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<DIV><FONT size=4><FONT color=#0000ff>Thanks to a News Club friend for
this. Interesting to watch another country cope with some of the same
situations we have, but respond differently. I haven't read
this yet but look forward to seeing how they pulled out of their economic
troubles. - R</FONT></FONT></DIV>
<DIV><EM><FONT size=4></FONT></EM> </DIV>
<DIV><EM><FONT size=4></FONT></EM> </DIV>
<DIV><EM><FONT size=4></FONT></EM> </DIV>
<DIV><EM><FONT size=4>"ICELAND. <B>No news from Iceland?… why? How come we hear
everything that happens in Egypt but no news about what’s happening in
Iceland:</B><B><SPAN> </SPAN></B><BR><BR></DIV></FONT></EM>
<DIV><EM><FONT size=4>"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.<BR><BR></FONT></EM></DIV>
<DIV><FONT size=4><EM>"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."</EM></FONT></DIV><SPAN><EM></EM></SPAN>
<DIV><SPAN><FONT color=#0000ff face=Calibri></FONT></SPAN> </DIV>
<DIV><SPAN><EM></EM></SPAN> </DIV>
<DIV><SPAN><EM></EM></SPAN> </DIV>
<DIV><BR></DIV>
<DIV style="FONT: 10pt Tahoma">
<DIV style="BACKGROUND: #f5f5f5">
<DIV><B>Subject:</B> Iceland got over the recession fast—by jailing the
banksters, and bailing out the people</DIV></DIV></DIV>
<DIV><BR></DIV>
<DIV>
<BLOCKQUOTE type="cite">
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<DIV class=moz-forward-container>From Jack Gordon:<BR>
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<CENTER></CENTER></DT></DL><B><BR></B></TD></TR></TBODY></TABLE><B><BR><I>The
current manufactured "financial crisis," which goes under several names
(e.g., "fiscal cliff") is nothing but wild derivatives casino gambing by
the elite, using your 401K, your mortgage, and your pension,
</I><I><U>after</U></I><I> they've slyly re-structured financial "laws"
so that </I><I><U>they take all the winnings</U></I><I> from the casino
gambling and </I><I>you take their losses</I><I>. Ergo, all the "debt"
we owe is phony. </I><I><U>Period</U></I><I>. It's a beautiful
system for the elite as long as the people </I><I><U>allow</U></I><I>
it. </I><I><BR></I><I><BR></I><I>Well the people of Iceland reversed
it. Turned it around. As the article below says, Iceland
made the "creditors of private banks gone wild eat the
losses."</I><I><BR></I><I><BR></I><I>Gee. You'd think this would be huge
news. Why aren't we hearing anything about Iceland from the MSM?
Gee, take a guess why. </I><I><BR></I><I><BR></I></B><I><BR></I><A
href="http://www.washingtonsblog.com/2012/08/top-economists-iceland-did-it-right-everyone-else-is-doing-it-wrong.html"
target=_blank
moz-do-not-send="true">http://www.washingtonsblog.com/2012/08/top-economists-iceland-did-it-right-everyone-else-is-doing-it-wrong.html</A>
<BR>
<H1><FONT size=5>Top Economists: Iceland Did It Right … And Everyone
Else Is Doing It Wrong</FONT></H1>
<DIV><SPAN>Posted on</SPAN> <A title="5:20 am"
href="http://www.washingtonsblog.com/2012/08/top-economists-iceland-did-it-right-everyone-else-is-doing-it-wrong.html"
rel=bookmark target=_blank moz-do-not-send="true"><SPAN>August 25,
2012</SPAN></A> <SPAN>by</SPAN> <SPAN><A
title="View all posts by WashingtonsBlog"
href="http://www.washingtonsblog.com/author/washingtonsblog"
target=_blank moz-do-not-send="true">WashingtonsBlog</A></SPAN> </DIV>
<H3 style="COLOR: #000099">Iceland Shows the Way</H3>
<P>Nobel prize winning economist Joe Stiglitz <A title=notes
href="http://www.imf.org/external/mmedia/view.aspx?vid=1234323638001"
target=_blank moz-do-not-send="true">notes</A>:</P>
<BLOCKQUOTE>
<P>What Iceland did was right. It would have been wrong to burden
future generations with the mistakes of the financial
system.</P></BLOCKQUOTE>
<P>Nobel prize winning economist Paul Krugman <A title=writes
href="http://krugman.blogs.nytimes.com/2012/07/08/the-times-does-iceland/"
target=_blank moz-do-not-send="true">writes</A>:</P>
<BLOCKQUOTE>
<P>What [Iceland's recovery] demonstrated was the … case for
<B>letting creditors of private banks gone wild eat the
losses</B>.</P></BLOCKQUOTE>
<P>Krugman also <A title=says
href="http://www.nytimes.com/2011/10/28/opinion/krugman-the-path-not-taken.html?adxnnl=1&adxnnlx=1345867588-vERqYCv9XcPz84VO3fd9hQ"
target=_blank moz-do-not-send="true">says</A>:</P>
<BLOCKQUOTE>
<P>A funny thing happened on the way to economic Armageddon: Iceland’s
