Why Iceland Should Be in the News But Is Not
Posted on August 25, 2011
By Deena Stryker
An Italian radio program’s story about Iceland’s on-going revolution is a stunning example of how little our media tells us about the rest of the world. Americans may remember that at the start of the 2008 financial crisis, Iceland literally went bankrupt. The reasons were mentioned only in passing, and since then, this little-known member of the European Union fell back into oblivion.
As one European country after another fails or risks failing, imperiling the Euro, with repercussions for the entire world, the last thing the powers that be want is for Iceland to become an example. Here’s why:
Five years of a pure neo-liberal regime had made Iceland, (population 320 thousand, no army), one of the richest countries in the world. In 2003 all the country’s banks were privatized, and in an effort to attract foreign investors, they offered on-line banking whose minimal costs allowed them to offer relatively high rates of return. The accounts, called IceSave, attracted many English and Dutch small investors. But as investments grew, so did the banks’ foreign debt. In 2003 Iceland’s debt was equal to 200 times its GNP, but in 2007, it was 900 percent. The 2008 world financial crisis was the coup de grace. The three main Icelandic banks, Landbanki, Kapthing and Glitnir, went belly up and were nationalized, while the Kroner lost 85% of its value with respect to the Euro. At the end of the year Iceland declared bankruptcy.
5 Comments to “Ripped off by their monster banks, Icelanders TOOK THEIR COUNTRY BACK—which is why Iceland should be in the news (and why it isn’t)”
“While We Were Sleeping”
Orwell Rolls In His Grave, featuring MCM – Buy the DVD
About News From Underground
News From Underground is a daily e-news service run by Mark Crispin Miller, a Professor of Culture and Communication at NYU. It is based on his belief that academics, like reporters, have a civic obligation to help keep the people well-informed, so that American democracy might finally work.
If you'd like to receive updates delivered to your inbox daily, sign up for News From Underground Alerts:
Help News From Underground!
Message from Mark: "I am a one-man operation, although assisted greatly by some volunteers, and, now and then, by people paid by others for one-time projects. There is no shortage of skilled, dedicated folks out there who want to help me. There is, however, nothing I can pay them with, unless you decide you can contribute something."
Please donate via the PayPal button above or via PayPal by email to: email@example.com
- Kati Marton on “The Polk Conspiracy”—a gem on the Forbidden Bookshelf (MUST-READ)
- MI5’s fat file on Eric Hobsbawm included stuff the Nazis had collected on him
- Under TPP, the power of international investors will be ABSOLUTE—and ObamaCo has lied and lied about it
- Did NYU hire a private eye to dig for dirt on one of its professors, and a NYTimes reporter? (Looks like it….)
- Top US scientists—those working at Los Alamos—say NO to vaccines for their kids
- Please SIGN Elizabeth Warren’s petition to halt “fast track” of TPP! on
- Education should be free, and so should student debtors on
- Exit polls in Florida show Democrat way, way ahead in race for governor on
- Don’t buy these products from Koch Industries! on
- PETITION to the US State Department from the family of Dr. Robert Black on
- Forbidden Bookshelf
- Don't buy these products from Koch Industries!
- Democrats won't say a word about high-flying pedophile (and FOB) Jeffrey Epstein---and neither will Republicans! (How come?)
- The strange death of Nancy Schaefer (two items)
- Whose planes are making ammunition drops for ISIS?
- Online Journal
- Writers Voice
- t r u t h o u t
- Mainstream Baptist
- The Existentialist Cowboy
- Media Channel
- Barry Gordon
- Fairness & Accuracy in Reporting
- Cody Lyon
- Evil GOP Bastards
- Citizens for Legitimate Government
- Richard Charnin
- William Betz
- History Unfolding
- Early America
- Suburban Guerrilla
- alias Bruce
- Democratic Undergroud
Need a bigger font size?
- Your link could be here too, contact us for pricing details.