“After privatization of the nation’s banking sector in 2000, private bankers borrowed [the equivalent of] ten times the size of Iceland’s economy, creating a huge economic bubble that made a small percentage of the country’s population exceedingly wealthy.
When the bubble burst, the bankers left the nation on the verge of bankruptcy and its citizens with an unpayable debt.
Iceland’s people took to the streets: the main bank of Iceland was nationalized, government officials were forced to resign, the old government was liquidated, a new government was established, [and] Iceland’s people voted to deny payment of the $3,500,000,000 debt created by the bankers.
A new constitutional assembly settled in to rewrite the tiny nation’s constitution. The Organisation for Economic Co-operation and Development expected Iceland’s economy to outgrow the euro and the average for the developed world.”
The abridged and edited passages above are from the article “The Power Of Peaceful Revolution In Iceland” on the Project Censored website. It was a part of that site’s main article, “Top 25 Censored Stories From 2012-2013,” the other 24 articles all well worth reading.
This is about our life and the future of the children
Project Censored based its piece on “Iceland’s Hördur Torfason – How to Beat the Banksters,” by Alex Pietrowski for Waking Times (December 11, 2012). This article is more detailed:
“The prime minister was indicted, over 200 criminal charges were filed against the bankers, and all of the former CEOs of the three biggest banks were arrested. The new government supported citizens by passing a banking remittance that forgave debt exceeding 110% of home values. As a result, banks have forgiven loans equivalent to 13% of gross domestic product, easing the debt burdens of more than a quarter of the population. Today Iceland is thriving . . .”
“The lesson to be learned from Iceland’s crisis is that if other countries think it’s necessary to write down debts, they should look at how successful the 110% agreement was here. It’s the broadest agreement that’s been undertaken.” – Thorolfur Matthiasson, economics professor at the University of Iceland, Reykjavik
How can we win the battle won in Iceland?
Pietrowski’s article also provides a list of linked sources and includes some back-and-forth conversation in the comments section. Amidst the usual looloos who seem to have little to do all day except surf the ‘net looking for threads within which to drop their messages (the usual anti-socialism Semitism Obamaism along with pro-fascism and the requisite reference to God), there are a few sane, literate comments:
“The problem here is we have too many banksters in the government looking out for their own kind. The ones who are not banksters have been bought by the banking industry with political contributions. We need to invite Hörður Torfason to come here and teach us a few things.” – Lorin
“In Iceland, the people took their message to their government and demanded it be subordinate to their will. We have lost our identity, lost our ability to speak on our own behalf, and lost our government to profiteers and internationalists. How can we win the battle won in Iceland when we don’t have the tools of democracy?” – G Street
Pietrowski sums up our dilemma: “This story is much different than what has happened in the US since the banking crisis began in 2008. Large bailouts were granted to the bankers, and none of the responsible parties have faced criminal prosecution. And it appears that we are still at the mercy of the currency cartel and the dollar faces total destruction.”
That is, what happened in Iceland should have happened in America, but hasn’t. What happened in Iceland should be happening in America, but isn’t—and won’t . . .
“This is about our life and the future of the children, of the generations of the young people.” – Hörður Torfason