Steven Collins: Iceland Revolts vs. “Babylon the Great” – NEW

I’m sure all readers are aware of the Eurozone crisis which has resulted in bailouts of banks and bondholders in Ireland and in Greece in which the citizenry has to make ever-increasing sacrifices as part of the “bailouts” or “restructuring” of excessive sovereign debts. Portugal, Spain and Italy have been added to the list of nations needing bailouts and some media articles have speculated France may be next.
The German people are reportedly growing very tired of bailing out their financially less-disciplined Eurozone partners, and there is speculation about whether the Eurozone can survive in its current status.
The first link below reveals that one nation has chosen another path. That nation is little Iceland, which was the first European nation to go bankrupt in the ongoing financial/monetary crisis. The article states that Iceland’s choice has been given a media blackout because its solution is “the last thing the powers that be want is for Iceland to become an example.” Initially, Iceland was pressured by the international community, the IMF and especially by Holland and Great Britain to bail out the Icelandic banks’ mistakes with public funds. The banker-backed solution was for “each Icelandic citizen to pay 100 Euros (or about $130) for fifteen years, at 5.5% interest, to pay off a debt incurred by private parties vis-à-vis other private parties.”
Iceland rebelled against the banker-desired “solution.” The Icelandic Head of State “refused to ratify” this solution and submitted it to the voters of Iceland who rejected it by a 93% vote. In spite of dire threats from the international/banker community, Iceland has instead chosen to go after the bankers themselves. It “launched civil and penal investigations” of the bankers who caused the problem, and the former head of one bank is now hiding from an Interpol  arrest warrant as “other bankers implicated in the crash fled the country.” read the rest on: 

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