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U.S. Constitution
See other U.S. Constitution Articles

Title: Iceland- How The People Defeated The E.U. And Bankers
Source: beforeitsnews
URL Source: http://beforeitsnews.com/story/2118 ... ated_The_E.U._And_Bankers.html
Published: May 9, 2012
Author: Katrina Kiki Day
Post Date: 2012-05-12 10:27:20 by whyofcourse
Keywords: None
Views: 5560
Comments: 20

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. The main bank of the country is nationalized. The Krona, the currency of Iceland devaluates and the stock market stops. The country is in bankruptcy

2008. The citizens protest in front of parliament and manage to get new elections that make the resignation of the prime minister and his whole government. The country is in bad economic situation. A law proposes paying back the debt to Great Britain and Holland through the payment of 3,500 million euros, which will be paid by the people of Iceland monthly during the next 15 years, with a 5.5% interest.

2010. The people go out in the streets and demand a referendum. In January 2010 the president denies the approval and announces a popular meeting. In March the referendum and the denial of payment is voted in by 93%. Meanwhile the government has initiated an investigation to bring to justice those responsible for the crisis, and many high level executives and bankers are arrested. The Interpol dictates an order that make all the implicated parties leave the country.

In this crisis an assembly is elected to rewrite a new Constitution which can include the lessons learned from this, and which will substitute the current one (a copy of the Danish Constitution). 25 citizens are chosen, with no political affiliation, out of the 522 candidates. For candidacy all that was needed was to be an adult and have the support of 30 people. The constitutional assembly starts in February of 2011 to present the ‘carta magna’ from the recommendations given by the different assemblies happening throughout the country. It must be approved by the current Parliament and by the one constituted through the next legislative electio

So in summary of the Icelandic revolution:

-resignation of the whole government
-nationalization of the bank.
-referendum so that the people can decide over the economic decisions.
-incarcerating the responsible parties
-rewriting of the constitution by its people
 
Have we been informed of this through the media?
Has any political program in radio or TV commented on this?
No! The Icelandic people have been able to show that there is a way to beat the system and has given a democracy lesson to the world.......................... SOURCE Katrina Kiki Day 

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#1. To: whyofcourse (#0)

-nationalization of the bank.

Isn't that communist or something?

Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady

lucysmom  posted on  2012-05-12   10:39:59 ET  Reply   Trace   Private Reply  


#2. To: lucysmom (#1) (Edited)

NO, it now belongs to the "people" of Iceland not the Rothschilds, the Bank of ENGLAND, who owns the US FED.

I feel sorry for Lucy, her mom doesn't know who owns THE FED.

whyofcourse  posted on  2012-05-12   10:49:50 ET  Reply   Trace   Private Reply  


#3. To: whyofcourse (#2)

I feel sorry for Lucy, her mom doesn't know who owns THE FED.

If youse guys keep feeling sorry for Lucy, she'll start feeling like a victim.

Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady

lucysmom  posted on  2012-05-12   11:00:19 ET  Reply   Trace   Private Reply  


#4. To: lucysmom (#1)

-nationalization of the bank.

Isn't that communist or something?

See October 2008 USSA bailout of banks for details.

The banks are insolvent. And 'fraud' is the word in use until 'nationalization' becomes official.

Watch Wells Fargo now for details.

Know anyone from Lehman indicted prosecuted? LMFAO

Wells Fargo is the Last Man Standing in the Commercial Mortgage Market.

Jamie Dimon with $90 Trillion debt derivatives on his books. The World GDP is less than that.

He is still arguing that he needs less regulation.

mcgowanjm  posted on  2012-05-12   11:11:32 ET  Reply   Trace   Private Reply  


#5. To: whyofcourse (#2) (Edited)

a cabal owns the Fed.

The Top 5 USSA banks. Plus assorted European.

I don't think the rothshcilds have a very good breeding program. They have a choice.

Keep it in the family and have descendents with floppy ears and eyes too close together or they let their fortune wain....;}

mcgowanjm  posted on  2012-05-12   11:14:48 ET  Reply   Trace   Private Reply  


#6. To: whyofcourse (#0)

The TBTF banks HAVE to be broken up.

The FedRes eliminated.

