Iceland’s Quiet Revolution

Iceland votes no to debt

Another media black-out exposed. The powers-that-be don’t want you to know that this is happening for fear that it might set a precedent – a situation that could bring down the global financial elite. Iceland is refusing to play ball…

From The South African Civil Society Information Service:

“Protests and riots continued, eventually forcing the government to resign. Elections were brought forward to April 2009, resulting in a left-wing coalition which condemned the neoliberal economic system, but immediately gave in to its demands that Iceland pay off a total of three and a half million Euros.  This required each Icelandic citizen to pay 100 Euros a month (or about $130) for fifteen years, at 5.5% interest, to pay off a debt incurred by private parties vis a vis other private parties. It was the straw that broke the reindeer’s back.

What happened next was extraordinary. The belief that citizens had to pay for the mistakes of a financial monopoly, that an entire nation must be taxed to pay off private debts was shattered, transforming the relationship between citizens and their political institutions and eventually driving Iceland’s leaders to the side of their constituents. The Head of State, Olafur Ragnar Grimsson, refused to ratify the law that would have made Iceland’s citizens responsible for its bankers’ debts, and accepted calls for a referendum…”

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2 Comments

  1. Stuff about it on Reuters… so why not the BBC?

    http://www.reuters.com/article/2011/09/04/us-iceland-idUSTRE78324Z20110904

  2. I have read so many articles about the blogger lovers however this post is really a pleasant paragraph,
    keep it up.


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