very desperation made conventional behavior impossible, freeing the
nation to break the rules. <STRONG>Where everyone else bailed out the
bankers and made the public pay the price, Iceland let the banks go
bust</STRONG> and actually expanded its social safety net. Where
everyone else was fixated on trying to placate international
investors, Iceland imposed temporary controls on the movement of
capital to give itself room to maneuver.</P></BLOCKQUOTE>
<P>Krugman is right. <A title="Letting the banks go bust"
href="http://www.washingtonsblog.com/2012/07/top-bankers-call-for-break-up-of-giant-banks.html"
target=_blank moz-do-not-send="true">Letting the banks go bust</A> –
instead of <A title="perpetually bailing them out"
href="http://www.washingtonsblog.com/2012/03/big-banks-continue-to-suck-at-the-government-teat-with-never-ending-stealth-bailouts.html"
target=_blank moz-do-not-send="true">perpetually bailing them out</A> –
is the right way to go.</P>
<P>We’ve previously <A title=noted
href="http://www.washingtonsblog.com/2011/11/will-greece-pull-an-iceland-and-tell-the-banks-to-pound-sand.html"
target=_blank moz-do-not-send="true">noted</A>:</P>
<BLOCKQUOTE>
<P>Iceland told the banks to pound sand. And Iceland’s economy is
doing much better than virtually all of the countries which have let
the banks push them around.</P></BLOCKQUOTE>
<P>Bloomberg <A title=reports
href="http://www.businessweek.com/news/2012-08-12/imf-says-bailouts-iceland-style-hold-lessons-for-crisis-nations"
target=_blank moz-do-not-send="true">reports</A>:</P>
<BLOCKQUOTE>
<P>Iceland holds some key lessons for nations trying to survive
bailouts after the island’s approach to its rescue led to a
“surprisingly” strong recovery, the International Monetary Fund’s
mission chief to the country said.</P>
<P>Iceland’s commitment to its program, a <STRONG>decision to push
losses on to bondholders instead of taxpayers</STRONG> and the
safeguarding of a welfare system that shielded the unemployed from
penury helped propel the nation from collapse toward recovery,
according to the Washington-based fund.</P>
<P>***</P>
<P><STRONG>Iceland refused to protect creditors in its banks</STRONG>,
which failed in 2008 after their debts bloated to 10 times the size of
the economy.</P></BLOCKQUOTE>
<P>The IMF’s point about bondholders is an important one: the <A
title="failure to force a haircut on the bondholder"
href="http://www.washingtonsblog.com/2011/08/never-ending-depression-and-scalping-of.html"
target=_blank moz-do-not-send="true">failure to force a haircut on the
bondholder</A>s is dooming the U.S. and Europe to economic doldrums.</P>
<P>The IMF <A title=notes
href="http://www.washingtonsblog.com/2012/08/www.imf.org/external/pubs/ft/survey/so/2011/car110311a.htm"
target=_blank moz-do-not-send="true">notes</A>:</P>
<BLOCKQUOTE>
<P>[The] decision not to make taxpayers liable for bank losses was
right, economists say.</P></BLOCKQUOTE>
<P>In other words, as IMF <A title="put it"
href="http://www.imf.org/external/pubs/ft/survey/so/2011/SurveyartF.htm"
target=_blank moz-do-not-send="true">put it</A>:</P>
<BLOCKQUOTE>
<P>Key to Iceland’s recovery was [a] program [which] sought to ensure
that the restructuring of the banks would not require Icelandic
taxpayers to shoulder excessive private sector losses.</P></BLOCKQUOTE>
<P>Icenews <A title="points out"
href="http://www.icenews.is/index.php/2012/08/22/icelands-recovery-continues-declared-impressive/"
target=_blank moz-do-not-send="true">points out</A>:</P>
<BLOCKQUOTE>
<P>Experts continue to praise Iceland’s recovery success after the
country’s bank bailouts of 2008.</P>
<P><STRONG>Unlike the US and several countries in the eurozone,
Iceland allowed its banking system to fail in the global economic
downturn and put the burden on the industry’s creditors rather than
taxpayers</STRONG>.</P>
<P>***</P>
<P>The rebound continues to wow officials, including International
Monetary Fund chief Christine Lagarde, who recently referred to the
Icelandic recovery as “impressive”. And experts continue to reiterate
that European officials should look to Iceland for lessons regarding
austerity measures and similar issues.</P></BLOCKQUOTE>
<P>Barry Ritholtz <A title=noted
href="http://www.ritholtz.com/blog/2011/05/how-to-handle-a-financial-crisis-like-iceland/"