NATO abolished.

Single Payer Medicare/VA for all.

And arrest Jon Corzine.

There. Fixed....;}

mcgowanjm  posted on  2012-05-12   11:24:32 ET  Reply   Trace   Private Reply  


#7. To: mcgowanjm (#4)

He is still arguing that he needs less regulation.

Well, you know, it's big government that creates crime, and crime requires investigations and that requires investigators, it's all a plot to grow government and raise taxes.

Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady

lucysmom  posted on  2012-05-12   11:32:24 ET  Reply   Trace   Private Reply  


#8. To: whyofcourse (#0)

www.thedailybell.com/

SJN  posted on  2012-05-12   12:34:19 ET  Reply   Trace   Private Reply  


#9. To: All (#8)

globaleconomicanalysis.blogspot.com/

And

www.zerohedge.com/

A few links that illuminate.

SJN  posted on  2012-05-12   12:37:29 ET  Reply   Trace   Private Reply  


#10. To: lucysmom (#7)

Those looking for good news can find it in Iceland. However, good news for Iceland is bad news for the UK and the Netherlands.

Please consider Iceland Rejects Icesave Bill in Referendum, Early Results Show

Icelanders overwhelmingly rejected a bill that would saddle each citizen with $16,400 of debt in protest at U.K. and Dutch demands that they cover losses triggered by the failure of a private bank, first results show.

Ninety-three percent voted against the so-called Icesave bill, according to preliminary results on national broadcaster RUV. Final results may be published tomorrow morning.

The bill would have obliged the island to take on $5.3 billion, or 45 percent of last year’s economic output, in loans from the U.K. and the Netherlands to compensate the two countries for depositor losses stemming from the collapse of Landsbanki Islands hf more than a year ago.

“Ordinary people, farmers and fishermen, taxpayers, doctors, nurses, teachers, are being asked to shoulder through their taxes a burden that was created by irresponsible greedy bankers,” said President Olafur R. Grimsson, whose rejection of the bill resulted in the plebiscite, in a Bloomberg Television interview yesterday.

Failure to reach an agreement on the bill has left Iceland’s International Monetary Fund-led loan in limbo and prompted Fitch Ratings to cut its credit grade to junk. Moody’s Investors Service and Standard & Poor’s have signaled they may follow suit if no settlement is reached.

‘Obsolete’

Political leaders have already moved on and are trying to negotiate a new deal with the U.K. and the Dutch, making the bill in today’s vote “obsolete,” Prime Minister Johanna Sigurdardottir said on March 4.

Icelanders used the referendum to express their outrage at being asked to take on the obligations of bankers who allowed the island’s financial system to create a debt burden more than 10 times the size of the economy.

The nation’s three biggest banks, which were placed under state control in October 2008, had enjoyed a decade of market freedoms following the government’s privatizations through the end of the 1990s and the beginning of this decade.

Protesters have gathered every week, with regular numbers swelling to about 2,000, according to police estimates. The last time the island saw demonstrations on a similar scale was before the government of former Prime Minister Geir Haarde was toppled.

Icelanders have thrown red paint over house facades and cars of key employees at the failed banks, Kaupthing Bank hf, Landsbanki and Glitnir Bank hf, to vent their anger. The government has appointed a special commission to investigate financial malpractice and has identified more than 20 cases that will result in prosecution.

Prime Minister Johanna Sigurdardottir Is Obsolete

Notice how Prime Minister Johanna Sigurdardottir calls the will of 93% of Icelandic citizens "obsolete". The reality is she will soon be obsolete and voted out of office. Such arrogance is not tolerated anywhere.

Perhaps the best thing to do is default and suffer the consequences. Even if it is not the best thing to do, that is what 93% of Icelandic voters want to do, so that is what Iceland should do.

Fitch downgraded Iceland's debt to Junk. Moody's and the S&P threatened to do so. Note how pathetic Moody's and the S&P are in threatening (not doing), even after the fact. Does anyone give a rat's ass about that downgrade now?

Iceland does not need help from the IMF when it will saddle every citizen with $16,400 of debt. Fools in the UK and Netherlands rushed in to Icelandic banks and the fools in the UK and Netherlands are the ones who should suffer the consequences.

