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Thread: Why Iceland Should Be in the News, But Is Not

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    Why Iceland Should Be in the News, But Is Not

    SOURCE --> THE SOUTH AFRICAN CIVIL SOCIETY INFORMATION SERVICE http://sacsis.org.za/site/article/728.1

    Why Iceland Should Be in the News, But Is Not
    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.

    Contrary to what could be expected, the crisis resulted in Icelanders recovering their sovereign rights, through a process of direct participatory democracy that eventually led to a new Constitution. *But only after much pain.

    Geir Haarde, the Prime Minister of a Social Democratic coalition government, negotiated a two million one hundred thousand dollar loan, to which the Nordic countries added another two and a half million. But the foreign financial community pressured Iceland to impose drastic measures. *The FMI and the European Union wanted to take over its debt, claiming this was the only way for the country to pay back Holland and Great Britain, who had promised to reimburse their citizens.

    Protests and riots continued, eventually forcing the government to resign. Elections were brought forward to April 2009, resulting in a left-wing coalition which condemned the neoliberal economic system, but immediately gave in to its demands that Iceland pay off a total of three and a half million Euros. *This required each Icelandic citizen to pay 100 Euros a month (or about $130) for fifteen years, at 5.5% interest, to pay off a debt incurred by private parties vis a vis other private parties. It was the straw that broke the reindeer’s back.

    What happened next was extraordinary. The belief that citizens had to pay for the mistakes of a financial monopoly, that an entire nation must be taxed to pay off private debts was shattered, transforming the relationship between citizens and their political institutions and eventually driving Iceland’s leaders to the side of their constituents. The Head of State, Olafur Ragnar Grimsson, refused to ratify the law that would have made Iceland’s citizens responsible for its bankers’ debts, and accepted calls for a referendum.

    Of course the international community only increased the pressure on Iceland. Great Britain and Holland threatened dire reprisals that would isolate the country. *As Icelanders went to vote, foreign bankers threatened to block any aid from the IMF. *The British government threatened to freeze Icelander savings and checking accounts. As Grimsson said: “We were told that if we refused the international community’s conditions, we would become the Cuba of the North. *But if we had accepted, we would have become the Haiti of the North.” (How many times have I written that when Cubans see the dire state of their neighbor, Haiti, they count themselves lucky.)

    In the March 2010 referendum, 93% voted against repayment of the debt. *The IMF immediately froze its loan. *But the revolution (though not televised in the United States), would not be intimidated. With the support of a furious citizenry, the government launched civil and penal investigations into those responsible for the financial crisis. *Interpol put out an international arrest warrant for the ex-president of Kaupthing, Sigurdur Einarsson, as the other bankers implicated in the crash fled the country.

    But Icelanders didn't stop there: they decided to draft a new constitution that would free the country from the exaggerated power of international finance and virtual money. *(The one in use had been written when Iceland gained its independence from Denmark, in 1918, the only difference with the Danish constitution being that the word ‘president’ replaced the word ‘king’.)
    To write the new constitution, the people of Iceland elected twenty-five citizens from among 522 adults not belonging to any political party but recommended by at least thirty citizens. This document was not the work of a handful of politicians, but was written on the internet. The constituent’s meetings are streamed on-line, and citizens can send their comments and suggestions, witnessing the document as it takes shape. The constitution that eventually emerges from this participatory democratic process will be submitted to parliament for approval after the next elections.

    Some readers will remember that Iceland’s ninth century agrarian collapse was featured in Jared Diamond’s book by the same name. Today, that country is recovering from its financial collapse in ways just the opposite of those generally considered unavoidable, as confirmed yesterday by the new head of the IMF, Christine Lagarde to Fareed Zakaria. The people of Greece have been told that the privatization of their public sector is the only solution. *And those of Italy, Spain and Portugal are facing the same threat.

    They should look to Iceland. Refusing to bow to foreign interests, that small country stated loud and clear that the people are sovereign.

    That’s why it is not in the news anymore.

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    This is REAL freedom, made possible only because of a nation's homogeneous identity and not having the Jew buying every politician.
    Most people think as they are trained to think, and most people make a majority.

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    Quote Originally Posted by Huginn ok Muninn View Post
    This is REAL freedom, made possible only because of a nation's homogeneous identity and not having the Jew buying every politician.
    It won't be possible in the long run. They have just put a moratorium on news from Iceland until they figure out how to destroy them. Iceland will pay dearly for their disobedience.

    Wait and see..

