A very good reason exists for the apparent failure of television and newspapers to provide any publicity on this unprecedented event: what would happen if the rest of the EU and the United States took this as an example?
The main bank of Iceland is nationalized.
The Krona, the currency of Iceland devaluates and the stock market halts. The country is in bankruptcy
Citizens rise up at Parliament and succeed in forcing the resignation of both the prime minister and the effective government. New elections are held.
Yet, the country remains in a bad economic situation. A Parliament act is passed to pay back 3,500 million Euros to Great Britain and Holland by the people of Iceland monthly during the next 15 years, with 5.5% interest.
The people of Iceland again take to the streets to demand a referendum. In January of 2010, the President of Iceland denies approval, instead announcing a popular vote on the matter by the people.
In March, a referendum and denial of payment is approved by popular vote of 93%. Meanwhile, government officials initiate an investigation to bring to justice those responsible for the crisis. Many high level executives and bankers are arrested. Interpol dictates an order to force all implicated parties to leave Iceland.
An assembly is elected to write a new constitution (based on the Denmark’s) to avoid entrapments of debt based currency foreign loans. 25 citizens are chosen ~ with no political affiliation ~ out of the 522 candidates.
The only qualifications for candidacy are adulthood and the support of 30 people. The constitutional assembly started in February of 2011.
It continues to present ‘carta magna’ from recommendations provided by various assemblies throughout the country.
Ultimately, it must be approved by both the current Parliament and the one created through the next legislative election.
~ resignation of the entire corrupt government of the country;
~ nationalization of the bank
~ referendum enabling the people to determine their own economic system
~ incarceration of responsible parties, and
~ a rewriting of the Iceland Constitution by its people
Have we been informed about this through the main stream media?
Has any political program on radio or TV commented on this?
The belief that citizens had to pay for the mistakes of a financial monopoly, that an entire nation must be taxed to pay off private debts was shattered, transforming the relationship between citizens and their political institutions and eventually driving Iceland’s leaders to the side of their constituents.
“We were told that if we refused the international community’s conditions, we would become the Cuba of the North. But if we had accepted, we would have become the Haiti of the North.” (How many times have I written that when Cubans see the dire state of their neighbor, Haiti, they count themselves lucky.)
Photos courtesy Trey Ratcliff