04.11.2011 200

Iceland Declares Independence from International Banks

By Bill Wilson – Iceland is free.  And it will remain so, so long as her people wish to remain autonomous of the foreign domination of her would-be masters — in this case, international bankers.

On April 9, the fiercely independent people of the island-nation defeated a referendum that would have bailed out the UK and the Netherlands who had covered the deposits of British and Dutch investors who had lost funds in Icesave bank in 2008.

At the time of the bank’s failure, Iceland refused to cover the losses.  But the UK and Netherlands nonetheless have demanded that Iceland repay them for the “loan” as a condition for admission into the European Union.

In response, the Icelandic people have told Europe to go pound sand. The final vote was 103,207 to 69,462, or 58.9 percent to 39.7 percent.   “Taxpayers should not be responsible for paying the debts of a private institution,” said Sigriur Andersen, a spokeswoman for the Advice group that opposed the bailout.

A similar referendum in 2009 on the issue, although with harsher terms, found 93.2 percent of the Icelandic electorate rejecting a proposal to guarantee the deposits of foreign investors who had funds in the Icelandic bank. The referendum was invoked when President Olafur Ragnur Grimmson vetoed legislation the Althingi, Iceland’s parliament, had passed to pay back the British and Dutch.

Under the terms of the agreement, Iceland would have had to pay £2.35 billion to the UK, and €1.32 billion to the Netherlands by 2046 at a 3 percent interest rate.  Its rejection for the second time by Iceland is a testament to its people, who feel they should bear no responsibility for the losses of foreigners endured in the financial crisis.

That opposition to bailouts led to Iceland’s decision to allow the bank to fail in 2008.  Not that the taxpayers there could have afforded to.  As noted by Bloomberg News, at the time the crisis hit in 2008, “the banks had debts equal to 10 times Iceland’s $12 billion GDP.”

“These were private banks and we didn’t pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks,” Iceland President Olafur Grimsson told Bloomberg Television.

The voters’ rejection came despite threats to isolate Iceland from funding in international financial institutions.  Iceland’s national debt has already been downgraded by credit rating agencies, and now those same agencies have promised to do so once again as punishment for defying the will of international bankers.

This is just the latest in the long drama since 2008 of global institutions refusing to take losses in the financial crisis.  Threats of a global economic depression and claims of being “too big to fail” have equated to a loaded gun to the heads of representative governments in the U.S. and Europe.  Iceland is of particular interest because it did not bail out its banks like Ireland did, or foreign ones like the U.S. did.

If that fervor catches on amongst taxpayers worldwide, as it has in Iceland and with the tea party movement in America, the banks would have something to fear; that is, the inability to draw from limitless amounts of funding from gullible government officials and central banks.  It appears that the root cause is government guarantees, whether explicit or implicit, on risk-taking by the banks.

Ultimately, such guarantees are not necessary to maintain full employment or even prop up an economy with growth, they are simply designed to allow these international institutions to overleverage and increase their profit margins in good times — and to avoid catastrophic losses in bad times.

The lesson here is instructive across the pond, but it is a chilling one.  If the U.S. — or any sovereign for that matter — attempts to restructure their debts, or to force private investors to take a haircut on their own foolish gambles, these international institutions have promised the equivalent of economic war in response.  However, the alternative is for representative governments to sacrifice their independence to a cadre of faceless bankers who share no allegiance to any nation.

It is the conflict that has already defined the beginning of the 21st Century.  The question is whether free peoples will choose to remain free, as Iceland has, or to submit.

Bill Wilson is the President of Americans for Limited Government. You can follow Bill on Twitter at @BillWilsonALG.

  • Tea Partier’s and nazi’s huh? That’s pretty stupid!

  • Theseeker2905

    ad homenim blackbird. logical falacy. youre not realy adresing the argument. just picking apart the persons gramar. as if someone who cannot, spell, or place a comma in the corect place in, a sentense, doesnt have anything intelligent to say. “Grammatical errors”  only “say” that he/she doesn’t know any better, or doesn’t care. 

  • The people who try that are put in cages and then falsely accused of horrible things.  Look at Liberty Mint.

  • I agree with Pat,  it would be a great world. Money is just one big way to control the people.

  • Anonymous

    Too bad the US Congress doesn’t have the intelligence or the guts to stand up to the Federal Reserve Bank.

