Icelandic Anger Brings Debt Forgiveness in Best Recovery Story. Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger.
Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association. “You could safely say that Iceland holds the world record in household debt relief,” said Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen.
“Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that.” The island’s steps to resurrect itself since 2008, when its banks defaulted on $85 billion, are proving effective. Crisis Lessons People Vs Markets Activists say the banks should go even further in their debt relief. Fresh Demands Legal Aftermath. Positive Money » Icelandic Parliament investigating Full Reserve Banking. Written by Positive Money on .
Is Iceland – the wonderful island with just 300 thousand citizens – going to be the first country seriously questioning the privatized money creation and considering Full Reserve Banking proposals? It seems that it might well be the case… Iceland Continues Economic Rejuvenation by Purging Financial Parasites. By Pete Papaherakles Iceland is showing the world what real independence from the bankers means.
The Nordic island has become the first country to criminally charge a world leader as a result of the 2008 economic crisis. Former Prime Minister Geir Haarde, 73, was found guilty of “failing to adequately inform other Icelandic officials of events that led up to the 2008 financial crisis” according to an April 23 New York Times article. As part of Haarde’s final verdict, two of the original six charges were dropped and the other three were cleared. IMF Says Bailouts Iceland-Style Hold Lessons in Crisis Times. Iceland holds some key lessons for nations trying to survive bailouts after the island’s approach to its rescue led to a “surprisingly” strong recovery, the International Monetary Fund’s mission chief to the country said.
Iceland’s commitment to its program, a decision to push losses on to bondholders instead of taxpayers and the safeguarding of a welfare system that shielded the unemployed from penury helped propel the nation from collapse toward recovery, according to the Washington-based fund. “Iceland has made significant achievements since the crisis,” Daria V. Zakharova, IMF mission chief to the island, said in an interview. “We have a very positive outlook on growth, especially for this year and next year because it appears to us that the growth is broad based.” Iceland, a country that wants to punish the bankers responsible for the crisis. Since 2008 the vast majority of the Western population dream about saying “no” to the banks, but no one has dared to do so.
No one except the Icelanders, who have carried out a peaceful revolution that has managed not only to overthrow a government and draft a new constitution, but also seeks to jail those responsible for the country’s economic debacle. Last week 9 people were arrested in London and Reykjavik for their possible responsibility for Iceland’s financial collapse in 2008, a deep crisis which developed into an unprecedented public reaction that is changing the country’s direction.
It has been a revolution without weapons in Iceland, the country that hosts the world’s oldest democracy (since 930), and whose citizens have managed to effect change by going on demonstrations and banging pots and pans. Iceland Has Hired An Ex-Cop Bounty Hunter To Go After The Bankers That Wrecked Its Economy. The Worst Bank in the World? HBOS’s Calamitous Seven Year Life. February 27th, 2010 (updated June 22nd, 2012)
Bail Out The Bankers? Iceland ARRESTED Them, And Look What Happened. Iceland's On-going Revolution. 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. 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. What happened next was extraordinary. 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 has 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. 2008. 2010. The Mouse That Roared - Trailer. How to start a revolution: Learn from Iceland! Q&A: Birgitta Jónsdóttir. Following Iceland's 2008 financial collapse and the government's subsequent resignation, poet and activist Birgitta Jónsdóttir was elected to that country's Parliament, where she has consistently fought for greater transparency and journalistic freedom.
(She joined the newly formed Pirate Party last year.) In 2009, WikiLeaks published the sketchy loan book of a failed Icelandic bank, Kaupthing, but an injunction from a judge prevented the national newscaster, RUV, from reporting it. Viewers were referred to Wikileaks for the information instead, and the secure, anonymous dropbox for whistleblowers became an overnight sensation. Wikileaks' Julian Assange and Daniel Domscheit-Berg were invited to Iceland; and Jónsdóttir volunteered for the organization, eventually becoming the producer of Collateral Murder, the gunsight-view video of the killing of civilians by U.S. troops in Iraq that catapulted the organization into American consciousness in 2010.
We also have a very weak media. Yeah. Pots, Pans and Other Solutions. Democracy 2.0: Iceland crowdsources new constitution. 25 Ordinary Citizens Write Iceland’s New Constitution With Help From Social Media. The newest government in the world was designed with help from comments on the internet.
God help us all. After Iceland’s economic collapse in 2008, the island nation decided it was time to write a new constitution, this one not based on its parent country of Denmark but rather made from the original ideas of its citizens. Iceland’s small population of 320,000 elected 25 assembly members from 522 ordinary candidates (including lawyers, political science professors, journalists, and many other professions), who in turn opened their process up to the public in an unprecedented fashion. The Constitutional Council was highly active on Twitter, Facebook, YouTube and Flickr, where they solicited comments and suggestions for the new government.
On Friday July 29th, 2011, the Iceland parliament officially received the new constitution, comprised of 114 articles divided into 9 chapters.