of all money, which occurs as soon as a commercial bank offers a line of credit. The central bank can only try to influence the money supply with its monetary policy tools.

Under the so-called Sovereign Money proposal, the country’s central bank would become the only creator of money. “Crucially, the power to create money is kept separate from the power to decide how that new money is used,” Mr Sigurjonsson wrote in the proposal. “As with the state budget, the parliament will debate the government’s proposal for allocation of new money,” he wrote.

Banks would continue to manage accounts and payments, and would serve as intermediaries between savers and lenders. Mr Sigurjonsson, a businessman and economist, was one of the masterminds behind Iceland’s household debt relief programme launched in May 2014 and aimed at helping the many Icelanders whose finances were strangled by inflation-indexed mortgages signed before the 2008 financial crisis.