Bankers jailed, sued as Iceland seeks culprits:
Riot Police Resign- Iceland Leads the Way, Iceland’s President twice vetoed legislation that would have forced taxpayers to bail out the country’s failed banks. Each time, the>legislation then was put before the voters as a referendum and, to no one’s surprise, was rejected again. The banks folded, and their assets were sold. Now the country is in a state of solid recovery. Is there a lesson here for the rest of the world? The President Of Iceland Tells Us How He Had The Balls To Stand Up To Britain
Iceland’s President Explains Why The World Needs To Rethink Its Addiction To Finance. Here’s the full transcript of our interview with Ólafur Ragnar Grímsson, who has been President of Iceland since 1996, and announced last month he would be running for a fifth term. Keep reading to hear his thoughts on Iceland’s recovery, and how a large financial sector can ruin the world. Iceland forgives mortgage debt of its population. This is what can be in countries that are not controlled by Zionist banksters. The IMF found that such case by case negotiations safeguard property rights and reduce moral hazard, but they take time. As of January of this year, only 35% of the case by case restructuring applications had been processed. To speed things up, Iceland has introduced a debt forgiveness plan which writes down deeply underwater mortgages to 110% of the households’ pledgeable assets. It noted that only when a comprehensive framework was put in place and a clear expiration date for relief measures announced that debt write-downs finally took off. As of January 2012, 15 to 20% of all Icelandic mortgages >have been or are in the process of being written down. Webmaster’s Commentary: So the story is actually true, up to a point. The original Spanish >broadcast exaggerated the degree of the write-downs. Not all mortgage debt has been forgiven, but much of it has. Obviously the money-junkies in this>country want this story to go away and are
screaming “fake” and the Spanish broadcast did us all a disservice by sensationalizing the story. But Iceland is trying to take care of their people ruined by Wall Street’s Mortgage-Backed Security fraud. Iceland Solves Banking Crisis by Indicting Bankers, Mortgage Relief. Daily Kos: Iceland Solves Banking Crisis by Indicting Bankers, Forcing Mortgage Relief-Richard points to recent events in Iceland as another successful application of Sweden’s model. There, the>country’s banks forgave loans equivalent to 13% of gross domestic product, according to a Bloomberg article Richard cites. The equivalent in the United States would be about $1.95 trillion of mortgage debt writedowns. Icelandic banks agreed to forgive all mortgage debt over 110% of a home’s value. Not only that, Bloomberg relates a development that would meet, I believe, with the approval of Tea Party members and Occupy protesters alike: Bankers were held personally liable for crashing the country’s economy. The CEO’s of the country’s three largest banks are among 200 who are facing criminal charges, and a special prosecutor expects up to 90 more indictments. The contrast with the United States could not be more obvious. The moral of the story is that a different approach to dealing with the banks is necessary, both to restore the U.S. economy and to prosecute financiers who broke the law. As it stands, bankers have gotten off scot-free while the country’s economic growth has been largely anemic.Tell The DOJ: Investigate Goldman Sachs. President Obama is allowing Secretary Geithner and other top officials in the Obama administration to pressure state Attorneys General to agree to a horrible settlement deal with banks that would let them off the hook for massive amounts of mortgage and foreclosure fraud. In exchange for meager penalties, the banks get immunity from future prosecution, even for misconduct that has not been fully investigated and misconduct that might still be >ongoing. Any settlement like this would amount to little more than another bank bailout, and according to published reports we might only have a small amount of time to stop it.Call President Obama and tell him not to sell us out to Wall Street. Click for the number to call and a sample script.
