Post by mullahpaloozer on Jun 14, 2015 9:23:32 GMT -4
repost from PB29 ... thanks
Last Edit: Jun 8, 2015 at 2:28am by 3bid
3bid
Diamond Wiz (Moderator)
*****
Iceland Recovering Fastest in Europe After Jailing Bankers Instead of Bailing them Out
June 13, 2015 by True Activist
(ANTIMEDIA) After Iceland suffered a heavy hit in the 2008-2009 financial crisis, which famously resulted in convictions and jail terms for a number of top banking executives, the IMF now says the country has managed to achieve economic recovery — “without compromising its welfare model,” which includes universal healthcare and education. In fact, Iceland is on track to become the first European country that suffered in the financial meltdown to “surpass its pre-crisis peak of economic output”—essentially proving to the U.S. that bailing out “too big to fail” banks wasn’t the way to go.
Iceland is beautifully, yet unfortunately, unique in how it chose to handle the disaster. It simply let the banks fail, which resulted in defaults totaling $85 billion—lending ample justification for the prosecution and conviction of bank executives for various fraud-related charges. The decision seemed shocking at the time, but the gamble has obviously paid off. Choosing a different route, the U.S. bailed out the banks and let executives off the hook by levying fines that ultimately ended up being paid by the corporations—meaning the executives ostensibly responsible for the mess got off scot-free.
“Why should we have a part of our society that is not being policed or without responsibility?” special prosecutor Olafur Hauksson said after Iceland’s Supreme Court upheld the convictions for three bankers—and sentenced them to between four and five and a half years each. “It is dangerous that someone is too big to investigate—it gives a sense there is a safe haven.”
Hauksson, a police officer from a small fishing village, ended up taking the role of special prosecutor after being urged to do so when the first announcement to fill the position drew no applicants. The Icelandic Parliament even aided the prosecution’s effort by loosening secrecy laws to allow investigation without the hindrance of requiring court orders.
Six of the seven convictions that ended up in Iceland’s Supreme Court have been upheld, and five cases were scheduled for the top court as of February. An additional fourteen cases appear likely to be prosecuted. By contrast, the animosity Americans felt toward their largest financial institutions after the bailout has grown bitter. After the banks pled guilty in May for manipulating global currency and interest rates, the courtimposed a paltry fine of $5.7 billion—which won’t even go to the people most affected by the fraud. Iceland’s successful prosecutions and economic recovery remain the subject of envy for Americans.
Shortly, however, Iceland’s economic health will be put to the test.
Strict capital controls that were applied when banks were circling the drain six years ago will now be loosened, allowing foreign investors—whose assets have essentially been frozen since then—to take their business elsewhere. To prevent a possible repeat crisis, the finance minister announced a 39% tax for anyone choosing to do so. “The danger is capital flight and a consequent fall in the value of the krona,” explained University of Iceland economics professor, Thorolfur Matthiasson. “That would be tantamount to October 2008, bringing back bad memories for ordinary people and possibly making most businesses unsustainable due to balance-sheet problems.”
Though many are nervous, there is still cautionary optimism since Iceland has certainly weathered the storm before.
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Sarah Robinson
Look at the facts....4 to 5.5yr sentences for financially raping your countrymen? No one wanted to step up to prosecute? I'd say that Iceland's "bold" initiative played out MUCH more like tightly controlled test farce. All the earmarks are there to indicate that all the world remains a stage, and stage craft is the biggest kind of witch craft. REAL change is coming, along with True Balance, and Righteous Judgment... Google - "Ancient High Performance Electric Motors Discovered that are still in production"
Eric Blenheim
The crimes of such bankers are so serious, that they should actually be executed, to send the right message, just as they are already executed in China whenever they are convicted of fraud, as people's whole lives economic product, their entire lifetimes of work have been squandered by these criminal parasites, who think of their victims as mere insects. Usury, especially fractional reserve banking, is a crime against humanity. Non-usurious banking could very easily be practiced, employing banking staff at reasonable wages paid from public taxation, just as public library workers are, lending at zero interest. National Socialist Germany did this and effected a brilliant financial recovery, though the international bankers ensured that they were annihilated for breaking free from slavery. Libya also suffered the same fate for the same reason.
Fractional reserve banking means that when you take a mortgage loan out, 90% of the money you borrow is fraudulently printed from thin air, in collusion with corrupt governments, quite legally in fact, all around the world, just as any counterfeit money is, with entirely similar results, massive inflation. Three times the face value of any mortgage loan is required to be repaid over 25 years, so 100,000 dollars means a repayment of 300,000 dollars is required, but when the fact that 90% of the initial sum loaned is printed from thin air, just like 'quantitative easing', is taken into account, we can see that in reality, only 10,000 dollars was ever real (and we can see where that itself was generated from, the same fraud) so that not even 10,000 dollars was real money, yet a man is required to spend the best years of his life literally slaving to pay back 300,000 dollars, a massive 30 times the amount that he was really lent. Most of the public do not even know what fractional reserve banking is, and they have no idea that they are literally slaves.
This terrible and massive fraud only impacts really heavily on the people in the Third World countries who can do nothing about it, who are at the bottom of the financial pyramid, whose commodities the West buys for 1 dollar, then sells for 100 or even 200 dollars, and those poor people bear the brunt of the enforced slavery, whilst those in the West hardly notice the immense damage to the world that they are enabling by continuing to elect politicians who enforce this crime on the world. Hang the bankers!
www.trueactivist.com/iceland-recovering-fastest-in-europe-after-jailing-bankers-instead-of-bailing-them-out/