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fifi
12th May 2011, 20:04
Iceland Declares Independence from International Banks

Quote
May 8, 2011
By Bill Wilson

Iceland is free. And it will remain so, so long as her people wish to remain autonomous of the foreign domination of her would-be masters — in this case, international bankers.

On April 9, the fiercely independent people of 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.

At the time of the bank’s failure, Iceland refused to cover the losses. But the UK and Netherlands nonetheless have demanded that Iceland repay them for the “loan” as a condition for admission into the European Union.

In response, the Icelandic people have told Europe to go pound sand. The final vote was 103,207 to 69,462, or 58.9 percent to 39.7 percent. “Taxpayers should not be responsible for paying the debts of a private institution,” said Sigriur Andersen, a spokeswoman for the Advice group that opposed the bailout.A similar referendum in 2009 on the issue, although with harsher terms, found 93.2 percent of the Icelandic electorate rejecting a proposal to guarantee the deposits of foreign investors who had funds in the Icelandic bank. The referendum was invoked when President Olafur Ragnur Grimmson vetoed legislation the Althingi, Iceland’s parliament, had passed to pay back the British and Dutch.

Under the terms of the agreement, Iceland would have had to pay £2.35 billion to the UK, and €1.32 billion to the Netherlands by 2046 at a 3 percent interest rate. Its rejection for the second time by Iceland is a testament to its people, who feel they should bear no responsibility for the losses of foreigners endured in the financial crisis.

That opposition to bailouts led to Iceland’s decision to allow the bank to fail in 2008. Not that the taxpayers there could have afforded to. As noted by Bloomberg News, at the time the crisis hit in 2008, “the banks had debts equal to 10 times Iceland’s $12 billion GDP.”

“These were private banks and we didn’t pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks,” Iceland President Olafur Grimsson told Bloomberg Television.

The voters’ rejection came despite threats to isolate Iceland from funding in international financial institutions. Iceland’s national debt has already been downgraded by credit rating agencies, and now those same agencies have promised to do so once again as punishment for defying the will of international bankers.

This is just the latest in the long drama since 2008 of global institutions refusing to take losses in the financial crisis. Threats of a global economic depression and claims of being “too big to fail” have equated to a loaded gun to the heads of representative governments in the U.S. and Europe. Iceland is of particular interest because it did not bail out its banks like Ireland did, or foreign ones like the U.S. did.

If that fervor catches on amongst taxpayers worldwide, as it has in Iceland and with the tea party movement in America, the banks would have something to fear; that is, the inability to draw from limitless amounts of funding from gullible government officials and central banks. It appears that the root cause is government guarantees, whether explicit or implicit, on risk-taking by the banks.

Ultimately, such guarantees are not necessary to maintain full employment or even prop up an economy with growth, they are simply designed to allow these international institutions to overleverage and increase their profit margins in good times — and to avoid catastrophic losses in bad times.

The lesson here is instructive across the pond, but it is a chilling one. If the U.S. — or any sovereign for that matter — attempts to restructure their debts, or to force private investors to take a haircut on their own foolish gambles, these international institutions have promised the equivalent of economic war in response. However, the alternative is for representative governments to sacrifice their independence to a cadre of faceless bankers who share no allegiance to any nation.

It is the conflict that has already defined the beginning of the 21st Century. The question is whether free peoples will choose to remain free, as Iceland has, or to submit.
Unquote

http://www.galacticroundtable.com/forum/topics/iceland-declares-independence

crosby
12th May 2011, 20:12
effing right on. i'm so glad that there is some power left to the people and now it can spread like wildfire. i want to see more of this. we need it.
regards, corson

Positive Vibe Merchant
13th May 2011, 04:14
That is fantastic news.

You go icelanders....

PVM

mosquito
13th May 2011, 06:16
Brilliant news !!!!!! F**k the banks, if only the spineless parasites that comprise other countries' governments could do the same, we might get somewhere.
POWER TO THE PEOPLE !

Gustav
14th May 2011, 13:12
And even in Iceland declaring themselves, sort of, independent from international bankers, they have to be careful for several reasons.
First of all is the workgroup that assange and his wikileaks buddies. There are numerous companies behind the donations. It is this wikileaks that has proposed several changes. I personally do not have enough knowledge on the subject.
Second is that if Iceland really is trying to become independent they will share themselves amongst illustrious compatriots such as Adolf Hitler, Saddam Hussein, Andrew Jackson and Abraham Lincoln (amongst others) who all pointed at international bankers destroying their country and had assasination(s) (attempts) to endure. Nowadays a sudden earthquake is never too far away if you're really independent...

