Whatever happened to Iceland?
Feb 09, 2012
As one European country after another fails or risks failing, imperiling the Euro, with repercussions for the entire world, the last thing the powers that be want is for Iceland to become an example. Here’s why....
In 2003 Iceland’s debt was equal to 200 times its GNP, but in 2007, it was 900 percent. The 2008 world financial crisis was the coup de grace. The three main Icelandic banks, Landbanki, Kapthing and Glitnir, went belly up and were nationalized, while the Kroner lost 85% of its value with respect to the Euro. At the end of the year Iceland declared bankruptcy.
Contrary to what could be expected, the crisis resulted in Icelanders recovering their sovereign rights, through a process of direct participatory democracy that eventually led to a new Constitution. But only after much pain.
I suspect that both Greeks and Italians are starting to realize that the real solution to their financial crisis is not "austerity" but bankruptcy. Bankruptcy is really a biblical Jubilee in many ways. When the people understand that it was the nature of the Babylonian system itself that has brought all nations into financial slavery to the few, they will revolt.
This system was designed by the few to gain power over all nations. Their weakness is in the fact that they presumed that they could retain power by military or legal force--that the military or police would enforce the enslavement of the people.
In the end, that will not happen. The financial elite have overplayed their hand. No one wants them as world rulers.