Iceland is experiencing one of the greatest economic comebacks of all time, reported Alex Pietrowski.
After privatization of the nation’s banking sector, completed in 2000, private bankers borrowed $120 billion (ten times the size of Iceland’s economy), creating a huge economic bubble that doubled housing prices and made a small percentage of the country’s population exceedingly wealthy. When the bubble burst, the bankers left the nation on the verge of bankruptcy and its citizens with an unpayable debt.
In October 2008, Iceland’s people took to the streets in response to the economic crisis caused by the banksters. Over a span of five months, the main bank of Iceland was nationalized, government officials were forced to resign, the old government was liquidated, and a new government was established. By March 2010, Iceland’s people voted to deny payment of the 3,500 million debt created by the bankers, and about 200 high-level executives and bankers responsible for the economic crisis in the country were either arrested or faced criminal charges.
In February 2011, a new constitutional assembly settled in to rewrite the tiny nation’s constitution, which aimed to avoid entrapment by debt-based currency foreign loans. In 2012, the Paris-based Organisation for Economic Co-operation and Development expected Iceland’s economy to outgrow the euro and the average for the developed world.
The Power of Peaceful Revolution in Iceland
Alex Pietrowski, “Iceland’s Hördur Torfason—How to Beat the Banksters,” Waking Times, December 11, 2012, http://www.wakingtimes.com/2012/12/11/icelands-hordur-torfason-how-to-beat-the-banksters.
Student Researcher: Pedro Martin Del Campo (Sonoma State University)
Faculty Evaluator: Ed Beebout (Sonoma State University)