One word and a world of difference between us
After the privatisation of the banking sector, completed in 2000, the economy was thrown into a tailspin when over a five-year period, private bankers borrowed 120 billion dollars, (10 times the size of Iceland’s economy).
A huge economic bubble was created, causing house prices to double, and making a small percentage of Iceland’s population rich enough to buy up overseas investments, mansions, yachts, and private jets, while leaving an absolutely unpardonable debt for all Icelanders. Iceland was facing national bankruptcy. In response to the failed banking system, in October 2008, Iceland’s revolution against this financial tyranny began, rather casually in the street, in front of the Icelandic general assembly.
In the space of five months, the main bank of Iceland was nationalised, government officials were forced to resign, the old government was liquidated, and a new government was put in its place. 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 were facing 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 2013, Iceland’s economy is expected to outgrow the Euro and the average for the developed world, as estimated by the Paris-based Organisation for Economic Cooperation and Development. The end result of the peaceful resistance to economic tyranny is a model for all Western nations who are currently being gutted by a totally corrupt banking system.
Can Ireland hold out for a banking miracle like Iceland’s and somehow muster the fortitude to demand an end to economic corruption? Yes! All it takes is one word: “No!”
Anthony Woods
Ennis
Co Clare
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