target=_blank moz-do-not-send="true">noted</A> last year:</P>
<BLOCKQUOTE>
<P>Rather than bailout the banks — Iceland could not have done so even
if they wanted to — they guaranteed deposits (the way our FDIC does),
and let the normal capitalistic process of failure run its course.</P>
<P>They are now much much better for it than the countries like the US
and Ireland who did not.</P></BLOCKQUOTE>
<P>Bloomberg <A title="pointed out"
href="http://www.bloomberg.com/news/2011-02-01/iceland-proves-ireland-did-wrong-things-saving-banks-instead-of-taxpayer.html"
target=_blank moz-do-not-send="true">pointed out</A> February 2011:</P>
<BLOCKQUOTE>
<P>Unlike other nations, including the U.S. and Ireland, which
injected billions of dollars of capital into their financial
institutions to keep them afloat, Iceland placed its biggest lenders
in receivership. It chose not to protect creditors of the country’s
banks, whose assets had ballooned to $209 billion, 11 times gross
domestic product.</P>
<P>***</P>
<P>“Iceland did the right thing … creditors, not the taxpayers,
shouldered the losses of banks,” says Nobel laureate Joseph Stiglitz,
an economics professor at Columbia University in New York. “Ireland’s
done all the wrong things, on the other hand. That’s probably the
worst model.”</P>
<P>Ireland guaranteed all the liabilities of its banks when they ran
into trouble and has been injecting capital — 46 billion euros ($64
billion) so far — to prop them up. That brought the country to the
brink of ruin, forcing it to accept a rescue package from the European
Union in December.</P>
<P>***</P>
<P>Countries with larger banking systems can follow Iceland’s example,
says Adriaan van der Knaap, a managing director at UBS AG.</P>
<P>“It wouldn’t upset the financial system,” says Van der Knaap, who
has advised Iceland’s bank resolution committees.</P>
<P>***</P>
<P>Arni Pall Arnason, 44, Iceland’s minister of economic affairs, says
the decision to make debt holders share the pain saved the country’s
future.</P>
<P>“If we’d guaranteed all the banks’ liabilities, we’d be in the same
situation as Ireland,” says Arnason, whose Social Democratic Alliance
was a junior coalition partner in the Haarde government.</P>
<P>***</P>
<P>“In the beginning, banks and other financial institutions in Europe
were telling us, ‘Never again will we lend to you,’” Einarsdottir
says. “Then it was 10 years, then 5. Now they say they might soon be
ready to lend again.”</P></BLOCKQUOTE>
<P>And Iceland’s prosecution of white collar fraud <A
title="played a big part in its recovery"
href="http://www.washingtonsblog.com/2012/05/trust.html" target=_blank
moz-do-not-send="true">played a big part in its recovery</A>:</P>
<BLOCKQUOTE>
<P>[The <A title=U.S.
href="http://www.washingtonsblog.com/2011/11/obama-prosecuting-fewer-financial-crimes-than-under-either-bush-presidency.html"
target=_blank moz-do-not-send="true">U.S.</A> and <A title=Europe
href="http://www.washingtonsblog.com/2011/01/failing-to-prosecute-financial-fraud-on-either-side-of-the-atlantic-is-extending-our-economic-crisis.html"
target=_blank moz-do-not-send="true">Europe</A> have thwarted white
collar fraud investigations ... let alone prosecutions.] On the other
hand, Iceland has prosecuted the <A
title="fraudster bank heads"
href="http://query.nytimes.com/gst/fullpage.html?res=9C04E3D6103EF930A15751C0A9649D8B63&ref=iceland"
target=_blank moz-do-not-send="true">fraudster bank heads</A> (and <A
title=here
href="http://www.icenews.is/index.php/2011/01/20/more-icelandic-bankers-arrested/"
target=_blank moz-do-not-send="true">here</A> and <A title=here
href="http://www.google.com/hostednews/afp/article/ALeqM5hkg5VhwETJHWaiIqxwwj_PsHQ2Dg"
target=_blank moz-do-not-send="true">here</A>) and their <A
title="former prime minister"
href="http://dealbook.nytimes.com/2012/04/23/icelands-ex-prime-minister-convicted-of-one-charge-related-to-financial-crisis/"
target=_blank moz-do-not-send="true">former prime minister</A>, and
their economy is <A
title="recovering nicely"
href="http://www.imf.org/external/pubs/ft/survey/so/2011/SurveyartF.htm"
target=_blank moz-do-not-send="true">recovering nicely</A> … because
trust is being restored in the financial system.</P></BLOCKQUOTE><BR>
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<H2><FONT color=#3333ff size=6><SPAN><A
