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)”
The Hidden History of the JFK Assassination
“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
- 77 million Americans face debt collectors
- A look back at how the US destroyed Libya
- Howling over Putin’s crimes (?), US backs the killers in Ukraine and Gaza
- Why do university administrators get paid so much (and for doing WHAT, exactly)?
- How natural gas—Obama’s panacea—-makes global warming WORSE
- Gary Ravetto on Don’t let them STARVE Don Siegelman!
- ray on Don’t buy these products from Koch Industries!
- Bruce P., M.D. on After David Koch leaves NIH board, NIH classifies formaldehyde—a big Koch product—as a cause of cancer
- Jonny Fredagsvik on MetroPCS is blocking Netflix, Skype and other sites–unless you pay extra
- Uncle Sam on Don’t buy these products from Koch Industries!
- The strange death of Nancy Schaefer (two items)
- Forbidden Bookshelf
- Lest we forget: US shot down a civilian airliner, killing 290 people; then lied about it (and never apologized)
- FL cop forces drunk man to move his car, then shoots him dead when he bumps into other cars
- URGENT! Don and Lori Siegelman need your help!
- Richard Charnin
- Media Matters
- Cody Lyon
- alias Bruce
- Talking Points Memo
- Early America
- Veterans for Common Sense
- Election Defense Alliance
- Fairness & Accuracy in Reporting
- Online Journal
- Evil GOP Bastards
- Democratic Undergroud
- Suburban Guerrilla
- William Betz
- Media Channel
- t r u t h o u t
- History Unfolding
- The International Human Press
- Citizens for Legitimate Government
Need a bigger font size?
- Your link could be here too, contact us for pricing details.