Iceland Arrests Former CEO Of Failed Bank Information from Connie Fogal. The bankers run for their lives. The cleansing has begun…Connie. Iceland, a country that wants to punish the bankers responsible for the crisis. Since 2008 the vast majority of the Western population dream about saying “no” to the banks, but no one has dared to do so. No one except the Icelanders, who have carried out a peaceful revolution that has managed not >only to overthrow a government and draft a new constitution, but also seeks to jail those responsible for the country’s economic debacle. Peaceful protests, pots and pans and demonstrations against the banks. Iceland, a country that wants to punish the bankers responsible for the crisis. Pressenza Pressenza International Press Agency Reikjavik, 3/28/11 Last week 9 people were arrested in London and Reykjavik for their possible responsibility for Iceland’s financial collapse in 2008, a deep crisis which developed into an unprecedented public reaction that is changing the country’s direction. It has been a revolution without weapons in Iceland, the country that hosts the world’s oldest democracy (since 930), and whose citizens have managed to effect change by going on demonstrations and banging pots and pans. Why have the rest of the Western countries not even heard about it?Pressure from Icelandic citizens’ has managed not only to bring down a government, but also begin the drafting of a new constitution (in process) >and is seeking to put in jail those bankers responsible for the financial crisis in the country. As the saying goes, if you ask for things politely it is much easier to get them. This quiet revolutionary process has its origins in 2008 when the Icelandic government decided to nationalise the three largest banks, Landsbanki, Kaupthing and Glitnir, whose clients were mainly British, and North and South American. After the State took over, the official currency (krona) plummeted and the stock market suspended its activity after a 76% collapse. Iceland was becoming bankrupt and to save the situation, the International Monetary Fund (IMF) injected U.S. $ 2,100 million and the Nordic countries helped with another 2,500 million.*Great little victories of ordinary people.While banks and local and foreign authorities were desperately seeking economic solutions, the Icelandic people took to the streets and their persistent daily demonstrations outside parliament in Reykjavik prompted the resignation of the conservative Prime Minister Geir H. Haarde and his entire government. Citizens demanded, in addition, to convene early elections, and they succeeded. In April a coalition government was elected, formed by the Social Democratic Alliance and the Left Green Movement, headed by a new Prime Minister, Jóhanna Sigurðardóttir. Throughout 2009 the Icelandic economy continued to be in a precarious situation (at the end of the year the GDP had dropped by 7%) but, despite this, the Parliament proposed to repay the debt to Britain and the Netherlands with a payment of 3,500 million Euros, a sum to be paid every month by Icelandic families for 15 years at 5.5% interest.The move sparked anger again in the Icelanders, who returned to the streets>demanding that, at least, that decision was put to a referendum. Another big small victory for the street protests: in March 2010 that vote was held and an overwhelming 93% of the population refused to repay the debt, at least with those conditions. This forced the creditors to rethink the deal and improve it, offering 3% interest and payment over 37 years. Not even that was enough. The current president, on seeing that Parliament approved the agreement by a narrow margin, decided last month not to approve it and to call on the Icelandic people to vote in a referendum so that they would have the last word. The bankers are fleeing in fear. Returning to the tense situation in 2010, while the Icelanders were refusing to pay a debt incurred by financial sharks without consultation, the coalition government had launched an investigation to determine legal >responsibilities for the fatal economic crisis and had already arrested several bankers and top executives closely linked to high risk operations. Interpol, meanwhile, had issued an international arrest warrant against Sigurdur Einarsson, former president of one of the banks. This situation led scared bankers and executives to leave the country en masse. In this context of crisis, an assembly was elected to draft a new constitution that would reflect the lessons learned and replace the current one, inspired by the Danish constitution. To do this, instead of calling experts and politicians, Iceland decided to appeal directly to the people, after all they have sovereign power over the law. More than 500 Icelanders presented themselves as candidates to participate in this exercise in direct democracy and write a new constitution. 25 of them, without party affiliations, including lawyers, students, journalists, farmers and trade union representatives were elected. Among other developments, this constitution will call for the protection, like no other, of freedom of information and expression in the so-called Icelandic Modern Media Initiative, in a bill that aims to make the country a safe haven for investigative journalism and freedom of information, where sources, journalists and Internet providers that host news reporting are protected. The people, for once, will decide the future of the country while bankers and politicians witness the transformation of a nation from the sidelines. Source: www.elconfidencial.com
Last week 9 people were arrested in London and Reykjavik for their possible responsibility for Iceland’s financial collapse in 2008, a deep crisis which developed into an unprecedented public reaction that is changing the country’s direction.
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 over-leverage 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 21stCentury. The question is whether free peoples will choose to remain free, as Iceland has, or to submit. Bill Wilson is the President of Americans for Limited Government. Read more at NetRightDaily.com: