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Iceland Jailed Bankers and Rejected Austerity—and It’s Been a Success


Iceland Jailed Bankers and Rejected Austerity—and It’s Been a Success

Roisin Davis

When the global economic crisis hit in 2008, Iceland suffered terribly—perhaps more than any other country. The savings of 50,000 people were wiped out, plunging Icelanders into debt and placing 25 percent of its homeowners in mortgage default.

Now, less than a decade later, the nation’s economy is booming. And this year it will become the first culturally European country that faced collapse to beat its pre-crisis peak of economic output.


Readers will note that while most of us here are aware of the approach that Iceland took towards bankers and debt , very little exists in the way of reports on this on the mainstream media.

They will just NOT report it.


Exactly… since there’s nothing quite so troubling as a good example of an alternative to the Disaster-Capitalism/Mars rules status quo.


“The theory that you have to bail out banks is a theory that you allow
bankers enjoy for their own profit, their success, and then let ordinary
people bear their failure through taxes and austerity.”
It’s called “privatizing profit and socializing losses” and it is the primary doctrine of the corporate state neoliberalism that seeks to reduce humanity to two classes–the 1% who own and control everything and the rest of us who do their bidding. . In the US it animates everything from “fast track authority” on trade agreements to the deregulation of polluting industries.


Nice try Matt, but Stephen Colbert did that so much better than you.


Iceland is a small country, and the too big to jail multinational bankers didn’t think they would need to have any of their corporate rats in charge of the Icelandic government to loot the country of it’s wealth! Too f***ing bad for them huh!


The "Q’easing is just that a way to bailout the shareholders. That is to the tune of what 85 billion a month?


Dear Siouxrose 11:

According to the Zodiac:

Who will win the next Presidential election?


Iceland has leadership.

The US is satisfied with devious, corrupt, malicious, treasonous grovellers.


You are precisely right, and so is SuspritaDeProfundis.


Gee. Iceland must not have any republicans.


Credit is also due Julian Assange who published wrongdoing of icelandic banksters on wikileaks. And this woman:

Birgitta Jónsdóttir: A Politician and a member of the Althing, the Icelandic parliament, formerly representing the Citizens’ Movement and The Movement, but now representing the Pirate Party.[1][2] Her district is the Reykjavík South Constituency.[1] She was elected to the Icelandic parliament in April 2009 on behalf of a movement aiming for democratic reform beyond party politics of left and right. Birgitta has been an activist and a spokesperson for various groups, such as Wikileaks,[3] Saving Iceland and Friends of Tibet in Iceland. She acts as a spokeswoman for the Icelandic Modern Media Initiative.

Thanks to SR for pointing her out to me.


This is by no means the first report at Common Dreams about Iceland’s approach to the financial crisis and the banks. Just did a quick web search, here’s one from 2013 and i know there have been others:


Article from Jónsdóttir posted here at CD back in 2011:


► Oh, we don’t want no Socialism. We’re Bankers !!


► They don’t want to interrupt the commercials


Well if you want an example of one of the truest democracies on this earth, one where the people do not find the need to assert thier rights with guns and violence and the need to kill others, look no further than iceland.

Two major things you and I will never agree on those being guns and violence as a tool of positive social change (which is crap) and Thomas jefferson .(who was crap)


Ron and Nancy Reagan were big believers in the Zodiac. Ron held his California Gubenatorial Inauguration at midnight to avoid a void-of-course moon. His entire mind was void, of course, but that’s off-topic.


We were getting along so well, and then you had to have a flashback! :smile:
I am afraid you have misquoted me My Dear Canadian Friend,

I have never advocated violence of any type. That you can’t distinguish the difference between legal guns locked up in safes for hunting and home defense only, and creeps like Zimmerman who misuse the Second Amendment and stalk people and shoot them down since his daddy is a magistrate of the Ruling Class, does not speak well of your powers of perception. It would be fabulous if we all lived in the city limits of Vancouver, like you do, where there is not a gun problem. But we don’t.

Many gun owners I knew in the USA had never even fired their weapons at all. They are not violent people, as you assert. In such a Sea of Guns, you’re a fool not to keep the right to be armed. It should, of course, be up to the individual to decide for himself if he feels the need for such arms. All communities are not the same, as you seem to mistakenly think.

Mr North (your other name) I could, lower myself to your vernacular and say that the Queen you Worship is “crap”, but I won’t. :joy: It appears to me, that your culture never broke away. You’re stuck under the Royal Boot and the Queen has picked Steven Harper as the agent of your destruction. At least in the USA we pretend to have a Free Democracy and have no idea who the real King and Queen are…

What would be the point of such a childish “crap” comment anyway? Thomas Jefferson told your Royalty to shove it, and for that he will always have my heartfelt respect. Now we Modern Americans must tell the Bush/Clinton/Rockefeller/Rothschild Kings the same thing in our time.

I advocate the methods of Gandhi, non-violent, non-cooperation.


Superstition and greed rule.