Why Iceland Should Be in the News But Is NotSubmitted by BillRow on Mon, 02/20/2012 - 17:27
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.
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.
Like Ron Paul likes to say,the problems willl not go away unless the debt is "liquidated".exactly what iceland did.defaulted big time.