style="TEXT-DECORATION: none !important"
href="http://americannationalmilitia.com/iceland-totally-repeaces/"
target=_blank moz-do-not-send="true">Iceland
Totally Repeaces</A></SPAN></FONT></H2><SPAN
style="COLOR: rgb(136,136,136)">by<SPAN> </SPAN><SPAN><A
style="COLOR: rgb(136,136,136) !important; TEXT-DECORATION: underline"
href="http://americannationalmilitia.com/?author=1" target=_blank
moz-do-not-send="true">Drake</A></SPAN></SPAN></TD></TR></TBODY></TABLE>
<DIV> <B>News that is music to your
ears...</B><BR><BR><IMG id=2c0f8f24-fa98-40c8-983a-477532aa6091
src="cid:4B78B6AA61094697BECD110287E138B7@OwnerPC1302" width=459
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<DIV><SPAN></SPAN><BR></DIV>
<DIV align=left>
<DIV>ICELAND. <B>No news from Iceland?… why? How come we hear everything
that happens in Egypt but no news about what’s happening in
Iceland:</B><B><SPAN> </SPAN></B><BR><BR>
<DIV><FONT size=4>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.<BR><BR></FONT></DIV>
<DIV>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.<SPAN> </SPAN><BR><BR>
<DIV><B><FONT size=4>This is a summary of the
facts:<BR><BR></FONT></B></DIV>
<DIV><FONT size=4>2008. The main bank of the country is
nationalized.<BR><BR>The Krona, the currency of Iceland devaluates and
the stock market stops. The country is in
bankruptcy<BR><BR></FONT></DIV>
<DIV><FONT size=4>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.<BR><BR></FONT></DIV>
<DIV><FONT size=4>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.<BR><BR></FONT></DIV>
<DIV><FONT size=4>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.<BR><BR></FONT></DIV>
<DIV><FONT size=4>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.<BR><BR></FONT></DIV>
<DIV><FONT size=4>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).<BR><BR></FONT></DIV>
<DIV><FONT size=4>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.</FONT></DIV>
<DIV><FONT size=4>So in summary of the Icelandic revolution:<BR></FONT>
<BLOCKQUOTE><FONT size=4>-resignation of the whole
government</FONT><BR><FONT size=4>-nationalization of the
bank.</FONT><BR><FONT size=4>-referendum so that the people can decide
over the economic decisions.</FONT><BR><FONT size=4>-incarcerating the
responsible parties</FONT><BR><FONT size=4>-rewriting of the
constitution by its people</FONT></BLOCKQUOTE></DIV>
<DIV><FONT size=4>Have we been informed of this through the
media?<BR>Has any political program in radio or TV commented on
this?<BR>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.</FONT></DIV>
<DIV><FONT size=4><BR>Please spread the news as Iceland is the role
model now although sooner or later, the banksters will start demolishing
their nationalized
bank.<BR><SMALL><BR></SMALL></FONT></DIV></DIV></DIV></DIV>
<DIV align=left>
<DIV><SMALL><FONT size=4><SMALL> >>>We need all the
help we can get.</SMALL></FONT></SMALL></DIV></DIV>
<DIV align=left>
<DIV><SMALL><FONT size=4><SMALL> Get off the couch
and go for freedom!</SMALL></FONT></SMALL></DIV></DIV><SMALL><FONT
size=4><SMALL> ~
Drake<BR></SMALL></FONT></SMALL><BR></TD></TR></TBODY></TABLE><BR></DIV></DIV>
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<DIV style="DISPLAY: inline">From: </DIV>Robert Gipson <BR></TD></TR>
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<DIV style="DISPLAY: inline">Date: </DIV>12/01/2012 12:09
PM</TD></TR></TBODY></TABLE><BR>
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<TD vAlign=top>The current "financial crisis," which is going by several
names (e.g., "fiscal cliff") is nothing more than wild derivatives
casino gambling by the elite, using your assets (your mortgage, your
pension), <U>when</U> they have re-structured financial laws so that
they take all the winnings from this gambling and you take their losses.
Ergo, all the "debt" we owe is phonier than a 3-dollar bill. It's
a beautiful system for the elite as long as the people allow it.
<BR><BR>Well the people of Iceland reversed it. Turned it
around. Made the "creditors of private banks gone wild eat the
losses."<BR><BR>Gee. You'd think this ... Hmmm. Why aren't
we hearing any news about Iceland in the MSM? It's really big
news.
<BR><BR><BR></TD></TR></TBODY></TABLE></DIV></DIV></DIV></DIV></DIV></SPAN></DIV></DIV></DIV></DIV></BLOCKQUOTE></DIV><BR></BODY></HTML>