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Old 05-04-2009, 02:41 PM   #1
solve_et_coagula
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Wink The Financial War Against Iceland

The Financial War Against Iceland: Being defeated by debt is as deadly as outright military warfare

by Prof Michael Hudson

Global Research, April 5, 2009

Iceland is under attack – not militarily but financially. It owes more than it can pay. This threatens debtors with forfeiture of what remains of their homes and other assets. The government is being told to sell off the nation’s public domain, its natural resources and public enterprises to pay the financial gambling debts run up irresponsibly by a new banking class. This class is seeking to increase its wealth and power despite the fact that its debt-leveraging strategy already has plunged the economy into bankruptcy. On top of this, creditors are seeking to enact permanent taxes and sell off public assets to pay for bailouts to themselves.

Being defeated by debt is as deadly as outright military warfare. Faced with loss of their property and means of self-support, many citizens will get sick, lead lives of increasing desperation and die early if they do not repudiate most of the fraudulently offered loans of the past five years. And defending its civil society will not be as easy as it is in a war where the citizenry stands together in coping with a visible aggressor. Iceland is confronted by more powerful nations, headed by the United States and Britain. They are unleashing their propagandists and mobilizing the IMF and World Bank to demand that Iceland not defend itself by wiping out its bad debts. Yet these creditor nations so far have taken no responsibility for the current credit mess. And indeed, the United States and Britain are net debtors on balance. But when it comes to their stance vis-à-vis Iceland, they are demanding that it impoverish its citizens by paying debts in ways that these nations themselves would never follow. They know that it lacks the money to pay, but they are quite willing to take payment in the form of foreclosure on the nation’s natural resources, land and housing, and a mortgage on the next few centuries of its future.

If this sounds like the spoils of war, it is – and always has been. Debt bondage is the name of this game. And the major weapon in this conflict of interest is how people perceive it. Debtors must be convinced to pay voluntarily, to put creditor interests above of the economy’s prosperity as a whole, and even to put foreign demands above their own national interest. This is not a policy that my country, the United States, follows. But popular discussion in Iceland to date has been one-sided in defense of creditor interests, not that of its own domestic debtors.

Ultimately, Iceland’s adversary is not a nation or even a class, but impersonal financial dynamics working globally and domestically. To cope with its current debt pressure, Iceland must recognize how uniquely destructive an economic regime its bankers have created, through self-serving legislation and outright fraud. With eager foreign complicity, its banks have managed to create enough foreign debt to cause chronic currency depreciation and hence domestic price inflation for many decades to come.

To put Iceland’s financial dilemma in perspective, examine how other countries have dealt with huge debt obligations. Historically, the path of least resistance has been to “inflate their way out of debt.” The idea is to pay debts with “cheap money” in terms of its reduced purchasing power. Governments do this by printing money and running budget deficits (spending more than they take in through taxes) large enough to raise prices as this new money chases the same volume of goods. That is how Rome depreciated its currency in antiquity, and how America managed to erode much of its own debt in the 1970s – and how the dollar’s falling international value has wiped out much of the U.S. international debt in recent years. This price inflation reduces the debt burden – as long as wages and other income rise in tandem.

Continue to read:
http://www.globalresearch.ca/index.p...t=va&aid=13055
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Old 05-04-2009, 02:56 PM   #2
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Iceland brought it on themselves over the last 4 years when Fishermen were becoming "traders" over night and dealing in derivatives, building million dollar homes and importing $50k vehicles from Europe to drive. They built huge sums of wealth by pushing paper around, like most other countries in the world and then it collapsed.

There is no "war against Iceland", the people lost their minds doing stupid things and the result was billions in lost dollars.

If you truly think that somebody "set them up" on purpose, you would be bordering on insanity.

It is the same as people in California who took out $850k mortgages when they were making $50k a year. Obviously, the mortgage people are complicit, but did the people who took out these huge mortgages not ever realize they have to pay that money back at some point? duh. There wasn't some NWO or Illuminati or whatever the fuck dumbasses here like to say, behind it.

Last edited by knightbk; 05-04-2009 at 02:58 PM.
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Old 05-04-2009, 03:34 PM   #3
lizzy
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Very well written piece solve_et_coagula........it took a long historical look .

So sad for the Icelandic peeps, they have demostrated but nothing will change what the International criminal banksters have done here.

edit / add......

knightbk...read the whole article ......if you don't understand Iceland and the rest of the world has been 'set up' for thousands for years and has now reached it's destination of world control and domination you don't know your stuff.

Last edited by lizzy; 05-04-2009 at 03:40 PM.
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Old 05-04-2009, 03:51 PM   #4
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Quote:
Originally Posted by lizzy View Post
Very well written piece solve_et_coagula........it took a long historical look .

So sad for the Icelandic peeps, they have demostrated but nothing will change what the International criminal banksters have done here.

edit / add......

knightbk...read the whole article ......if you don't understand Iceland and the rest of the world has been 'set up' for thousands for years and has now reached it's destination of world control and domination you don't know your stuff.
Sigh.

The people who don't know there stuff are people like you, who think that everything is a "set up" for thousands of years to enslave the human race.

