Little Iceland Whacks the Bankers


BACK IN 2008 the Irish Government caved in to ECB pressure and agreed to bail out in full (including — incredibly — unsecured bondholders) the creditors of Ireland’s troubled banks, putting the Irish taxpayer on the hook for potentially €65 billion. This was equivalent to nearly 40% of Irish GDP or €16,000 for every Irish man woman and child and represented, per capita, the single worst banking crisis in financial history.

It wasn’t ECB pressure alone that induced our Government to accept such a catastrophic arrangement. It was partly due to a disastrously optimistic assessment of the banks’ solvency. Everyone, top bankers, the ECB, the Irish banking regulators and statutory auditors emphasised that the problem was just a matter of short-term liquidity and with minimal ultimate exposure. Just to be sure the Dept. of Finance got top “independent” advisers Merrill Lynch (for a fee of several million dollars) to pop over to verify this rosy scenario. Which they duly did. And by the way we also had that NWO paragon, ‘proud Irishman’ Peter Sutherland, reassure us along similar lines.

The rest as they say is history. And Ireland now labours under an onerous burden and will do so for many years to come. And what of the criminally incompetent (at best) bankers, regulators, statutory auditors and advisers who walked the country into this disaster? Well apart from some senior officers of one bank (Anglo Irish) they all lived to fight another day or else retired with massive pay-offs and index-linked pensions. A bit like in the USA — indeed the rest of the “free” world — where the banksters just get fined for their crimes. With said fines getting paid out of shareholder funds. Jon Corzine, who five years ago literally ransacked his clients’ accounts (‘the money is just gone’) and who now leads a free and wealthy lifestyle in New Jersey represents a fine example of the species I have in mind.

But they do things differently in Iceland, where Nordic standards of accountability still live on. (For now anyway). Recently the country jailed its 26th culprit for the crisis — similar to Ireland’s — that engulfed the country in 2008. They also let their banks go bust and inflicted severe and fully justified haircuts on the irresponsible lenders to those banks. Cue squeals of outrage from their ‘partners’ in the EU, the IMF and the ‘international community’ who issued dire warnings of impending doom. But lo and behold, according to a new IMF report Iceland has done better than any other country in recovering from the 2008 crash. It will be the first such country to exceed pre-crash output levels while the Krona’s exchange rate versus the Euro has improved from 290 (in 2008) to 142 now. Arguably they’re better off now than they were pre-crash.

My main objective in this post is to pose the question: How did Iceland get away with it? They have told the ‘international bankers’ and their political lackeys to get stuffed, put their own people first, and refused to sell off national assets. And to round it off they’ve withdrawn their application for EU membership. Any one of these offences would normally be enough to ensure bombs for democracy or at a minimum Iran-style sanctions to bring them to heel. Which prompts me to question whether we have over-estimated the powers and cohesion of the NWO globalist financiers. Because be in no doubt that Iceland has publicly poked them in the eye and gotten clean away with it.

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Source: The Irish Savant

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T. the brilliant Bach
T. the brilliant Bach
25 January, 2016 5:10 pm

“My main objective in this post is to pose the question: How did Iceland get away with it? ”
I am thinking that it is because Iceland is a small country with an insignificant economy. Had Germany or Brazil done the same thing, the poke in the eye would be answered with a heavy arsenal of ‘financial instruments’ or plain terror or a boycot created by mass media.

15 January, 2019 10:12 am

“The commonly held thinking about the consequences of repudiation come into question.

So… “How Are the Icelanders Doing in 2012?” is a hyperlink to a video blocked by the usual suspects: [“This video contains content from UMG, who has blocked it in your country on copyright grounds.”]

The original post containing the above quotes: [2017 update]