  • Ddearborn


    threaten economic war? How about we start targeting international bank buildings at say 10am with cruise missles. And also target internatinal bankers private homes (just in case they are not at work) I figure after the first 5-10 go down the “ecomomic war” would be over. Clearly what is happening right now around the world is these “international” are engaing in economic terrorism. As such owners of these banks should be designated terrorists and treated as such.

  • Patriot9878

    This is why we need to elect common citizens and not lawyers and they serve one year and then replaced. With this system we could keep the corporations and bankrs from controlling us. It’s not the system, but who runs the system. Career politicians are the problem. If you’re weak enough to want that hob for 20 years, then you’ll kiss ass to keep it.

  • Patriot9878

    If we elect common citizens and they serve one year and then replaced we will solve our problems. career politicians are causing our problems. They want a job they don’t have to do anything and they wre willing to kiss anyone’s arse to keep their jobs,

  • Exactly what is real money?  The focus of the problem is the fact that the government or at least the illusion of the government maintains the exclusive ability to issue money.  The type of money that exists dictates your level of freedom, competition and democracy.  Central banks and their centralized control of money and credit within a country are simply communist entities (look it up the centralization of money and credit is the 5th objective of the Communist Manifesto) that will rob the country and its citizens of everything.  Thomas Jefferson said these types of banks are more dangerous then standing armies and that if the people did not check them that their grandchildren would be paupers in the land settled by their ancestors.  I guess he had a clue what was going on – you can thank the CFR for controlling media exposure about these banks, especially the Federal Reserve.

  • The fiat debt based money allows of the distortion of society and the ills that you describe – please many more.  The issuance of money must be taken back by the people, thus re-coupling the financial and physical economies.

  • Do these countries control the current global fiat based money system, do these countries have massive investment in the military and prison industry complexes?  As a matter of fact on could agree that CIA, MI6 and Mossaud have designed much of the conflict that exists in the modern world, this would include 9/11, at least the American 9/11 (because there have been multiple atrocities that have occurred on that date).

  • and thus the continued failure of conventional economic theory.  You are right and wrong, the government helps create and maintain monopoly.  And you are incorrect, there is no free market.

  • What a hateful, cruel and unfounded remark.

  • ppp

    As long as private banks are allowed and not the governments to print money, we’ll be slaves

  • Thinking Clearly Catholic.

    How come El Commandante Obama, and his Jews in the Administration and the Federal Reserves bailed out Jewish owned banks in the US and Europe? Could this whole thing be a Jewish swindle scheme of each and every nation’s resources?

    Give it some serious thought after you get over your self-righteousness over “antisemitism”

  • It is amazing how easy it easy it is to tell the Europeans from the Americans on this thread.  The Europeans for the most part are far more progressive, have a stronger sense of community and have ethics.  In America the education system and culture leaves us with the collective view that what you want can be paid for with money, if you don’t have money then you are a drag in society and if you are a drag on society then you are crap.  Any attempt to treat people with respect and dignity  – without them paying for retail price for it is anti-American and communist.  It is my hope that Americans will realize the lies that have trapped them in an economy that is broken, people that are broken and a national identity that boils down to being the top military aggressor in the world.

  • Sigdrifa

    As there is no race in islam, and the religious component of the ideology is a very small percentage, then “bigot” is not applicable.  However “ignorant” is applicable to you.  🙂

  • Sigdrifa

    Paul, get some education – here, start with muslims who have escaped:

    My remark was realistic, informed and grounded in reality.  Pull your head out.

  • Sigdrifa

    B – fool.

  • BellsNwhistles

    History has shown the Jewish owned banks financing slavery, wars 1/2 and soon 3, the effort is to keep Christians fighting Catholic and Muslim as proxy for Jewish interest. 

  • Ezael

    every country should follow the example of Iceland, enough with these silly attempts to oppress a country that has chosen freedom from Slavery banks

  • Ezael

    The Paradism is the solution http://www.earthpeopleorg.org

  • Jaleelshkr

    satan has never been in as much trouble as he is in now !!

  • Whmilk

    I like to think of money as a store of Time & Energy. The time and energy it takes to find, unearth and process metals. Which you exchange for your time and energy trying to produce for your welfare. Thus it is just a store of the value of your production. Farm land would hold value because over time it produces energy, yet is not functional as “money”.  Time and energy is what it is all about. Think about it. That can pretty well sum up our lives. Dollar bills at present are nothing more than stock certificates in the USA. 