Please, stop. Get rational.
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Old 05-04-2009, 06:09 PM   #5
john white
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Quote:
Originally Posted by knightbk View Post
Iceland brought it on themselves over the last 4 years when Fishermen were becoming "traders" over night and dealing in derivatives, building million dollar homes and importing $50k vehicles from Europe to drive. They built huge sums of wealth by pushing paper around, like most other countries in the world and then it collapsed.

There is no "war against Iceland", the people lost their minds doing stupid things and the result was billions in lost dollars.

If you truly think that somebody "set them up" on purpose, you would be bordering on insanity.

It is the same as people in California who took out $850k mortgages when they were making $50k a year. Obviously, the mortgage people are complicit, but did the people who took out these huge mortgages not ever realize they have to pay that money back at some point? duh. There wasn't some NWO or Illuminati or whatever the fuck dumbasses here like to say, behind it.
LOL!

sorry mate, but you need to realise that finance has long been a weapon of economic warfare

Quote:
http://www.britannica.com/EBchecked/...onomic-warfare

economic warfare
international law

the use of, or the threat to use, economic means against a country in order to weaken its economy and thereby reduce its political and military power. Economic warfare also includes the use of economic means to compel an adversary to change its policies or behaviour or to undermine its ability to conduct normal relations with other countries. Some common means of economic warfare are trade embargoes, boycotts, sanctions, tariff discrimination, the freezing of capital assets, the suspension of aid, the prohibition of investment and other capital flows, and expropriation.
Browns use of Anti-Terrorism legislation to illegally seize Icelandic assests was a prime use of an economic weapon (lest that fall down the "memory" hole)

Care to put an economic value on the natural resources of Iceland?

If you look at the "power" of the west throughout the 20 century, the use of debt enslavement to secure other nations natural resources for the ongoing profit of western corporations at the expense of the poverty of most of the world is endemic

And what else was an Independant and solvent Iceland a direct threat to? The resource exploitation ambitions of the EU....

I understand your cynicism about "everything" being part of an ongoing plan by "the illuminati".... but its equally credulous and naive to believe NOTHING has manipulated purpose to it... although of course, thinking like that is a gift to those who DO manipulate, and the international money markets are on big manipulation: in favour of those with power to ensure those without don't get

As George Carlin said "Its One big Club: and YOU ain't in it!"
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Old 05-04-2009, 06:38 PM   #6
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Quote:
Originally Posted by knightbk View Post
Sigh.

The people who don't know there stuff are people like you, who think that everything is a "set up" for thousands of years to enslave the human race.

Please, stop. Get rational.
.....and people who have taken the time and trouble to do hours of research to understand just what, really, is going on wish that those who remain in denial 'wise up' - or this almighty scam will continue for further blood-drenched centuries to come:

In black and white from The Protocols of the Learned Elders of Zion:

WE CAUSE DEPRESSIONS

14. The State exchequer will have to maintain a definite complement of reserve sums, and all that is collected above that complement must be returned into circulation. On these sums will be organized public works. The initiative in works of this kind, proceeding from State sources, will bind the working class firmly to the interests of the State and to those who reign. From these same sums also a part will be set aside as rewards of inventiveness and productiveness.

15. On no account should so much as a single unit above the definite and freely estimated sums be retained in the State Treasuries, for money exists to be circulated and any kind of stagnation of money acts ruinously on the running of the State machinery, for which it is the lubricant; a stagnation of the lubricant may stop the regular working of the mechanism.

16. The substitution of interest-bearing paper for a part of the token of exchange has produced exactly this stagnation. The consequences of this circumstance are already sufficiently noticeable.

17. A court of account will also be instituted by us, and in it the ruler will find at any moment a full accounting for State income and expenditure, with the exception of the current monthly account, not yet made up, and that of the preceding month, which will not yet have been delivered.

18. The one and only person who will have no interest in robbing the State is its owner, the ruler. This is why his personal control will remove the possibility of leakages or extravagances.

19. The representative function of the ruler at receptions for the sake of etiquette, which absorbs so much invaluable time, will be abolished in order that the ruler may have time for control and consideration. His power will not then be split up into fractional parts among time-serving favorites who surround the throne for its pomp and splendor, and are interested only in their own and not in the common interests of the State.

20. Economic crises have been produced by us for the GOYIM by no other means than the withdrawal of money from circulation. Huge capitals have stagnated, withdrawing money from States, which were constantly obliged to apply to those same stagnant capitals for loans. These loans burdened the finances of the State with the payment of interest and made them the bond slaves of these capitals .... The concentration of industry in the hands of capitalists out of the hands of small masters has drained away all the juices of the peoples and with them also the States .... (Now we know the purpose of the Federal Reserve Bank Corporation!!)

21. The present issue of money in general does not correspond with the requirements per head, and cannot therefore satisfy all the needs of the workers. The issue of money ought to correspond with the growth of population and thereby children also must absolutely be reckoned as consumers of currency from the day of their birth. The revision of issue is a material question for the whole world.

snip

rest at:

http://www.biblebelievers.org.au/prz...COL%20No.%2020
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