Michael Hudson nails it with the following:
The Social Democratic regime in Iceland is acting as the party of bankers, and its government's approval rating has fallen to 12 percent. But they refuse to step down. So earlier last week, voters brought steel oil drums to their own Occupation outside the Althing and banged when the Prime Minister started to speak, to drown out her advocacy of the bankers (and foreign vulture bankers at that!).
Likewise in Greece, the demonstrators are showing foreign bank interests that any agreement the European Central Bank makes to bail out French and German bondholders at the cost of increasing taxes on Greek labor (but not Greek property and wealth) cannot be viewed as democratically entered into. Hence, any debts that are claimed, and any real estate or public enterprises sold off to the creditor powers under distress conditions, can be reversed once voters are given a democratic voice in whether to impose a decade of poverty on the country and force emigration.
In theory, the American people are in the exact same position as those in Iceland and Greece. They only need to put it into practice. The banksters, the fraudsters, had free rein. It needs to be overturned. The people must take full control of the government for the first time since it was formed. It can be done.
Once they do, they can turn to people such as Michael Hudson to help work out a new monetary system. Dennis Kucinich has introduced a new bill, and Michael Hudson has been an economic advisor to Dennis for many years. Michael Hudson knows all about the various options that are mostly out there being discussed and planned in circles of those who honestly care about the people.