The history of Iceland in recent years is astounding in more than one title. This is a small country whose main resources are the fisheries and energy through the network that allows its impressive geothermal geysers, oh so natural, who prides himself playing in the courtyard of the Great, the financial centers, natural habitat Stateless raptors. By the grace of one of its volcanoes , the country had already achieved the feat of paralyzing the skies over Europe and to sow discord unnamed spring 2010. It's a completely different feat than actually doing what the Icelandic people as I write these lines. So
president decides in 2000s to liberalize the Icelandic economy, starting with banks that sells to friends as "doubtful" is an understatement. These business men, who see in Icelandic banks freshly conquered as strong cash cows to grow their own ill-gotten money, launching aggressive marketing campaigns aimed at attracting the famous "investors", ie banks and funds Pension mainly English and Dutch, thanks - but not only - the online bank Icesave that promises wonders in terms of return on capital! Particularly attractive tax conditions and high yields are guaranteed their work and Iceland end up with a financial system whose value is equivalent to 9 times its GDP. So far, nothing very surprising in global capitalism: a bubble again! so what ...
Except that in 2008 the beautiful building breaks cleanly FIG causing all the population in the fall because of gloomy systemic crisis born of U.S. subprime. And that's where the plot thickens, so to speak.
The Icelandic government loose its banks, rather than nationalize their debts like any good self-respecting capitalist. Creditors English and Dutch, exasperated, if not madmen, the idea of not seeing their precious capital and its interests fabulous, weigh on their respective governments to put in receivership Icelandic assets abroad, to Like those of Ben Ali deposed. To do this, the government of Gordon Brown uses the Terrorism Act, classifying Iceland alongside the Taliban and Osama in this world, guilty of the vilest crimes: not wanting to pay the high risk investments that subjects His Majesty had made in Icelandic banks. Yet when we play at the casino, one must accept to lose! But the international banksters do not play by our rules.
Iceland desperately need cash and finance Zorro intervenes, the IMF prepared to make available the necessary funds for that bankruptcy is avoided. Except that the IMF is desired, it dithers, he procrastinate ... He does not say, but his support and money it brings will be paid only if the creditors are not harmed! Promise to pay your debts, and give you the money you need.
Government Iceland poised to sign a compromise so that he accepts a "loan" of over $ 3 billion, the prohibitive rate of 5% to repay those creditors. Remind you of anything? Greece? Spain? The Icelandic people on the plane headed a debt of 12,000 € per person, old people and babies included, did not hear it that way, and manifest great shots pots for weeks before Parliament. Alas, President, at the last moment, refused to approve the parliament, causing the holding of a referendum whose terms are simple: whether or not to repay foreign debt ?
A 93%, the Icelandic population is pronounce cons, sowing confusion in the British financial community. Not that the amount of investment made into debt is so important. Bah, what 3 billion while the banksters have made 64 billion bonus in 2009? No, it's a matter of principle. What would happen if those pesky Iceland gave other people the idea of refusing to pay? How do you say now, economically correct language? Re-schedule the debt? Oh no, restructure the debt. Like Argentina in the early 2000s, after which allowing the IMF to kick off the c ... has restructured its debt, saw its economy recover significantly and allowed its people to overcome poverty with growth rates to the envy of our socio-democracies Europe. Arg, but it's been two precedents that show that the debt restructuring is more effective than the structural adjustment plans and other austerity policies that our Irish friends, English, English and Greek, to name a few, are the costs in recent months. With the results that we know.
Do not worry, Icelanders continue to show and even dare to drive their government and vote unworthy citizens a new constitution (blocked at the time it is their constitutional council, but that's another story ... well, a story to follow ...).
creditors, very grieved, lower their demands and a new "plan" is accepted by the Icelandic parliament, with a spreading of the payment of the debt and interest rates revised down to 3%.
before yesterday, the President announced once again he refused to endorse the proposals of the Parliament and this will lead to another referendum ...
I can not prejudge the end of this story, but it is a lesson to remember is that the People can - and must - make excessive demands of the dam banksters. We, as citizens, we learn from this example, to break with the economic submission to the dictates of the financial oligarchy of this world.