It was perfectly obvious Iceland was in an unsustainable situation so the prudent thing to do would be to get the hell out of the way.

By defaulting on debt, Iceland will send a much needed message "Don't do stupid things".

Note the stupidity of debt downgrades now. By defaulting on debt, Iceland will be better prepared and able to pay off any new debt, much more so than if it was saddled with IMF loans with a noose attached to the necks of every Icelandic citizen.

The sensible thing to do would have been to downgrade that particular debt in advance, and raise the debt rating on Iceland for everything coming up. Moody's and the S&P have it backwards.

Does No Mean No?

Inquiring minds just may be asking "Does No Really Mean No?" It's a good question too. Some hints can be found in Iceland PM plans to stay on after Icesave vote.

Iceland's prime minister vowed on Friday to stay in office even if her government loses a weekend referendum over foreign debts, citing progress in efforts to reach a new deal with creditors.

Prime Minister Johanna Sigurdardottir said talks on a new accord over repayment for $5 billion (3.3 billion pounds) in "Icesave" debts to Britain and the Netherlands, key to unblocking vital aid to the North Atlantic island state, had made "considerable" progress.

"It is a great misunderstanding that this referendum is about the life of this government. We have no intention of resigning," Sigurdardottir said on Friday.

Britain and the Netherlands have already offered easier terms, so there is no reason for voters to back the old deal.

"It's of utmost importance that we don't over-interpret whatever message comes out of this. We want to be perfectly clear that a "no" vote does not mean we are refusing to pay," Finance Minister Steingrimur Sigfusson told reporters.

"We will honour our obligations. To maintain anything else is highly dangerous for the economy of this country."

I would suggest that overriding the will of 93% of the population is under-interpreting the message. But hey, to politicians everywhere, no does not mean no, it means whatever the politician wants it to mean.

What's highly dangerous is the attitude that the wishes of 93% of the people is irrelevant.

Mike "Mish" Shedlock globaleconomicanalysis.blogspot.com

SJN  posted on  2012-05-12   12:53:51 ET  Reply   Trace   Private Reply  


#11. To: whyofcourse (#0)

Iceland Population, 311,058 (July 2011 est.)

www.indexmundi.co m/iceland/demographics_profile.html

United States of America population, Nearly 313 Million People

www.usnews.com/opinion/bl...2011/12/30/us-population- 2012-nearly-313-million-people

The USA has about 1000X the population of Iceland, comparing it to the USA is the same thing as comparing it to ONE medium sized US city such as Wichita, Kansas, (which has MORE people in it than Iceland does.)

www.infoplease.com/ipa/A0763098.h tml

In other words , no serious person would even TRY to compare them as equals, and no serious person would EVER consider that what "is good" for ONE CITY is good for the ENTIRE NATION.

The comparison is FALSE.

Changing ANYTHING in Iceland is orders of magnitude EASIER than changing ANYTHING in the USA.

"Comparisons" between the nations of Iceland and the USA are ABSURD and worse, STUPID.

They are different animals in ALL ways.

Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.

Mad Dog  posted on  2012-05-12   14:59:16 ET  Reply   Trace   Private Reply  


#12. To: SJN (#10)

"We will honour our obligations. To maintain anything else is highly dangerous for the economy of this country."

Who's obligations, the country's or the banks?

Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady

lucysmom  posted on  2012-05-12   17:19:36 ET  Reply   Trace   Private Reply  


#13. To: whyofcourse (#0)

Interesting analysis of the situation in Iceland, and I agree it hasn't been covered by the liberal press.

What effect has all this change had on the value of the Krona?

Thunderbird  posted on  2012-05-12   18:22:20 ET  Reply   Trace   Private Reply  


#14. To: lucysmom (#7)

it's all a plot to grow government and raise taxes.

IT takes alot of energy to protect a lie....;}

mcgowanjm  posted on  2012-05-13   8:52:31 ET  Reply   Trace   Private Reply  


#15. To: mcgowanjm (#14)

IT takes alot of energy to protect a lie....;}

Big lies require little protection.

Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady

lucysmom  posted on  2012-05-13   9:11:24 ET  Reply   Trace   Private Reply  


#16. To: lucysmom (#15) (Edited)

Big lies require little protection.

