Meanwhile in Iceland-The Greatest Story to the West Untold

[CityGirl]

Some of us are aware that Iceland was bankrupt in 2008. Most of us have not heard anything of how Iceland has handled it's affairs since. The US media elite is all over the economic situation in Europe and everyone is familiar with the acronym resulting from the countries defaulting and facing bankruptcy PIIGS. Funny how we are hearing crickets when it comes to Iceland.

This article from March of this year

Iceland, a country that wants to punish the bankers responsible for the crisis

Since 2008 the vast majority of the Western population dream about saying "no" to the banks, but no one has dared to do so. No one except the Icelanders, who have carried out a peaceful revolution that has managed not only to overthrow a government and draft a new constitution, but also seeks to jail those responsible for the country's economic debacle.

Pressenza Pressenza International Press Agency Reikjavik, 3/28/11

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.

This headline from August of this year

25 Ordinary Citizens Write Iceland’s New Constitution With Help From Social Media

http://singularityhub.com/2011/08/0...new-constitution-with-help-from-social-media/


The proposed and submitted new constitution
http://stjornarskrarfelagid.is/wp-content/uploads/2011/09/Iceland_New_Constitutional_Bill.pdf

and today's headline
Iceland Arrests Former CEO Of Failed Bank
http://www.businessinsider.com/iceland-glitnir-bank-larus-welding-2011-12

If you read the article posted above you will read that Iceland is the world's oldest democracy established 930. All my life, I've heard that democracies last about 200 years. It is as though we are taught this so that when ours begins to crumble we will just say "oh well, it was good while it lasted" Screw that! Iceland has had a revolution! and a peaceful one, at that! No firing of tear gas and rubber bullets, no blood shed...lots of dented pots and pans but geez oh Pete! Look at what they are doing! and then contrast with what we are doing here.

Our constitution and our constitutional rights are being unraveled before our very eyes and we bicker and quarrel over right v left smoke and mirrors. It is insane! Icelanders were drawn together because of their common grievances and because collectively they refused to be put on the hook for generations to come for the financial plunder and pillage of the financial class. We share those grievances regardless of political affiliation. There is a reason the story of Iceland is not told in the US by the corporate owned MSM. Iceland proves what is possible.

 

[MoonOwl]

ssshhhhhhh........ Indeed. We're not supposed to know they threw em all out and are recovering.....

 

[porterjack]

There is a reason the story of Iceland is not told in the US by the corporate owned MSM. Iceland proves what is possible.

also it is nigh impossible to pronounce their names, and, notice how they all look alike, in a children of the corn kinda way, mess with them and i fear bad things will happen

 

[Tim]

Excellent thread...

This is the first I've heard of it and I'm the type to hear about these things...

I just got done reading their new proposed constitution... very interesting.

 

[Panacea]

^Ok this made me crack up (Francis' post)

This is really interesting, though, and a shame we don't hear about it.
I heard something on NPR today about Maryland seeking to sue banks for inappropriately conducting foreclosures since the bailout; that caught my interest.

 

[MoonOwl]

I repped it but I'll say it: www.whatreallyhappened.com

This site covered Iceland from the beginning. Yes, wrh has a slant. But, it is also a good source for real news as he gets people sending him links from around the world. I read his headline section every day. Have been for over 10 years.

More often than not what has been posted has been proven true over time.

Then, if you're into 'conspiracies' his is a one-stop shop But bring your antacid and aspirin along w/your critical thinking skills.

 

[porterjack]

^Ok this made me crack up (Francis' post)

Francis?

 

[Panacea]

Francis?

Guilty by Canadian association

Sowwie :C

 

[porterjack]

Guilty by Canadian association

Sowwie :C

is OK, being typically canadian, i just want to be noticed