PS: For more details on this revolution Icelandic (and other upheavals of financial capitalism dying), please watch the excellent documentary Crash, The Bottom of the Depression and the issuance of Still Images on Iceland.
president decides in 2000s to liberalize the Icelandic economy, starting with banks that sells to friends as "doubtful" is an understatement. These business men, who see in Icelandic banks freshly conquered as strong cash cows to grow their own ill-gotten money, launching aggressive marketing campaigns aimed at attracting the famous "investors", ie banks and funds Pension mainly English and Dutch, thanks - but not only - the online bank Icesave that promises wonders in terms of return on capital! Particularly attractive tax conditions and high yields are guaranteed their work and Iceland end up with a financial system whose value is equivalent to 9 times its GDP. So far, nothing very surprising in global capitalism: a bubble again! so what ...
Except that in 2008 the beautiful building breaks cleanly FIG causing all the population in the fall because of gloomy systemic crisis born of U.S. subprime. And that's where the plot thickens, so to speak.
The Icelandic government loose its banks, rather than nationalize their debts like any good self-respecting capitalist. Creditors English and Dutch, exasperated, if not madmen, the idea of not seeing their precious capital and its interests fabulous, weigh on their respective governments to put in receivership Icelandic assets abroad, to Like those of Ben Ali deposed. To do this, the government of Gordon Brown uses the Terrorism Act, classifying Iceland alongside the Taliban and Osama in this world, guilty of the vilest crimes: not wanting to pay the high risk investments that subjects His Majesty had made in Icelandic banks. Yet when we play at the casino, one must accept to lose! But the international banksters do not play by our rules.
Iceland desperately need cash and finance Zorro intervenes, the IMF prepared to make available the necessary funds for that bankruptcy is avoided. Except that the IMF is desired, it dithers, he procrastinate ... He does not say, but his support and money it brings will be paid only if the creditors are not harmed! Promise to pay your debts, and give you the money you need.
Government Iceland poised to sign a compromise so that he accepts a "loan" of over $ 3 billion, the prohibitive rate of 5% to repay those creditors. Remind you of anything? Greece? Spain? The Icelandic people on the plane headed a debt of 12,000 € per person, old people and babies included, did not hear it that way, and manifest great shots pots for weeks before Parliament. Alas, President, at the last moment, refused to approve the parliament, causing the holding of a referendum whose terms are simple: whether or not to repay foreign debt ?
A 93%, the Icelandic population is pronounce cons, sowing confusion in the British financial community. Not that the amount of investment made into debt is so important. Bah, what 3 billion while the banksters have made 64 billion bonus in 2009? No, it's a matter of principle. What would happen if those pesky Iceland gave other people the idea of refusing to pay? How do you say now, economically correct language? Re-schedule the debt? Oh no, restructure the debt. Like Argentina in the early 2000s, after which allowing the IMF to kick off the c ... has restructured its debt, saw its economy recover significantly and allowed its people to overcome poverty with growth rates to the envy of our socio-democracies Europe. Arg, but it's been two precedents that show that the debt restructuring is more effective than the structural adjustment plans and other austerity policies that our Irish friends, English, English and Greek, to name a few, are the costs in recent months. With the results that we know.
Do not worry, Icelanders continue to show and even dare to drive their government and vote unworthy citizens a new constitution (blocked at the time it is their constitutional council, but that's another story ... well, a story to follow ...).
creditors, very grieved, lower their demands and a new "plan" is accepted by the Icelandic parliament, with a spreading of the payment of the debt and interest rates revised down to 3%.
before yesterday, the President announced once again he refused to endorse the proposals of the Parliament and this will lead to another referendum ...
I can not prejudge the end of this story, but it is a lesson to remember is that the People can - and must - make excessive demands of the dam banksters. We, as citizens, we learn from this example, to break with the economic submission to the dictates of the financial oligarchy of this world.
PS: For more details on this revolution Icelandic (and other upheavals of financial capitalism dying), please watch the excellent documentary Crash, The Bottom of the Depression and the issuance of Still Images on Iceland.
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