This doesn't mean I hope they will keep themselves developing in this direction and at least not hand over blindly all that is asked of them to international powers as does the large part of the rest of the world..

Calz
14th May 2011, 14:49
And even in Iceland declaring themselves, sort of, independent from international bankers, they have to be careful for several reasons.
First of all is the workgroup that assange and his wikileaks buddies. There are numerous companies behind the donations. It is this wikileaks that has proposed several changes. I personally do not have enough knowledge on the subject.
Second is that if Iceland really is trying to become independent they will share themselves amongst illustrious compatriots such as Adolf Hitler, Saddam Hussein, Andrew Jackson and Abraham Lincoln (amongst others) who all pointed at international bankers destroying their country and had assasination(s) (attempts) to endure. Nowadays a sudden earthquake is never too far away if you're really independent...

This doesn't mean I hope they will keep themselves developing in this direction and at least not hand over blindly all that is asked of them to international powers as does the large part of the rest of the world..

Iceland itself is a drop in the bucket for the overall global economy.

What *REALLY MATTERS* here is if *OTHER COUNTRIES* somehow grow the "_____" to follow suit.

You know ... like ... "What??? We can DO that sort of thing????"

Lost Soul
14th May 2011, 14:56
Hurrah for Iceland. Unlike Libya, there can be no pretext for a Nato invasion. I hope Ireland follows Iceland's courageous lead.

Gustav
14th May 2011, 16:19
And even in Iceland declaring themselves, sort of, independent from international bankers, they have to be careful for several reasons.
First of all is the workgroup that assange and his wikileaks buddies. There are numerous companies behind the donations. It is this wikileaks that has proposed several changes. I personally do not have enough knowledge on the subject.
Second is that if Iceland really is trying to become independent they will share themselves amongst illustrious compatriots such as Adolf Hitler, Saddam Hussein, Andrew Jackson and Abraham Lincoln (amongst others) who all pointed at international bankers destroying their country and had assasination(s) (attempts) to endure. Nowadays a sudden earthquake is never too far away if you're really independent...

This doesn't mean I hope they will keep themselves developing in this direction and at least not hand over blindly all that is asked of them to international powers as does the large part of the rest of the world..

Iceland itself is a drop in the bucket for the overall global economy.

What *REALLY MATTERS* here is if *OTHER COUNTRIES* somehow grow the "_____" to follow suit.

You know ... like ... "What??? We can DO that sort of thing????"

the change will occur at the rims of the centralized systems gradually, or in the center dramatically.

It is never too late for people to wake up. Especially since the system of centralized government is actually providing for less control at the edges of its territory. Because of the false money system the largest sums of money are divided and spent at the most important places and thus protection and good infrastructure will be centered in... the center of the centralization. Meaning, capitals and political centers. This leaves the system vulnerable at the rims. In that light it is no surprise that Iceland is the first to put a small stop on this system. In my line of thought Ireland has a good option of rattling the cage also because of their history and current stance. If you have Geithner intervening to stop Irish politicians creating a bank failure and trying letting the people go somewhat undamaged you know those are willing politicians. I do not think that such a move by Geithner will happen again and that next time there will be more protests, like in Greece.
So, if you are looking for change, look at the rims of Europe. Look at the smal(ler) countries in either economic or geographical sense. It is in those countries that true european liberalism and a free spirit within the population is best kept because these countries always had to make sure that their resource (human capital) was willing to stay. Because these countries knew they had to co-operate with other countries because they could not provide for themselves. That is why larger countries eventually will lose their focus on liberty and freedom. Once they are self-relient and have a large territory and/or population it starts to matter less and less how the people are treated. But I am getting carried away a bit.

So, knowing this. What can we do? Support anybody that is working towards positive change, support yourself towards positive change. It is a waiting game and the best part is, we don't have a system to lose, but a complete world to gain.

Is this a bit of an answer you were looking for?


Hurrah for Iceland. Unlike Libya, there can be no pretext for a Nato invasion. I hope Ireland follows Iceland's courageous lead.

So true!