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: firstname.lastname@example.org
- Gitmo on Lake Michigan: Chicago PD’s “black site” is a glaring crime against the Bill of Rights
- New York’s highest court agrees to hear the case against NYU’s lunatic expansion plan
- USA is going all Tonkin Gulf on Russia
- “Christian” school in Texas honors Torturer-in-Chief
- New findings show that charter schools do NOT “perform” as advertised
- 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
- The strange death of Nancy Schaefer (two items)
- Don't buy these products from Koch Industries!
- MSNBC will purge its (so-called) "left-wing" hosts
- British court finds NO FRAUD in the research linking autism to MMR vaccine
- Media Channel
- Barry Gordon
- Media Matters
- History Unfolding
- Words of Power
- The Rude Pudit
- Fairness & Accuracy in Reporting
- Citizens for Legitimate Government
- Evil GOP Bastards
- The Ostroy Report
- The Existentialist Cowboy
- t r u t h o u t
- William Betz
- Suburban Guerrilla
- Richard Charnin
- Mainstream Baptist
- Veterans for Common Sense
- Election Defense Alliance
Need a bigger font size?
- Your link could be here too, contact us for pricing details.