  • Pilot123

    This argument is biased and unfair. Facts are Iceland ran a corrupt bank. They took money from people in other countries as well as their own people. When the bank inevitably went tits up they only paid out domestic investors and basically scr__ed the foreigners. This is not bravery or fighting the global financial system. This is just petty corrupt socialism at itès best.

  • Ezael

    the solution to the problems of the planet is the PARADISM http://www.earthpeopleorg.org

  • Ezael

       We are slaves of the system .. first we get rid of the system generated by the policy will be better for everyone.The only solution to the problems of the planet is the PARADISM.

  • Someuser

    Iceland – Land of the FREE, Home of the BRAVE.  America? – DONE.

  • Gee, does this mean NATO will wage war against Iceland because of despotic leadership and a threat to the world?  Hurrah for Iceland! I want to the peoples of many nations be following the fine example Icelanders have displayed so boldly.

  • Skyking812

    WITH WHOSE cruise missiles?

  • Danny Adams

    Pilot123: The bank was privately owned starting in 2003. Iceland only took it over after its collapse in 2008, thus by Icelandic law they aren’t responsible for foreign depositors.

  • Never pay banks speculating affairs that fail- ever. Not our buisness-ordinary people that is!!!

  • Go Iceland, be indipendant as long as your land is yours- never back down!

  • Fadiga

    The cruise missiles can be obtened from  white marcket not a Black Marcket.

  • Tina

    Right on Iceland!!  We need to hang every last one of them from the highest trees!

  • Anonymous

    Note that Iceland is only able to remain free because it does not succumb to the extortion of the US and the WMF.  Good for Iceland; at least one country lets its people decide how their money is spent.

  • Ken

    Targeting international bankers is correct, but let’s not kill them with cruise missiles or anything else, try them for treason maybe but best to just get rid of the system of usury altogether.  There are no governments in the world that truly operate as sovereign states, except maybe Iceland and anyone else not using petrodollars since banks call all the shots.  Try to do something in the world without ‘money’.   A governments most creative moment and strongest action is creating it’s own money, interest free and spent on it’s own citizens in public works.
    GO ICELAND, the Vikings have always been fearless and intrepid explorers and seem to be leading the way out of the hell of the international bankers.

  • Glenn Marks

    Agreed with all but fiat money.  Fiat money is the only way to go.  Money is used to facilitate trade.  Linking it to gold gives total control to the Rothschild gold monopoly.  The 13 colonies produced tremendous growth with American script fiat money, so much so that the king ruled against it.  Later the Rothschilds counterfitted it to destroy it.   Eventually in 1873 they linked money to gold in the USA, which led to much US poverty because of a contraction of the US money supply.  Commodity based money is another Rothschild ruse. The problem is not fiat money but criminals in control of the money supply, that is the Rothschild Fed Reserve and their lackeys: Obama, Bush, Paul, Congress, & all the rest.

  • Anonymous

    Vote Ron Paul… End The Fed!

    (Bad) Money is the root of our problems.

  • goddesscentral

    Iceland has realized that co-dependency applies globally and not just personally. To dip into its toxic waters is destructive to both the individual and the collective body-politic. When will we here in the USA get a clue?

  • Maitum

    There will be  a second American Revolution but remember the shot heard around te World, this time the Second American Revolution will involve all the Countries of thye World to free the World from this satanist nightmare and that will really be the shot heard around the World

  • Tina

    Right on brother!!

  • Tina

     RIGHT ON!  Tell it brother!

  • Tina

     They are linked.  Rothschild established the state of Israel, they are the very bankers right out of the city of London.  They are at the very roots of the nwo’s inception.  Rothschild’s g-son said in, I think Haartz mag, that his grandfather established Israel and that they dont want the world to forget it.  The zionist alliance of the UK, US and Israel are at the core of it all.

  • Tina

    Not according to the scriptures.  It says not one stone will be left upon another.  That just before all is destroyed he will stop it and save a remnant of 144,000.  It says the armies of the world (enemies they have made according to scripture), will surround them and attack.  They are perched around them now, as we speak.  Babylon will be destroyed in one hour.
    This is not my opinion, it is written. And so far, its turning out just like it declares.

