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What is actually going on in Iceland

Since people continue to spread the factually dubious statement that Iceland “told creditors & IMF to go jump, nationalised banks, arrested the fraudsters, gave debt relief and is now growing very strongly, thanks” I find I have to write this here thing.

(This specific example comes from twitter but is almost identical, word for word, to the standard ‘Iceland is an economic utopia’ mantra that is being repeated ad nauseam.)

Because, for some reason, people won’t believe Icelanders when they say that the above is not quite the reality as most Icelanders experience it.

1. Iceland told IMF to go jump, go away, left the IMF program etc.
No it didn’t. Just look at the IMF’s country overview page for Iceland and read the reports.
(Too much to read? Well, boohoo. Don’t claim to know what Iceland’s and IMF’s relationship is until you have.)
Even a cursory look should tell you that Iceland didn’t throw the IMF out of the country and that the IMF’s praise for Iceland and our government is effusive and that Iceland followed the IMF’s advice to a tee. There are other details there, if you read through the archives, that are interesting, such as the fact that in several cases, especially when it came to the banks, Iceland actually went further along the libertarian axis than the IMF recommended.

2. Iceland told the creditors to go jump.
Yes and no. Iceland didn’t bail out the collapsed banks, but that wasn’t for the want of trying. If you read through the Report of the Special Investigation Commission you’d find out that the Icelandic government tried everything it could to save the banks, including asking for insane loans to pay off the banks’ debts.
The report: http://sic.althingi.is/
Most of it, and most of the really juicy stuff IMO, is only available in Icelandic, unfortunately. You can find the Icelandic version here: http://rna.althingi.is/

So the true story is that Iceland tried and tried and tried and tried as hard as we could to save the creditors. The only reason why we didn’t is that the Icelandic government, then and now, is completely incompetent.

Dumb things Icelandic officials did while trying to garner international support (mentioned in the report) :

Spin that a noncommittal but positive reply from the Russians was a loan agreement, pissing off the Americans and the Russians resulting in no loans from either.

Not answering Alistair Darling’s phone call (he was the UK’s Chancellor of the Exchequer or finance minister at the time). They literally put him on hold, then told him to call later and hung up.

Announcing on live TV that we were not going to help creditors, including those who had deposits, while they were in the middle of negotiations for funding to save said banks. Then having to backtrack to get any sort of help from the EU.

Lying to the governor of the Bank of England and the president of the European Central Bank about the state of the banks.

And plenty more. All in the special report. Read it if you care about what happened in Iceland. The short version is that they tried to save the banks, save the creditors and screwed up completely.

Other tidbits from the report: Icelandic MP’s received a lot of no-strings-attached free money from the banks and the key players in the banking bubble and ensuing collapse are not the same as the people who are being convicted for fraud or insider trading.

Except for two:
A ministry department head (also my namesake) who sold all of his stock soon after he attended a meeting on the state of the banks was convicted for insider trading. Baldur sakfelldur. The only reason why he was convicted is because he was too stupid to even try to cover his tracks.

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thanks so much for the info!


Christians should not be warmongers! http://www.lewrockwell.com/vance/vance87.html

Well. he kind of lost me at the first sentence


"You people?" You mean, those of us who are doing our best to get ANY news from Iceland disseminated? Those of us who have to rely on what we are told, because we are not in Iceland? I would (and will, BUMP) tell his story. But if he knows that the media is lying to us about Iceland, why blame us for "spreading untruths?" He could have, and maybe should have, written this article at the FIRST SIGN that the media was spreading lies. Look at Sandy Hook, we are not afraid to dig for truth and be scorned for it.
Rather than begin by accusing his readers of being liars, how about starting like this:
Subtle, but the difference is pretty much the difference between "You are a liar" and "I care about you."

Love or fear? Choose again with every breath.

It looks as if the only solution is violence.

The banksters in EVERY country are going to have to see that any further criminal activity will have lethal results. I almost wish the organized crime gangs of the world would show the kind of patriotism they show during wartime and end this bankster reign of terror once and for all.

Yeah, I am pretty much in disbelief at this point.

Many years I have been told about how this group or that group would defend the Constitution. Well, the day is here. The Constitution is on the line - without the second amendment there is nothing that upholds the rights of the people. Where are all those Patriots? The local "liberty meetup" has a meetup scheduled to bitch about Obamacare, but they have not even sent out a message to call Congressmen or Senators about gun control. So, I am getting my brain around the day when they come for me. I have no desire fora shoot out. I have pretty deadly aim with my mouth, but to be honest, firing a gun scares me, and if it is anything bigger than a pea shooter, it knocks me on my ass.
I am contemplating turning myself in when they call for guns. GO down and say "You can't have my gun, but you can arrest me for refusing" and get myself in custody rather than blown to bits. I'd rather fight them in courts, even crooked, kangaroo courts. At least my words could be recorded... But I am not so silly as to believe I would even get into a courtroom, nor that I would find any justice if I did get there. If I was a decent shot and thought I could take some tuckfards with me, maybe I would be more comfortable planning a shoot out, but my pea shooter would never pierce their armor, and I would be made into Swiss cheese for trying. So here I sit, watching "Oathkeepers" promise not to take my gun... Fabulous. I was not one bit worried about retired cops coming after me. I grew up in a time when women and children were cherished and men defended them. Now I have to figure out how to defend myself from the men who get paid and armed with cutting edge technology and weapons - with my tax money.

Love or fear? Choose again with every breath.

Take a break

They're not at your door yet. There are a lot of people who can aim.

The only way to avoid violence...

..(and even THAT'S not certain, given their swift executions, by proxy, of Messieurs Hussein & Kadafi) is to undercut them in the market. Unlike Sadaam 'n' Moammar, we are small and ineffectual and MAY stay under the radar, so WHENEVER YOU CAN DON'T USE THEIR MONEY. I know, it's a Fe'ral Feifdom we live in and it's usually "necessary" to transact in Fe'ral Reserve Digits, but we still have many opportunities to offer gold and silver in trade.

True Confession: I Was Bernard's Unindicted Co-conspirator. To wit: I have foisted somewhere around a hundred ounces of pure silver on unsuspecting ("[U]nsuspecting" my athletic, melalin deficient glutes!) vendors and cashiers. Now the poor saps are sitting on thrity dollar chunks of metal that they paid ten and twenty dollars a piece for long long ago on an island far far away. Boo hoo. I feel so guilty.

Since von notHaus has lately suspended his operation, I've moved on to United States Legal Tender Goid and Silver Coins (at steep premium, or, in accounting parlance, "discount") and ALWAYS ALWAYS ALWAYS urge vendors to report Legal Tender receipts accurately and to pay statutory taxes with United States Legal Tender scrip and base metal tokens.

Usually I get the Whisky Tango Foxtrot gaze, but every once in a while someone's eyes will light up. The rush really is worth the potential tedium. Give it a try!

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