Big Lies require the most protection.

Truth has arrived. Falsehood perishes. For falsehood is by nature bound to perish.

Like ,keeping nuclear power alive. It takes ever more energy.

Ex:

"As more money is available, prices rise. More investors are drawn in, and expectations for quick profits rise. The bubble expands, and then bursts. In other words, fuelled by initially well-founded economic fundamentals, investors develop a self-fulfilling enthusiasm by an imitative process or crowd behaviour that leads to the building of castles in the air, to paraphrase Malkiel (1990). Furthermore, the causes of the crashes on the US markets in 1929, 1987, 1998 and in 2000 (2007 and now with JPM 2012;) belongs to the same category, the difference being mainly in which sector the bubble was created: "

mcgowanjm  posted on  2012-05-13   9:21:40 ET  Reply   Trace   Private Reply  


#17. To: lucysmom, All (#16)

Think of a ruler held up vertically on your finger: this very unstable position will lead eventually to its collapse, as a result of a small (or absence of adequate) motion of your hand or due to any tiny whiff of air. The collapse is fundamentally due to the unstable position; the instantaneous cause of the collapse is secondary. In the same vein, the growth of the sensitivity and the growing instability of the market close to such a critical point might explain why attempts to unravel the local origin of the crash have been so diverse. Essentially, anything would work once the system is ripe.

Replace 'ruler' with 'Big Lie'....;}

mcgowanjm  posted on  2012-05-13   9:29:45 ET  Reply   Trace   Private Reply  


#18. To: All (#17)

The State and JPM and Jamie Dimon would spend untold energies to keep this heretical POV out of the mainstream:

"In this view, a crash has fundamentally an endogenous or internal origin and exogenous or external shocks only serve as triggering factors.

As a consequence, the origin of crashes is much more subtle than often thought, as it is constructed progressively by the market as a whole, as a self-organizing process. In this sense, the true cause of a crash could be termed a systemic instability. This leads to the possibility that the market anticipates the crash in a subtle self-organized and cooperative fashion, hence releasing precursory "fingerprints" observable in the stock market prices (Sornette and Johansen, 2001; Sornette, 2003).

These "fingerprints" have been modelled by "log-periodic power laws" (LPPL), which are beautiful mathematical patterns associated with the mathematical generalization of the notion of fractals to complex imaginary dimensions (Sornette, 1998).

Much like the pope publicly castigating Galileo....;}

mcgowanjm  posted on  2012-05-13   9:33:10 ET  Reply   Trace   Private Reply  


#19. To: All (#18)

It appears that financial institutions earn money on transactions (say fees on your mother-in-law’s checking account) and lose everything taking risks they don’t understand. -Talib black Swans

"Stock market crashes are often unforeseen by most people, especially economists. One reason why predicting complex systems is difficult is that we have to look at the forest rather than the trees, and almost nobody does that. Our approach tries to avoid that trap. From the tulip mania, where tulips worth tens of thousands of dollars in present U.S. dollars became worthless a few months later, to the U.S. bubble in 2000, the same patterns occur over the centuries.

Today we have electronic commerce, but fear and greed remain the same. Humans remain endowed with basically the same qualities today as they were in the 17th century. In summary, bubbles and crashes are ubiquitous to human activity: we as humans are rarely satisfied with the Status Quo;

we tend to be over-optimistic with respect to future prospects and, as social animals, we herd to find comfort in being (right or wrong) with the crowd. This leads to human activities being punctuated by bubbles and their corrections. "

mcgowanjm  posted on  2012-05-13   9:37:55 ET  Reply   Trace   Private Reply  


#20. To: All (#19) (Edited)

And this is not limited to banking—I generalize to an entire class of random variables that do not have the structure we thing(k) they have, in which we can be suckers.

And we are beyond suckers: not only, for socio-economic and other nonlinear, complicated variables, we are riding in a bus driven a blindfolded driver, but we refuse to acknowledge it in spite of the evidence, which to me is a pathological problem with academia.

mcgowanjm  posted on  2012-05-13   9:39:48 ET  Reply   Trace   Private Reply  


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