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19. The Power of Peaceful Revolution in Iceland

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.

Censored #19

The Power of Peaceful Revolution in Iceland

Alex Pietrowski, “Iceland’s Hördur Torfason—How to Beat the Banksters,” Waking Times, December 11, 2012,

Student Researcher: Pedro Martin Del Campo (Sonoma State University)

Faculty Evaluator: Ed Beebout (Sonoma State University)


  • Duncan Wheeler November 8, 2013

    I am Irish and am governed by crooks we’ve allowed to give our country away for a pat on the head. Mostly I’m embarrassed that our spineless fellow citizens haven’t followed Iceland’s example. We possibly suffer from collective Stockholm Syndrome. Denial, greed and lack of long term planning, will hopefully, lead to a real revolution in the way we live and treat our fellow humans and the world we live in. Thanks Project censor team.
    Peace and Love, Duncan

  • tom kauser December 2, 2013

    This would have been number one except bankers want to know how close the mob is gaining on them!!!

  • Charles Sinclair December 2, 2013

    I’m Scottish we r governed from England just now that may change in 2014 I hope it does cause wen they fuck ups. We will b able to go round to thr houses which r just round the corner lol instead o the hundreds o miles away they the politicos stay just now here’sto iindependence…

    • Jonathan Lopez January 30, 2014

      It’s time to send these stooges and their puppet masters a message.

  • Larry Seppala December 22, 2013

    Must be nice to live in a country that’s for the people, by the people. Here in america when the banks screw up the tax payers bail them out, prop them up, and give them bonuses. It’s for the bankers by the bankers.

  • nikto December 24, 2013

    When The People stop rolling over, maybe the Elites will stop abusing them. The people are going to have to show some spine, or be forever underfoot.

  • Vin Francis December 29, 2013

    A great example of for the people by the
    people, a true democracy.

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