In Iceland, the people have made the government resign, the primary banks have been nationalized, it was decided to not pay the debt that these created with Great Britain and Holland due to their bad financial politics and a public assembly has been created to rewrite the constitution. And all of this in a peaceful way.
A whole revolution against the powers that have created the current global crisis. This is why there hasn't been any publicity during the last two years: What would happen if the rest of the EU citizens took this as an example? What would happen if the US citizens took this as an example..
Top Economists: Iceland Did It Right … And Everyone Else Is Doing It Wrong
“What Iceland did was right. It would have been wrong to burden future generations with the mistakes of the financial system.” -Joe Stiglitz, Nobel prize winning economist
“What [Iceland's recovery] demonstrated was the … case for letting creditors of private banks gone wild eat the losses.” -Paul Krugman, Nobel prize winning economist
This is a summary of the facts:
- 2008. The main bank of the country is nationalized.
- The Krona, the currency of Iceland devaluates and the stock market stops. The country is in bankruptcy.
- 2008. The citizens protest in front of parliament and manage to get new elections that make the resignation of the prime minister and his whole government.
- The country is in bad economic situation.
- A law proposes paying back the debt to Great Britain and Holland through the payment of 3,500 million euros, which will be paid by the people of Iceland monthly during the next 15 years, with a 5.5% interest.
- 2010. The people go out in the streets and demand a referendum. In January 2010 the president denies the approval and announces a popular meeting.
- In March the referendum and the denial of payment is voted in by 93%. Meanwhile the government has initiated an investigation to bring to justice those responsible for the crisis, and many high level executives and bankers are arrested. The Interpol dictates an order that make all the implicated parties leave the country.
In this crisis an assembly is elected to rewrite a new Constitution which can include the lessons learned from this, and which will substitute the current one (a copy of the Danish Constitution).
25 citizens are chosen, with no political affiliation, out of the 522 candidates. For candidacy all that was needed was to be an adult and have the support of 30 people. The constitutional assembly starts in February of 2011 to present the ‘carta magna’ from the recommendations given by the different assemblies happening throughout the country. It must be approved by the current Parliament and by the one constituted through the next legislative elections.
So in summary of the Icelandic revolution:
This move is what got Julius Ceasar killed in ancient Rome. He reduced the mortgage debt of the population by 50%. This would be a viable solution to the problem. Bank shareholders and holders of mortgage debt instruments would suffer, so your life insurance policy and retirement savings might become worthless, but your house would be clear title. This is awesome. It shows when the people DO STAND UP they have more power and win against the corrupt bankers and politicians of a country. Iceland is forgiving and erasing the mortgage debt of the population. They are putting the bankers and politicians on the "Bench of the Accused." Which means I assume they are putting them on trial for corruption.
- Resignation of the whole government.
- Nationalization of the bank.
- Referendum so that the people can decide over the economic decisions.
- Incarcerating the responsible parties.
- Rewriting of the constitution by its people.
Now the rest of people of the world need to start doing the same thing. We all need to stand up and against all the corruption and fraud of politicians that are puppets of the banks and corporations. The government of Iceland has forgiven the mortgage debt for much of its population. This nation chose a very different way of stopping the crisis from the rest of European countries. It decided to hear the requests of the population and to put politicians and bankers on the bench of the accused three years after their financial excesses would sank one of the most prosperous economies in 2008.
Have we been informed of this through the media? Has any political program in radio or TV commented on this? No! The Icelandic people have been able to show that there is a way to beat the system and has given a democracy lesson to the world!