  • Archangel

    there is another thing about europeans.. they are broke, paying for all of these things, and when they find the nasty money has run out, they try to steal it from other countries like Iceland.  When they can no longer steal it, their people riot, kill, trash their country and act like the spoiled children that they are.. and if it wasn’t for us war mongering americans you would be speaking either japanese or german (twice now) or russian and be nice dead little slaves.

    You so called “progressives” make me sick, you want every body else to pay for your “BENEFITS” and have a fit when they do not want to.  With the islamic, marxist moron we have as a president, and over 50 percent of our population not paying any federal tax to buy their votes, we soon will be just like you, a bananna dictatorship run by george soros and his idiot cadre.  I simply do not understand how so many people can be so tremendously stupid when it comes to economics… the free soup bowl is EMPTY

  • Mannstein

    Isn’t that what Adolf Hitler did when he came to power in Germany? Look what happened to him. Churchill even said that that was the biggest mistake Hitler made.

  • Mannstein

    What’s so wrong with speaking German?

  • ynot202

    More like anti-jew, anti-semitic infers a dislike for all semitic people and that includes arabs.

  • Ben

    Iceland should be set as the example on how a country can freely separate itself from modern day slavery. I just wish other countries had the testicular fortitude to do as such.


  • Tired of USA INC SHITT

    What is the process to become an Icelander? Any call for housepainters there? I hate USA INC and want out of the usA too, since USA INC is infecting it, and the pus is oozing all over the place, prices are skyrocketing while the pukes in office sellout trillions to the banksters,

  • fatty

    You can easily do it in a small country. The USA is too big. The same with Russia. They are bullies. If the USA were busted up into 50 countries and the same with Russia there would be no more huge wars. You could not get fifty countries to jump onboard. Do you see smaller countries policing the world?

  • fatty

    Kind of makes you sick England goes with the USA, but not this tmie, but who knows what tricks they got up their sleeves. All we need is something to be blown up and blame Arabs.

  • fatty

    look out for April is just around the corner. Look for a nuke to be detonated. We police the world and now they are coming for us. You do business with criminals and they turn on you.

  • fatty

    Lone wolves only need to kill a couple Rothschilds.They go about their business like you. They drop their guard and then bam a small metal object takes them out.

  • PatFields

    That’s why, in 1871, Congress created a completely independent (foreign) ‘Government of the District of Columbia’. It’s a city-state, like the ‘City of London’ or ‘Vatican City’, with all the internationally recognized legal autonomy of a ‘Nation’ … which the State Legislators then slowly moved their operations under the municipal jurisdiction of.

    The American Federation is STILL 50 separate Countries existing under their separate original Constitutions, but THOSE entities have been vacated by politicians.

    I don’t know the statutes of Russia, but I have to guess the Federation there has been similarly captured by a Moscow city-state as well. Politicians are the same through all time and place.

  • fatty

    That is what your elected politicians are supposed to do. You need a law where if your does something for the bankers he can be removed from office with a vote. The politicians wor for the bankers.

  • fatty

    They will be punished by the JEWISH bankers. Guys it’s the Jews a the INternational level

  • fatty

    Jews are good at business and they seem good, but let Communism rear it’s ugly head and that good jew all of a sudden becomes a Jew with a gun in his hand shooting you in the back of the head. How do you think they overthrew the Russian government?

  • fatty

    Your ancestors will look back on you sorry bastards and will say you knew about wars, chemtrails, GM food, toxic vaccines and yet you didn’t kill even one of those bastards. You sorry mother fucking bastard. Change your own adult diaper you piece of shit

  • fatty

    What does more? What you just said or loading a gun and going to a politicians estate and putting a bullet in them for trying to pass a bunch of lies for starting a war to begin with? White man talks and JEw put bullets into our presidents. When they killed Kennedy the politicians were going to do nothing. The people should look at what the Jews do. They organize and kill politicians. So far white man licks the Jewish asshole They have raped us out of trillions.

  • fatty

    Making money as ameans of exchange is one thing. But handing it to a JEw banker and then he loaning it to your government and you pay interest and before long they suck up all the money with interest and taxes. Where do you hear anyone argue about this? Ron Paul will say audit the IRS and eliminate the federal reserve, but he will not say get the JEWS out of you pockets. So people hail the asshole, but he’s basically said nothing.

