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Thu Nov 29, 2012, 07:11 AM

No news?

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 elections.

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.

Please spread the news as Iceland is the role model now although sooner or later, the banksters will start demilishing their nationalized bank.

9 replies, 2043 views

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Arrow 9 replies Author Time Post
Reply No news? (Original post)
greyghost Nov 2012 OP
peacebird Nov 2012 #1
Dustlawyer Nov 2012 #2
TatonkaJames Nov 2012 #3
Orrex Nov 2012 #4
corkhead Nov 2012 #5
IthinkThereforeIAM Nov 2012 #6
CabalPowered Nov 2012 #7
tom_bexforth Dec 2012 #8
hrmjustin Dec 2012 #9

Response to greyghost (Original post)

Thu Nov 29, 2012, 07:33 AM

1. K&R for Hope & Change! May the people in Greece, Spain, and the UK do the same, then perhaps

The people can beat the corporations.

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Response to greyghost (Original post)

Thu Nov 29, 2012, 07:56 AM

2. K&R!

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Response to greyghost (Original post)

Thu Nov 29, 2012, 08:19 AM

3. All is not well after the revolution

Sure it's something we'd like to see happen here, but the consequences would be a million times more than they have been in Iceland. I won't post a page of notes, but you can search for what happened to jobs, companies, inflation, foreign relations, etc. They may well come out of it one day, but I would think if we defaulted on all our loans, the global economy would pretty much fall apart.
I want change more than anyone, but not that way. It would be easier if we had a magic wand and could simply switch out the current leadership in the houses with people who aren't connected to corporations or the money and know how to balance a checkbook.

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Response to greyghost (Original post)

Thu Nov 29, 2012, 08:51 AM

4. Plus they've got Bjork

I love this Iceland story as an example of the effectiveness of nationalization, especially because Libertarians online have for years held up some centuries-old Icelandic practice as proof that a modern "Libertopia" (excuse me while I vomit) would work. To see a country and its people really benefit from bank nationalization is a terrific refutation of that Libertarian pipe dream.

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Response to greyghost (Original post)

Thu Nov 29, 2012, 09:16 AM

5. The answer to your question is simple: our corporate overlords would not like us to get any ideas.

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Response to greyghost (Original post)

Thu Nov 29, 2012, 09:20 AM

6. I was aware of the Icelandic situation...


... although it wasn't on the tip of my tongue/head, I knew the folks in Iceland chose to nationalize the banks and had a constitutional referendum/convention to make adjustments to deal with the epidemic of crooked banksters in this world.

Another point is, Iceland has less than 300,000 citizens and the good will of their fellow Scandinavian countries, ie... Norway, from which Iceland was founded over 1,100 years ago.

I will admit I am a documentary/news junkie, so that perhaps explains why I was aware of the dealings and social significa of Iceland. (I had just finished watching a PBS cooking show that dealt with farm to restaurant timelines and backgrounds. Icelandic lamb is less gamy tasting than others)

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Response to greyghost (Original post)

Thu Nov 29, 2012, 02:12 PM

7. K&R!

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Response to greyghost (Original post)

Mon Dec 3, 2012, 09:42 AM

8. Iceland solution

To be fair, a lot of the Iceland "solution" has basically involved writing off a lot of money that's owed to individuals in other countries (like the UK). It's not really a lesson that could be followed in the rest of the eurozone.

Incidentally this is Chomsky at the London School of Economics talking about the eurozone crisis and the idea that it's being used as a method for weakening the welfare state. The Iceland solution is still preferable to the imposed austerity they now have in Greece and Spain.

[link:http://blogs.lse.ac.uk/europpblog/2012/12/03/five-minutes-with-noam-chomsky-europe/|

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Response to tom_bexforth (Reply #8)

Mon Dec 3, 2012, 11:37 AM

9. Welcome to DU!

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