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Global Elites Thrown Out of Iceland: Iceland Dismantles Corrupt Gov’t Then Arrests All Rothschild Bankers

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. Why have the rest of the Western countries not even heard about it?

Pressure from Icelandic citizens’ has managed not only to bring down a government, but also begin the drafting of a new constitution (in process) and is seeking to put in jail those bankers responsible for the financial crisis in the country. As the saying goes, if you ask for things politely it is much easier to get them.

This quiet revolutionary process has its origins in 2008 when the Icelandic government decided to nationalise the three largest banks, Landsbanki, Kaupthing and Glitnir, whose clients were mainly British, and North and South American.

After the State took over, the official currency (krona) plummeted and the stock market suspended its activity after a 76% collapse. Iceland was becoming bankrupt and to save the situation, the International Monetary Fund (IMF) injected U.S. $ 2,100 million and the Nordic countries helped with another 2,500 million.

Great little victories of ordinary people

While banks and local and foreign authorities were desperately seeking economic solutions, the Icelandic people took to the streets and their persistent daily demonstrations outside parliament in Reykjavik prompted the resignation of the conservative Prime Minister Geir H. Haarde and his entire government.

Citizens demanded, in addition, to convene early elections, and they succeeded. In April a coalition government was elected, formed by the Social Democratic Alliance and the Left Green Movement, headed by a new Prime Minister, Jóhanna Sigurðardóttir.

Throughout 2009 the Icelandic economy continued to be in a precarious situation (at the end of the year the GDP had dropped by 7%) but, despite this, the Parliament proposed to repay the debt to Britain and the Netherlands with a payment of 3,500 million Euros, a sum to be paid every month by Icelandic families for 15 years at 5.5% interest.

The move sparked anger again in the Icelanders, who returned to the streets demanding that, at least, that decision was put to a referendum. Another big small victory for the street protests: in March 2010 that vote was held and an overwhelming 93% of the population refused to repay the debt, at least with those conditions.

This forced the creditors to rethink the deal and improve it, offering 3% interest and payment over 37 years. Not even that was enough. The current president, on seeing that Parliament approved the agreement by a narrow margin, decided last month not to approve it and to call on the Icelandic people to vote in a referendum so that they would have the last word.

The bankers are fleeing in fear

Returning to the tense situation in 2010, while the Icelanders were refusing to pay a debt incurred by financial sharks without consultation, the coalition government had launched an investigation to determine legal responsibilities for the fatal economic crisis and had already arrested several bankers and top executives closely linked to high risk operations.

Interpol, meanwhile, had issued an international arrest warrant against Sigurdur Einarsson, former president of one of the banks. This situation led scared bankers and executives to leave the country en masse.

In this context of crisis, an assembly was elected to draft a new constitution that would reflect the lessons learned and replace the current one, inspired by the Danish constitution.

To do this, instead of calling experts and politicians, Iceland decided to appeal directly to the people, after all they have sovereign power over the law. More than 500 Icelanders presented themselves as candidates to participate in this exercise in direct democracy and write a new constitution. 25 of them, without party affiliations, including lawyers, students, journalists, farmers and trade union representatives were elected.

Among other developments, this constitution will call for the protection, like no other, of freedom of information and expression in the so-called Icelandic Modern Media Initiative, in a bill that aims to make the country a safe haven for investigative journalism and freedom of information, where sources, journalists and Internet providers that host news reporting are protected.

The people, for once, will decide the future of the country while bankers and politicians witness the transformation of a nation from the sidelines.


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Bravo Iceland!

I say we should stick it to the big investment bankers too!

Minnesota Mary

This was already posted here:

This was already posted here: http://www.dailypaul.com/241101/iceland-dismantles-corrupt-g...

If you check out this comment there: http://www.dailypaul.com/comment/2572496
it states with the article that the bankers weren't actually arrested, they were questioned by police and it happened in 2009.

And, if you check out this comment there: http://www.dailypaul.com/comment/2574160
It has an English translation of the draft of the new constitution, very troubling; free healthcare, free education, living wage, etc.

My comment there hasn't had any challenges; it is: How does Iceland expect to actually sustain itself? If they don't payback the IMF, then when their government and currency are back on track the currency will be devalued on the open market because who is going to trust them. Imports then will skyrocket, and Iceland will be forced to start printing money, because they decided to place 'wants' as 'rights' in their new Constitution. This will spiral out of control, and they will be facing hyperinflation in about 5 years time; how is this in anyway a good thing?

Its the Bankers that caused this mess,

that you Cannot trust.
Get your Pound of Flesh from them,
NOT the People!

What the bankers did was

What the bankers did was sanctioned by the government which was elected by the people; just like here in the States.

Their currency will still be devalued due to them being a credit risk, and they will still need to inflate their money due to making housing, medicine, education, and a living wage a 'right' in their new Constitution. Their exports will need to be extremely cheep for businesses to do business with them, but that will conflict with their living wage and all of their other social programs that they are putting into their constitution; and again they will have to inflate their money.

Their government accepted the money from the IMF, and the Scandinavian countries -hell they begged to borrow the money- now the people throwout the government and think they are not still obligated to pay the money back; the money was for their social programs to begin with.

Get your Pound of FLESH.......

from those responsible. Its Called Accountability.

Perhaps we will Learn from Them.

So the people bare no

So the people bare no responsibility for what their government did? It sounds more like they wanted all of the social programs, needed a bailout, and now refuse to pay for it. That is a great way to restart their country; I'm sure it will go far.

If You want to COSIGN the Note for Corrupt Politicians and

Greedy Banksters.
Don't let me stand in Your Way.
No Thank You.

any country that wants to give the bankers the boot

better be more or less self sustaining.


if they aren't self sustaining, they will need to make up the difference in productivity, skills, resources to put on the global market.

and the people paying them better have gold/silver to pay with, and not mind doing business outside the normal banking arenas.

it's possible.

i just don't know that iceland can pull it off.

Iceland #1 Geothermal spot in the World!


Great story

It can be done. What saved Iceland is that they don't have "Dancing With the Stars" on their tvs.

Now here's the book we need to take

a page from.