The U.S. and other failing economies take note: Iceland may hold the solution to financial woes(NaturalNews) When the world first learned of the economic collapse in
Iceland during 2008, many felt it would be yet another exercise in
corruption, bailouts and crippling debt. News reports were prolific in
those early days when it looked as though this small country would be
thrown into a never-ending downward spiral. But something unprecedented
occurred: The people rose up in a bloodless revolution and ousted those
responsible for the crash -- namely, the corrupt banking cartel. And
now, the Icelandic economy is stronger than ever. Since Iceland's
recovery is an exceptional model for other struggling nations, the
question begs to be asked: Why is the mainstream media eerily silent
about Iceland's victory?
A surprising twistWith the economic collapse in 2008, Iceland began a process which:
- Forced the resignation of their entire corrupt government
- Nationalized the banking system
- Created a referendum enabling citizens to determine their own economic system
-
Actively supports on-going investigation, prosecution and incarceration
of responsible parties, including top banking officials
- Created a new draft of the constitution by utilizing comments and suggestions via Facebook, Twitter and online forms
- Ceased bailouts -- defaulting on a staggering $85 billion in debt during 2008
In
early 2012, Icelandic banks also forgave home loans that exceeded 110
percent of the home value. This helped alleviate the burden of crushing
debt for a quarter of the Icelandic population. Additionally, the
Supreme Court ruled in June 2010 "that loans indexed to foreign
currencies were legal, which means that Icelandic households were no
longer expected to cover krona (the Swedish currency) losses," according
to the article by Madison Rupert,
The Silent Revolution: Icelandic Anger, Debt Forgiveness and Activist Triumph.
Rupert continues, "The Icelandic government basically left
international creditors to deal with their failed loans on their own,
removing all responsibility from their own people."
Incredibly,
Iceland decided to put its people before the market -- the exact opposite of
how other nations handle an economic crisis. According to estimates from
the
Organization for Economic Cooperation and Development, the
Icelandic economy is set to outperform the EU and the entire developed
world. A stunning lesson of how a failing country can thrive after an
economic meltdown, Iceland is an example for other nations. So why the
silence in American media?
International bankers and other demonsAs
with all powerful and unethical institutions, it is no surprise that
big bankers control and manipulate mainstream media. Teddy Roosevelt
observed,"These international bankers and Rockefeller-Standard Oil
interests control the majority of newspapers and the columns of these
papers to club into submission or drive out of public office officials
who refuse to do the bidding of the powerful corrupt cliques which
compose the invisible government." The same is true today. Reporting on
the Icelandic revolution along with the incarceration of banking
executives is bad
news for those in power.
Indie Media sums it up accurately:
"A
whole country's revolution succeeded against powers that created the
current global crisis without a shot being fired. A very good reason
exists for the apparent failure of television and newspapers to provide
any publicity on this unprecedented event: what would happen if the rest
of the EU and the United States took this as an example?"
Source:-
http://www.naturalnews.com/038894_Iceland_financial_crisis_banker_bailouts.html