Bankers Scared S–tless by Iceland

Highly placed sources in high positions inform me that articles about Iceland are now starting to bother the arrogant banksters who started this mess. One such article is by Sarah Lyall in Sunday’s New York Times.

In a world drowning in fake debt, criminal behavior, and unnecessary Foreclosures, the one country standing out from the pack is Iceland with an economic growth rate of 2.8%, unemployment dropping like a stone, and new businesses opening quickly with loans underwritten by banks who were forced into debt forgiveness by the government.

Bankers in Iceland are being prosecuted, convicted, and sentenced for their crimes against the society that allowed them to be bankers. Not everything is perfect, but with business growing, employment growing, and a resilient determined population, Iceland is paying off it’s debts from the financial crisis and is able to easily borrow money in the open markets.

Government sources and economists say the reason could not be more obvious — forgiveness of debt, strengthening the already prodigious social safety net, and good data and information that turns out to be true and not filtered through the rose colored glasses that the bank PR machine is grinding out.

The application here and elsewhere is just plain obvious and notwithstanding proven — hold the banks and bankers accountable for their behavior, let them fail and even in Iceland where there were not a lot of banks (as opposed to the 7,000 banks and credit unions here that can easily pick up the pieces), the financial system not only survived, it prospered.

The difference between the banks in Iceland and the banks elsewhere (especially the U.S.) is that the banks, being creatures and inventions of the societies that created and allowed them to function, were managed and brought under control by government acting for the society and not for the banks.

Those seeking less government control are merely using it as a rallying cry to lure people into voting against themselves. We need fireman, policeman, teachers etc. And we need police on Wall Street in particular.

15 Responses

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  2. AbsoLUtely no doubt the US should follow Iceland’s lead if it wants to restore some dignity and clout to being the USA. Obviously, due to it president’s and attorney general’s INaction, it only wishes to be known as “Mafiosi Galore!”
    These men need to be impeached for their treason, and instead WE ARE RE-ELECTING THE?!! HOW do we elect someone who cares about rehabilitating/resurrecting this country? HOW?!

  3. Some Hope remains.Keep going.

  4. The US needs to follow Iceland’s lead.

  5. The redistribution of wealth will never occur or it will be reversed repeatedly until “wealth” is a misnomer. A world currency is not what we need. We need a soverign currency backed by tangient and concrete assets–or like Lincoln and Kennedy’s Greenbacks, the full faith and credit of the United states of America. As long as the federal reserve is abolished, and along with it the inherent ability to manipulate both the supply of money and the interest rate charged, we can return to being the country we once were. We propspered. We had personal freedoms and the right to due process, to bear arms for our own defense, the right to privacy and the pursuit of happiness. Our short answer for every problem facing this country today is to get the bankers out of government, and get the government out of our face.

  6. @ USHEEPLE ,

    “4 decades” ,, YUP , corresponds pretty well with the exact time the worlds reserve currency , the USD , went off the gold standard and the Federal Reserve and their counterparts around the world fired up the inflation engine to consume us all.

  7. “LIBOR scandal-4-decades??” no kidding. wonder why

  8. Libor Scandal: Manipulation Spanned Decades, According To Reports

  9. Difference is: in the U.S. Bangsters pull all strings for the specific purpose of assuring no convictions ever happen & they’r winning on & on !!!

  10. drug/alcohol addiction
    credit addiction
    saturated fat/preservatives/sugar addiction

    all those addictions fuel billions/trillions to the banks/wall street, the governments, and the health “care” industry—including the multi-billion dollar diabetes industry…if we broke our addictions and started living PURER in every sense of the word—this world would be so much better…we can and we must.

  11. @Pie,

    I don’t think fear is the answer. Change is definitely in the air and, contrary to what everyone fears, i am convinced that it is for the better. Call me delusional… delusion is a pretty good thing when it gets you out of bed in the morning.

    I see clearly what can come out of this horrendous mess and I am absolutely convinced that the future will belong to those who are willing to travel and uproot themselves to go and help other countries build infrastructures and services necessary to the populations everything was stolen from. I am deeply optimistic. And i also realize that “me first” and “I want what i want and i want it now” is gone forever. Not a bad thing either.

  12. Here’s the thing: we have to go back to raising private capital. Before the Federal Reserve Act, companies used sinking funds to capitalize their growth, which is essentially SAVING. The sinking funds were just small amounts witheld from dividends and used wisely through proxy to build, grow and propsper. WE DON’T NEED BANKS FOR ANYTHING. They have just brainwashed the ignorant masses into total consumerism and living above their means. Even intelligent people like Neil Garfield believe we need banks and markets that are manipulated by them. But…Wall Street is a parasite which serves as master and profits off of trading money, lies and empty promises. It makes money for itself at our expense and to our detriment. Wall Street can only make the rich richer, it doesn’t produce anything wholesome, good or beneficial. It isn’t, and it has never been a “free market”. It has always been manipulated by power mongers and moneychangers and that is how we got here.
    We are at a point in time where we have to stop believing lies and start questioning the rhetoric we hear. Normalcy is an illusion bought and paid for. Like Jim Carey’s character “Truman” we need to rip down the backdrop and leave the island for a real life of freedom.

  13. @ENRAGED, are you kidding, the richest country in thew world is already China, and if you do not believe me, remove the spoils of WW2 and tell the globe they can all trade in their own currency. See how they goes over with the Remnimbi / Yuan, and the Real.

    They are already circumventing dollar policy, so the likelihood that China will allow a world currency without the Yuan composing a serious component of the basket is pretty slim.

    Why change, they are already discounting the dollar by 35% on resource purchases, which theoretically means that dollar has been devalued without any official announcement.

    When other countries have the military power of the few that make global banking policy things will change. A little piss-ant like Iceland stood up to the bankers without firing a shot because there are minimal resources for the world bank to suck-out, except maybe some Lobster and snow-cones. Start talking gold, silver, oil, diamonds, wheat, ore, iron ore, copper. You pay your bills or you go the way of Khadafei. If you ain’t got a central bank, with a currency pegged tot eh dollar, be afraid, be very afraid!!

    America will send Dick Cheney over to take you bird hunting, and he will blast you in the face with a shotgun, while Jamie Dimon picks your wallet from your trousers!

  14. Until Washington gets out of bed with Wall Street and ends the lust affair for good – I can’t imagine recovering. Our regulatory agencies here in the US may make it appear that the banks are managed and under the control of government but I don’t see any signs of that. It’s more like the other way around. Our government is acting for the banks and not for society as a whole. Our law and decision makers are more concerned about where their next reelection campaign contribution is coming from.

  15. “Government sources and economists say the reason could not be more obvious — forgiveness of debt, strengthening the already prodigious social safety net, and good data and information that turns out to be true and not filtered through the rose colored glasses that the bank PR machine is grinding out.”

    We are heading that way, whether our government and banks agree or not. When debt forgiveness becomes worldwide, the US will have to align with everyone else. The next step will be to decide on what money will be used for transactions because either countries will have to go back to their own money (and it is chaos) or a worldwide money will need to be created.

    From that point on, we will be so intertwines that there will be no room for “the richest” country in the world taking all the resources at the expense of many poorer ones. Wealth will be redistributed equally worldwide.

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