Iceland got over the recession fast—by jailing the banksters, and bailing out the people
From Jack Gordon:
The current manufactured “financial crisis,” which goes under several names (e.g., “fiscal cliff”) is nothing but wild derivatives casino gambing by the elite, using your 401K, your mortgage, and your pension, after they’ve slyly re-structured financial “laws” so that they take all the winnings from the casino gambling and you take their losses. Ergo, all the “debt” we owe is phony. Period. It’s a beautiful system for the elite as long as the people allow it.
Top Economists: Iceland Did It Right … And Everyone Else Is Doing It Wrong
Iceland Shows the Way
Nobel prize winning economist Joe Stiglitz notes:
Nobel prize winning economist Paul Krugman writes:
Krugman also says:
We’ve previously noted:
The IMF’s point about bondholders is an important one: the failure to force a haircut on the bondholders is dooming the U.S. and Europe to economic doldrums.
The IMF notes:
In other words, as IMF put it:
Icenews points out:
Barry Ritholtz noted last year:
Bloomberg pointed out February 2011:
And Iceland’s prosecution of white collar fraud played a big part in its recovery:
News that is music to your ears…
ICELAND. No news from Iceland?… why? How come we hear everything that happens in Egypt but no news about what’s happening in Iceland:
In Iceland, the people have made the government resign, the primary banks have been nationalized, it was decided to not pay the debt that these created with Great Britain and Holland due to their bad financial politics and a public assembly has been created to rewrite the constitution.
And all of this in a peaceful way. A whole revolution against the powers that have created the current global crisis. This is why there hasn’t been any publicity during the last two years: What would happen if the rest of the EU citizens took this as an example? What would happen if the US citizens took this as an example.
This is a summary of the facts:
2008. The main bank of the country is nationalized.
The Krona, the currency of Iceland devaluates and the stock market stops. The country is in bankruptcy
2008. The citizens protest in front of parliament and manage to get new elections that make the resignation of the prime minister and his whole government. The country is in bad economic situation.
A law proposes paying back the debt to Great Britain and Holland through the payment of 3,500 million euros, which will be paid by the people of Iceland monthly during the next 15 years, with a 5.5% interest.
2010. The people go out in the streets and demand a referendum. In January 2010 the president denies the approval and announces a popular meeting.
In March the referendum and the denial of payment is voted in by 93%. Meanwhile the government has initiated an investigation to bring to justice those responsible for the crisis, and many high level executives and bankers are arrested. The Interpol dictates an order that make all the implicated parties leave the country.
In this crisis an assembly is elected to rewrite a new Constitution which can include the lessons learned from this, and which will substitute the current one (a copy of the Danish Constitution).
25 citizens are chosen, with no political affiliation, out of the 522 candidates. For candidacy all that was needed was to be an adult and have the support of 30 people. The constitutional assembly starts in February of 2011 to present the ‘carta magna’ from the recommendations given by the different assemblies happening throughout the country. It must be approved by the current Parliament and by the one constituted through the next legislative elections.
So in summary of the Icelandic revolution:
Have we been informed of this through the media?
Has any political program in radio or TV commented on this?
No! The Icelandic people have been able to show that there is a way to beat the system and has given a democracy lesson to the world.
Please spread the news as Iceland is the role model now although sooner or later, the banksters will start demolishing their nationalized bank.
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Date:12/01/2012 12:09 PM
|The current “financial crisis,” which is going by several names (e.g., “fiscal cliff”) is nothing more than wild derivatives casino gambing by the elite, using your assets (your mortgage, your pension), whenthey have re-structured financial laws so that they take all the winnings from this gambling and you take their losses. Ergo, all the “debt” we owe is phonier than a 3-dollar bill. It’s a beautiful system for the elite as long as the people allow it.Well the people of Iceland reversed it. Turned it around. Made the “creditors of private banks gone wild eat the losses.”
Gee. You’d think this Hmmm. Why aren’t we hearing any news about Iceland in the MSM? It’s really big news.