Thursday, June 23, 2011

Iceland: The One That Got Away

From Iceland chooses freedom: an example for all by Jerry Mazza, Intrepid Report:

Posted on June 23, 2011 by Jerry MazzaWhether it is Europe’s PIGS [Portugal, Italy, Greece, Spain] or the United States of America’s crazies, unlike them all Iceland’s populous chose not to bailout foreign or domestic domination of their would-be banksters. And that is laudable, an existential act of choosing freedom, i.e., life versus financial strangulation under outrageous debt and usurious interest.

In
Iceland Declares Independence from International Banks, Bill Wilson writes “On April 9, the fiercely independent people of [the] island-nation defeated a referendum that would have bailed out the UK and the Netherlands who had covered the deposits of British and Dutch investors who had lost funds in Icesave bank in 2008.” Ah, poor Brits and Dutch.

[ ... ]

If America had “just said no” to Hank Paulson, his brother Obama, Tim Geithner, Larry Summers, and the rest of the car wrecks, we wouldn’t be sitting with a $14.3 trillion national deficit while not even being able to afford to raise the debt ceiling so we don’t default to our lenders. Why do wecontinue to socialize bankster excesses and allow them to privatize their profits, taking trillions more in tax cuts, millions in personal bonuses, and pull the gold out of your teeth if you’re lucky enough to have some. I have hardened chewing gum.

In Iceland, the voters “just said no” despite the bullies’ threats to freeze out Iceland from funding in international financial institutions, which is like not being allowed to dive in a shark tank or walk into the poison snake cage in Central Park. The whole banking world of the US is rigged by the Federal Reserve Bank, Capo del Capos of 11 other US Central banks, plus all the Mafia soldier banks around the world that they relate to. Freezing them out is financial nirvana. Ba fon colo is my personal advice to them.

From
Austerity Is Good by Gary North, LewRockwell.com

Greece is now the test case. Iceland stiffed the European bankers by defaulting on its external debt. This has led to a revived economy, something that the media do not discuss in detail. Iceland has done better than Ireland, which capitulated to the EU and the European Central Bank.

Iceland had this enormous advantage: it never joined the European Monetary Union. It now enjoys low rates on its bonds. This indicates that Greece can escape from the trap by pulling out of the EMU and defaulting on its external debt. This would send a message to Portugal and Spain: deliverance is available. Stiff the foreign creditors and abandon the euro.

From
Iceland’s ‘no bailout’ stance hasn’t chilled investors by Eric Reguly, Globe and Mail Blog

Iceland’s method of coping with the financial crisis had a brutal charm about it. In essence, the country hoisted its middle finger to the owners of bank bonds, and a few other people it owed money to, and walked away.

It worked. For evidence, note that Iceland made a triumphant return to the international bond markets late last week, and that its tiny economy is growing at a fair clip, both remarkable achievements when you consider its punishing economic and banking collapse in late 2008.

And therein lies a lesson. Make that two. The first is that bond holders of clapped out banks can, and should, take losses for the greater good of the recovery. The second is that keeping your own currency is a terrific idea when you’re going through economic hell -- it gave Iceland the fiscal freedom that Greece, Ireland and Portugal entirely lack.

The specialists of OECD (Organization for Economic Cooperation and Development) presented a new report on Iceland’s economic outlook yesterday morning. They predict a three percent economic growth in light of increased consumption and investment.

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