Iceland President at Davos: Let the Banks Go Bankrupt

Iceland President Olafur Ragnar Grimsson on how letting the banks fail led to a remarkable recovery of the country's economy:



Highly surprised this got covered by fox, never the less, this should go viral, its imperative the people see that the banks do NOT in any way, shape and or form hold up a country economy, and that the US and Europe would have done fine if they let the banks fail.

Which ofcorse leads to the bigger question, why weren't the banks allowed to fail, how much of a democracy do we live in or is it a Corporatocracy from the Colosseum to Big Ben all the way to the Washington monument?

Namaste.

How surprising that they covered it at all... I always wondered if the MSM would pick this up at all at a later point, when it's a bit more 'irrelevant' and forgotten.

I'm massively jealous of how Iceland dealt with the whole thing. Elected people lost their jobs, banks went bust and heads rolled. Just what SHOULD have happened around the globe when companies (banks) mess up on such an ENORMOUS scale.

I think if down the line people realise what they let the financial institutions get away with they're heads will explode, mine almost does every time I think about it ...

I've always thought to migrate to a country like that... a country with a superpower called COMMON SENSE

reply to post by WiseThinker


it is properly due to the "Icesave" case, someone google it, i dont have time right now

is it a Corporatocracy from the Colosseum to Big Ben all the way to the Washington monument?

Yes. Iceland did the right thing, everyone else did the wrong thing. And you are right, this should go viral. Icelanders by reputation are mad as a box of frogs, they believe in fairy people, and their most famous export, the wonderful Bjork, is apparently quite conservative compared with many.
That said, they played this one right, and everyone else got it wrong. Will bookmark utube link and propagate as widely as I can. Good find

reply to post by WiseThinker


Iceland is a small nation with small communities (most people know each other) and that makes it allot easier for the people to take control over their own destiny.
That is what is needed all over the globe, allot of small nations.

Originally posted by MrNobody777
reply to post by WiseThinker

 

it is properly due to the "Icesave" case, someone google it, i dont have time right now

Here you are.

The Icesave dispute is a diplomatic dispute that began in 2008 between Iceland on one hand and the United Kingdom and the Netherlands on the other. The dispute is centred on the retail creditors of the privately owned (since 2003) Icelandic bank Landsbanki, which offered online savings accounts under the "Icesave" brand. The bank was placed into receivership by the Icelandic Financial Supervisory Authority (FME) on 7 October 2008. As a result, more than 400,000 depositors with Icesave accounts in the UK and the Netherlands were unable to access their money for at least 6 to 8 weeks, while waiting for payout from the Deposit Guarantee Schemes in these countries. Much of the public controversy arose around the UK's use of the "anti-terrorism legislation" against Iceland.

Wiki

reply to post by LiberalSceptic

Iceland is a small nation with small communities (most people know each other) and that makes it allot easier for the people to take control over their own destiny.

That is very true. Possibly more to the point, Iceland has no military, either to be paid for, or to cow the people into accepting government diktat.

Originally posted by freebornman
reply to post by LiberalSceptic

 

Iceland is a small nation with small communities (most people know each other) and that makes it allot easier for the people to take control over their own destiny.

That is very true. Possibly more to the point, Iceland has no military, either to be paid for, or to cow the people into accepting government diktat.

Why would they have a militaryforce,
when they have fairys that will summon
the collective amount of volcanos, if
they are threatend...