Tuesday, 2 October 2012

Iceland's Ousting of the Bankers Has Their Economy Booming 3 Years Later

I've mentioned Iceland and their strategy that they implemented between 2006 and 2008 when their economy collapsed to many people over the past few months, and when I talk about this the response is unanimous: nobody has any clue what I'm talking about. This is due to a massive media blackout on anything having to do with Iceland and what they did to solve their economic crisis - to come out ahead of the rest of the world in the end, with their economy growing quickly and steadily, and with it being stupendously better than both the economies of the United States and all of the Eurozone.

4 years ago Iceland was considering joining the Eurozone and adopting the Euro. Now, they're thanking their lucky stars that they didn't step in that bear-trap, and decided that the sovereignty of their people was more important than the interests of the criminal bankers who collapsed the economy in the first place.

The banks in Iceland defaulted on $84 billion in debt. This is an astronomical number when you look at the size of the Icelandic economy and the number of people in the country. They sold customers mortgages with interest rates that blew sky-high, contributing massively to a ballooning of the debt-to-GDP to about 240% - rivaled currently only by Japan, whose economy I will discuss in an upcoming post.

Iceland was the first - and only - country in the world to go a different way than bailing out the bankers. And it worked. Their's is the solution to the economic crises of the times, yet no politicians are taking a serious look at it because they are bought and paid for by the banking cartel that runs our world.

Rather than drone on about Iceland and how amazing they are, I will, instead, post a fantastic representation of the situation that was posted in May 2012 on  crazyemailsandbackstories blog. Enjoy the read, and take the food for thought, chew it, digest it, and then stand up and demand that our respective parts of the world take the same route. Otherwise, we'll have a bloody revolution on our hands in the very near future - something I'd rather spare my daughter from seeing in her lifetime.

Iceland’s Amazing Peaceful Revolution – Still Not in the News (backstory)

Iceland’s peaceful revolution is a stunning example of how little our media tells us about the rest of the world.
Read details about Iceland’s wonderful social evolution at DailyKos, here.
Another great article is  on Bloomberg.com.
An article at WakeUpWorld says that “The Icelandic economy will outgrow the eurozone in 2012 and is set to outgrow the entire developed world on average, according to estimates from the Organization for Economic Cooperation and Development.
Watch the video:
Now Iceland is proceeding to actually prosecute some of their formerly most powerful bankers and the Icelandic special prosecutor has stated that it very well may indict some 90 people.
Meanwhile, over 200 people, including the former chief executives of Iceland’s three biggest banks, face criminal charges for their activities.
The  following summation has been posted by countless people on Facebook; I’ve reposted it in its entirety:
ICELAND (GP) – No news from Iceland? Why? Last we heard, people were rising up and overthrowing the bankers. Then, no news on the television or newspapers for two years. What happened? Why won’t the papers and TV tell us how the bankers successfully crushed or minimized another rebellion? Because… THEY DIDN’T! This time, the people won.

The people of Iceland have overwhelmingly risen up and forced their government puppets of the banks to resign. Primary banks have been nationalized. The debt scam imposed by Great Britain and Holland money printers was declared null and void. A public assembly has been created to rewrite Iceland’s constitution.

The best part is, all of this happened without violence or bloodshed. A whole country’s revolution succeeded against powers that created the current global crisis without a shot being fired. A very good reason exists for the apparent failure of television and newspapers to provide any publicity on this unprecedented event: what would happen if the rest of the EU and the United States took this as an example?

The following is a summary of the facts:

2008 – The main bank of Iceland is nationalized.
The Krona, the currency of Iceland devaluates and the stock market halts. The country is in bankruptcy

2008 – Citizens rise up at Parliament and succeed in forcing the resignation of both the prime minister and the effective government. New elections are held.
Yet, the country remains in a bad economic situation. A Parliament act is passed to pay back 3,500 million Euros to Great Britain and Holland by the people of Iceland monthly during the next 15 years, with 5.5% interest.

2010 – The people of Iceland again take to the streets to demand a referendum. In January of 2010, the President of Iceland denies approval, instead announcing a popular vote on the matter by the people.

In March, a referendum and denial of payment is approved by popular vote of 93%. Meanwhile, government officials initiate an investigation to bring to justice those responsible for the crisis. Many high level executives and bankers are arrested. Interpol dictates an order to force all implicated parties to leave Iceland.

An assembly is elected to write a new constitution (based on the Denmark’s) to avoid entrapments of debt based currency foreign loans. 25 citizens are chosen — with no political affiliation — out of the 522 candidates. The only qualifications for candidacy are adulthood and the support of 30 people. The constitutional assembly started in February of 2011. It continues to present ‘carta magna’ from recommendations provided by various assemblies throughout the country. Ultimately, it must be approved by both the current Parliament and the one created through the next legislative election.
In summary of the Icelandic revolution, we saw:
-resignation of the entire corrupt government of the country
-nationalization of the bank
-referendum enabling the people to determine their own economic system
-incarceration of responsible parties, and
-a rewriting of the Iceland Constitution by its people
This is significant stuff.

Have we been informed about this through the main stream media?

Has any political program on radio or TV commented on this?

Not that I’ve seen. The Icelandic people have demonstrated a way to beat the international money printers and controllers of information. The last thing entrenched usurers would want is for you to think you could also free yourself from their chains.


The above article is a reprint.

UPDATE: Cenk Uyger has posted a good video on Iceland’s peaceful revolution at http://www.alternet.org/newsandviews/article/964401/cenk_uygur%3A_iceland_shows_bailing_out_middle_class_works%2C_not_bailing_out_banks/

UPDATE:  Ex-Bank executives go to jail – In deciding the punishment” the Supreme Court took account of the fact that the “magnitude of the offences was significant,” according to the ruling posted on the Reykjavik- based court’s website.

Iceland court sentences bankers

Finally, here's a video from Cenk Uyger of The Young Turks highlighting what took place in Iceland. While I have mixed opinions on that particular show, it is an excellent little clip:

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