Bankers Scared S–tless by Iceland

Highly placed sources in high positions inform me that articles about Iceland are now starting to bother the arrogant banksters who started this mess. One such article is by Sarah Lyall in Sunday’s New York Times.

In a world drowning in fake debt, criminal behavior, and unnecessary Foreclosures, the one country standing out from the pack is Iceland with an economic growth rate of 2.8%, unemployment dropping like a stone, and new businesses opening quickly with loans underwritten by banks who were forced into debt forgiveness by the government.

Bankers in Iceland are being prosecuted, convicted, and sentenced for their crimes against the society that allowed them to be bankers. Not everything is perfect, but with business growing, employment growing, and a resilient determined population, Iceland is paying off it’s debts from the financial crisis and is able to easily borrow money in the open markets.

Government sources and economists say the reason could not be more obvious — forgiveness of debt, strengthening the already prodigious social safety net, and good data and information that turns out to be true and not filtered through the rose colored glasses that the bank PR machine is grinding out.

The application here and elsewhere is just plain obvious and notwithstanding proven — hold the banks and bankers accountable for their behavior, let them fail and even in Iceland where there were not a lot of banks (as opposed to the 7,000 banks and credit unions here that can easily pick up the pieces), the financial system not only survived, it prospered.

The difference between the banks in Iceland and the banks elsewhere (especially the U.S.) is that the banks, being creatures and inventions of the societies that created and allowed them to function, were managed and brought under control by government acting for the society and not for the banks.

Those seeking less government control are merely using it as a rallying cry to lure people into voting against themselves. We need fireman, policeman, teachers etc. And we need police on Wall Street in particular.

Tags: banks, debt, foreclosures, forgiveness, ICELAND, prosecution
Posted in bubble, Corruption, Eviction, evidence, expert witness, Modification, securities fraud |