Category Archives: Region: Iceland

With Its Economy on the Mend, Iceland Stuffs Bankers for Second Time

By Tyler Durden
Zero Hedge

In a shining example of how it can be done, Iceland, for the second time in as many years, by popular vote refused to provide up to $5 billion to Britain and Netherlands banks. The just completed referendum once again rejected a $5 billion Icesave debt deal, pushed on Iceland by its European banking brethren.

“The debt was incurred when Britain and the Netherlands compensated their nationals who lost savings in online ‘Icesave’ accounts owned by Landsbanki, one of three Icelandic banks that collapsed in late 2008.” And while Iceland PM Johanna Sigurdardottir did a brief Mutual Assured Destruction tour claiming “economic and political chaos could follow,” we can’t help but think we are witnessing the early stages of Europe’s most flourishing economy over the next decade, while all other countries in Europe fail one after another due to their inability, unwillingness and cowardice to force bankers to experience, gasp, losses for fear of “reprisals.”

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Iceland Proves Ireland Did `Wrong Things’ Sacrificing Taxpayers

By Yalman Onaran
Bloomberg

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, writes Yalman Onaran.

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Media Matters: Iceland a Port of Refuge

By Tesha Miller
Seismologik

Julian Assange’s creation of Wikileaks and its subsequent release of hundreds of thousands of classified US War and Diplomatic documents has become one of the most controversial journalistic undertakings of the day. The release of this sensitive material has spurned a global debate about the role of journalism in contemporary times and what level of information is appropriate for individual consumption. The amount of knowledge that the public has on national and international affairs depends directly upon the legislative outcomes to these new information challenges and ultimately, how we decide to protect journalists, whistleblowers and news media organizations.

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Icelanders egg PM as global protests condemn corruption, banksters

By Rady Ananda

As proceedings begin against Iceland’s former Prime Minister, Geir Haarde, for the banking crisis of 2008, at least two thousand Icelanders took to the streets in two days of protest this weekend.  Iceland joins over a dozen other nations protesting economic measures taken out on the public while banks and large corporations receive bailouts. Class war is on, and it’s gone global.

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Tribal victories against corporate ecoterrorism a model for us all

Once warring tribes now ally to defeat mining and drilling

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By John Perkins
Yes! Magazine

Lessons from the Dongria Kondh: With greater power to build alliances across boundaries, the Davids of the world are having more success throwing off the Goliaths

It was the kind of fight in which the power seems so one-sided that the conclusion is foregone. The indigenous Dongria Kondh of Niyamgiri, India, saw their homeland and their sacred mountains threatened by Vedanta Resources, an international mining company that planned to build an enormous bauxite mine in the heart of their land. The Dongria used themselves as roadblocks to keep Vedanta employees away, but it was hard to imagine that their resistance would have long-term effects.

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The Feedback Loop No One Thought of: The Katla Volcano

It's Not Nice To Fool Mother Nature

For the past several weeks, I have wondered about the impact on the tectonic plates of the melted glacier water rushing from the poles towards the equator.  I looked at the relative depth of the water versus the depth of the lithosphere and concluded that we really had nothing significant to worry about regarding plate tectonics and global warming.

Not quite.  As usual, I spoke too soon.

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First Iceland, then the World

Michael Collins

The public is angry. Why should the public pay for the bankers mistakes. Iceland blogger Halldor Sigurdsson

Who cleans up the mess when ignorant, greedy bankers rack up massive debt then go broke? The people of Iceland made a strong statement Saturday. The sins of big bankers and government regulators shouldn’t fall on the citizens. By a 93% to 2% margin, they voted down a proposal requiring them to cover bad debt incurred by one of the nation’s oldest and largest banks. Covering the debt would have cost Iceland’s 317,000 citizens around $17,000 each.

Iceland’s national referendum was the first opportunity for the people of any nation to vote directly on who pays when the financial elite fail.

As citizens voted, Iceland’s Prime Minister was dismissing the importance of the vote and promising to negotiate a payment scheme obligating citizen subsidies for bad debt created by Iceland’s beyond-bad bankers.

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