revelarts
07-29-2012, 06:40 AM
No Bail outs, No WTO or other international debt relief or forced restructuring,
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
http://ireport.cnn.com/docs/DOC-787377
...However, if we are unsatisfied with this system, it is important to not only protest these unjust measures, to refuse absolutely to abide by any of their edicts, but to create and promote our own programs to put society back on the rails of progress.
Iceland was one of the first nations during the latest round of global financier manipulation to say "no." The bankers created the problem, Icelanders said, so the bankers will pay for it, not the Icelandic people. Ireland has followed suit - in the face of a draconian, neo-feudal "house tax" leveled against the Irish - essentially forcing people to pay for the "privilege" of living on their own land. The Irish have overwhelming refused to pay it. While it may be "illegal" to say no to the neo-feudal house tax, paid to corporate-financiers who apparently see themselves as neo-lords, it is certainly not wrong. It is wrong, in fact, to heed unjust laws created by self-serving minorities at the expense ($130 USD per home) of the majority.
Iceland Has Hired An Ex-Cop To Hunt Down The Bankers That Wrecked Its Economy (http://www.blacklistednews.com/Iceland_Has_Hired_An_Ex-Cop_To_Hunt_Down_The_Bankers_That_Wrecked_Its_Econ omy/20519/0/38/38/Y/M.html)
LeMonde reporter Charlotte Chabas has a profile of Ólafur Þór Hauksson, a former local police lieutenant whom the Iceland government appointed to track down individuals likely to have helped sink the country's banking sector during the credit crunch.
http://www.bloomberg.com/news/2012-02-20/icelandic-anger-brings-record-debt-relief-in-best-crisis-recovery-story.html
Icelandic Anger Brings Debt Forgiveness in Best Recovery Story
Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger.
Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.
“You could safely say that Iceland holds the world record in household debt relief,” said Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen. “Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that.”
The island’s steps to resurrect itself since 2008, when its banks defaulted on $85 billion, are proving effective. Iceland’s economy will this year outgrow the euro area and the developed world on average, the Organization for Economic Cooperation and Development estimates. It costs about the same to insure against an Icelandic default as it does to guard against a credit event in Belgium. Most polls now show Icelanders don’t want to join the European Union, where the debt crisis is in its third year.
The island’s households were helped by an agreement between the government and the banks, which are still partly controlled by the state, to forgive debt exceeding 110 percent of home values. On top of that, a Supreme Court ruling in June 2010 found loans indexed to foreign currencies were illegal, meaning households no longer need to cover krona losses.
…
Iceland’s special prosecutor has said it may indict as many as 90 people, while more than 200, including the former chief executives at the three biggest banks, face criminal charges. The Securities and Exchange Commission said last year it had sanctioned 39 senior officers for conduct related to the housing market meltdown.
Larus Welding, the former CEO of Glitnir Bank hf, once Iceland’s second biggest, was indicted in December for granting illegal loans and is now waiting to stand trial. The former CEO of Landsbanki Islands hf, Sigurjon Arnason, has endured stints of solitary confinement as his criminal investigation continues.
That compares with the U.S., where no top bank executives have faced criminal prosecution for their roles in the subprime mortgage meltdown.
http://www.blacklistednews.com/ICELAND._No_news_from_Iceland%3F%E2%80%A6_why%3F_/19538/0/38/38/Y/M.html
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
http://ireport.cnn.com/docs/DOC-787377
...However, if we are unsatisfied with this system, it is important to not only protest these unjust measures, to refuse absolutely to abide by any of their edicts, but to create and promote our own programs to put society back on the rails of progress.
Iceland was one of the first nations during the latest round of global financier manipulation to say "no." The bankers created the problem, Icelanders said, so the bankers will pay for it, not the Icelandic people. Ireland has followed suit - in the face of a draconian, neo-feudal "house tax" leveled against the Irish - essentially forcing people to pay for the "privilege" of living on their own land. The Irish have overwhelming refused to pay it. While it may be "illegal" to say no to the neo-feudal house tax, paid to corporate-financiers who apparently see themselves as neo-lords, it is certainly not wrong. It is wrong, in fact, to heed unjust laws created by self-serving minorities at the expense ($130 USD per home) of the majority.
Iceland Has Hired An Ex-Cop To Hunt Down The Bankers That Wrecked Its Economy (http://www.blacklistednews.com/Iceland_Has_Hired_An_Ex-Cop_To_Hunt_Down_The_Bankers_That_Wrecked_Its_Econ omy/20519/0/38/38/Y/M.html)
LeMonde reporter Charlotte Chabas has a profile of Ólafur Þór Hauksson, a former local police lieutenant whom the Iceland government appointed to track down individuals likely to have helped sink the country's banking sector during the credit crunch.
http://www.bloomberg.com/news/2012-02-20/icelandic-anger-brings-record-debt-relief-in-best-crisis-recovery-story.html
Icelandic Anger Brings Debt Forgiveness in Best Recovery Story
Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger.
Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.
“You could safely say that Iceland holds the world record in household debt relief,” said Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen. “Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that.”
The island’s steps to resurrect itself since 2008, when its banks defaulted on $85 billion, are proving effective. Iceland’s economy will this year outgrow the euro area and the developed world on average, the Organization for Economic Cooperation and Development estimates. It costs about the same to insure against an Icelandic default as it does to guard against a credit event in Belgium. Most polls now show Icelanders don’t want to join the European Union, where the debt crisis is in its third year.
The island’s households were helped by an agreement between the government and the banks, which are still partly controlled by the state, to forgive debt exceeding 110 percent of home values. On top of that, a Supreme Court ruling in June 2010 found loans indexed to foreign currencies were illegal, meaning households no longer need to cover krona losses.
…
Iceland’s special prosecutor has said it may indict as many as 90 people, while more than 200, including the former chief executives at the three biggest banks, face criminal charges. The Securities and Exchange Commission said last year it had sanctioned 39 senior officers for conduct related to the housing market meltdown.
Larus Welding, the former CEO of Glitnir Bank hf, once Iceland’s second biggest, was indicted in December for granting illegal loans and is now waiting to stand trial. The former CEO of Landsbanki Islands hf, Sigurjon Arnason, has endured stints of solitary confinement as his criminal investigation continues.
That compares with the U.S., where no top bank executives have faced criminal prosecution for their roles in the subprime mortgage meltdown.
http://www.blacklistednews.com/ICELAND._No_news_from_Iceland%3F%E2%80%A6_why%3F_/19538/0/38/38/Y/M.html