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    Though someone should perhaps tell Ms. Stryker that Iceland is not part of the EU, and hence has the freedom to have any type of sovereignty, especially in financial matters. Were they part of the EU, they'd probably have to ship what's left of their budget to Greece right now.
    -In kalte Schatten versunken... /Germaniens Volk erstarrt / Gefroren von Lügen / In denen die Welt verharrt-
    -Die alte Seele trauernd und verlassen / Verblassend in einer erklärbaren Welt / Schwebend in einem Dunst der Wehmut / Ein Schrei der nur unmerklich gellt-
    -Auch ich verspüre Demut / Vor dem alten Geiste der Ahnen / Wird es mir vergönnt sein / Gen Walhalla aufzufahren?-

    (Heimdalls Wacht, In kalte Schatten versunken, stanzas 4-6)

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    Quote Originally Posted by Sigurd View Post
    Though someone should perhaps tell Ms. Stryker that Iceland is not part of the EU, and hence has the freedom to have any type of sovereignty, especially in financial matters. Were they part of the EU, they'd probably have to ship what's left of their budget to Greece right now.
    Yes, yes.. But do you really believe all that? I mean sovereignty and freedom and such?
    Do you even believe the Bundesrepublik is a country?

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    Great find Todesritter. I must admit I'd almost forgotten about our Nordic neighbour in the North Atlantic (hows that for alliteration?).

    I'll certainly be watching the developments in Iceland with mounting interest from now on.
    Close observation may result in feelings of horror, wonder and awe at world you find yourself inhabiting.

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    Quote Originally Posted by Lew Skannon View Post
    Yes, yes.. But do you really believe all that? I mean sovereignty and freedom and such?
    I do believe in the sovereignty of Germanic peoples, whether in communion or by their own right; and furthermore in sovereignty and freedom of Germanics over their own life where such is not detrimental to the greater good of the nation and thus seems prudent.

    I have more of a Platonic than a Machiavellian approach to leadership and nationhood, as you can see per my postbit. So yes, I mean sovereignty and freedom when I say it. Perhaps not 100% what you may understand by the term, but still I subscribe to the idea that Germanics shall feel sovereign and free once more.

    This applies doubly in regards to the fetters in which we are bound at this point in time. These shackles need to be removed.

    Do you even believe the Bundesrepublik is a country?
    That has nothing to do with the topic at hand, and will thus not be commented upon.
    -In kalte Schatten versunken... /Germaniens Volk erstarrt / Gefroren von Lügen / In denen die Welt verharrt-
    -Die alte Seele trauernd und verlassen / Verblassend in einer erklärbaren Welt / Schwebend in einem Dunst der Wehmut / Ein Schrei der nur unmerklich gellt-
    -Auch ich verspüre Demut / Vor dem alten Geiste der Ahnen / Wird es mir vergönnt sein / Gen Walhalla aufzufahren?-

    (Heimdalls Wacht, In kalte Schatten versunken, stanzas 4-6)

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    Senior Member Mvix's Avatar
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    Refusing to pay other peoples debts is the right thing to do but people here aren't happy with the government though. The government has decided to tax our way out of the recession.
    Unemployment ratings are low here but that's on one hand because many people have fled the country to seek employment in Norway and Denmark and on the other hand because Iceland had an independent currency that dropped in value.

    People aren't happy with the government but they don't want elections because the only thing that can come instead is the old government. The politics are on a low level here. The government and the opposition can't agree on anything they're just against what the other party says just because they said it.

    And we're not in the European union.

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    Mvix, what's the day to day situation like in Iceland atm, has their been any increase in economic hardship?

    Have food and fuel prices been affected? What about the exchange rate? Are foreign goods more expensive now?
    Close observation may result in feelings of horror, wonder and awe at world you find yourself inhabiting.

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    Quote Originally Posted by Todesritter View Post
    In the March 2010 referendum, 93% voted against repayment of the debt. *The IMF immediately froze its loan. *But the revolution (though not televised in the United States), would not be intimidated. With the support of a furious citizenry, the government launched civil and penal investigations into those responsible for the financial crisis. *Interpol put out an international arrest warrant for the ex-president of Kaupthing, Sigurdur Einarsson, as the other bankers implicated in the crash fled the country.
    This is exactly how the US should have reacted back in 2008 when the housing bubble finally burst. They should have let the banks fail and taken the bankers into custody for defrauding the investors. There may have been some immediate pain, but in the long run the country would have come out better in the end. The idea that the public should be forced to pay for the criminal activities of the banking elite is absurd, all it does is prolong the agony.

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