Frosti Sigurjonsson, a member of Iceland’s Parliament, has presented a proposal for a “better” monetary system for that nation to adopt. The proposal is the product of a study commissioned by Prime Minister Sigmundur Daviö Gunnlaugsson. There are, of course, many issues involved in any idea for a different kind of monetary system, but let's focus on the biggest, most general aspects of the Icelandic proposal.
Make no mistake: this proposal truly is something new under the Sun.