Iceland Erects Middle Finger To Banks, Wins


Funny how this is getting scant attention….

Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger.

Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.

Their anger, if you remember, including the very-explicit threat to burn the government to the ground — literally — with road flare protests and pelting Parliament with rocks.

Remember this?

It worked.  The people won, and the banksters lost, at least for now.

Banks were closed and reorganized, depositors protected and external creditors told to stuff it.  Despite claims at the time of “dire consequences” they never materialized — oh threats were made, but in the end nobody invaded and nobody did a damn thing about it, because they couldn’t.

As for handcuffs, we might get those too….

Iceland’s special prosecutor has said it may indict as many as 90 people, while more than 200, including the former chief executives at the three biggest banks, face criminal charges.

That would be a great thing indeed.

The lesson here is that you don’t have to put up with the banksters and the world will not end if you feed them to the sharks.  Rather, what will happen is that your economy will recover.

We should all make them eat their own cooking, following Iceland’s example.

Discussion (registration required to post)