  • fatty

    All this is true. NOw load guns put to ROthschilds heads and squeeze trigger. Or your politicians should be given the word that you will not play their game any longer. I mean you don’t control shit, but you can and it’s going to take violence.

  • fatty

    Unless white man wakes up and decides he has had enough from these Jewish bastards and then our politicians kissing their asses to remain in congress. Then it is hopeless and you just as well sit back and enjoy your ass banging.

  • Kevin Schmidt

    By your own uncivil, illogical, irrelevant, juvenile, words, you discredit your own self and no one else.

  • fatty

    They paint their houses there I am sure. Their women put that pussy out, but I think it’s because it is so cold there all there is to do in the Winter time is fuck.

  • fatty

    You better wake the fuck up and remember what they did in Russia. The murdered 100 million and you don’t want to have to deal with that. They had little warnings. We have had two decades. We act like if we educate enough sheeple someone will do something. I mean it is apparent congress is going to do nothing. The FBI and CIA are involved and this shit is going south quick. Their answer is always violence and our answer is never violence. But don’t worry, because they would have already detonated a nuke if a certain general had done it and we would be under martial law right now. So they’ll do something and we can just sit and wait for it. But when it happens and they collect the guns and you start heading to FEMA camps. Then while you sit in the FEMA camps and I sit next to you and I say we should have attacked them first and then it will seem so rational. The government has some nasty weapons and they couldn’t care less about our guns. I mean they can zap you like a fly.

  • fatty

    Phuck Icelanders and the Viking ships they came in on. They are a small minority and a small country can easily make changes. But the problems with huge countries are huge.

  • fatty

    the only time they are killed is when they try to help the country through monetary means. Hold the phone he said they were going to print money and bypass the bankers. “Kill him”

  • fatty

    Smoozie you woke me up. I’m following your ass. I want to hear more.

  • fatty

    thank the politicians for allowing them to do it.

  • Kevin Schmidt

    From the looks of your bizarre rant, I can tell you have already been zapped. The American people would never allow a martial law situation where everyone is taken away to FEMA camps. The answer is never violence. The answer is advocacy and activism. A perfect example of peaceful revolution is found at http://MoveToAmend.org A perfect example of how not to start a revolution is found with the failed Occupy movement.

  • Kevin Schmidt

    Apparently you either did not read the article and/or you are functionally illiterate.

  • fatty

    I wish someone could tell me how money being inflated and deflated has any bearing on how much a tomato or cucumber costs me when I go to buy it from the farmer? Or whether or not paper money has any gold backing? I mean sure if you could demand gold for the money, but how much a bank has in gold how could it affect the value of your money? I mean the bank could say it has ex amount of gold.

  • fatty

    I think in that country you got to have some cash and be able to buy a house or something.

  • fatty

    What if someone was waiting for a Rothschilds outside their bank and put a bullet into them, but nobody knew who did it and then a message was sent to the next bastard talking shit. We have no control over our country. Voting was taken over by the diebold machines a long time ago.

  • fatty

    What matters is how much is taken or of circulation. Like if there is a lot of tax free buying and spending. If the people are taxed with every transaction like you get a check and they rip it to shreds and then you pay the painter to paint and it is reported and then the painter pays the mechanic to work on his car and the mechanic pays the guy to do landscaping. It is sucked up fast, but if you sell crabs to the painter and pay the mechanic and the mechanic pays the carpenter and the carpenter pays the baker it stays in circulation and they can eliminate cash and everything is just a card swipe and that would be weird no cash.

  • fatty

    They loot your money during every ten year cycle. Then they pay them hundreds of billions. Imagine Goldman Sachs gets 200 billion. Before long it’s real big dollars. They paid them that money and fleece you. If everyone quit paying taxes they would be screwed.

  • fatty

    You better go read what the Bolsheviks did in Eastern Europe. They were loaded up by the millions and the west new it was going on. Reality dude is a knock at the door and they say load up with guns in your face. Just look what this government has done to us the last few years. I bet 25 years ago you would have said no way would the people sit back if they murdered ids in Waco or planted bombs in the Murrah building and surely no way would they sit back after the government allowed 9/11 to occur. I mean surely after we saw all the videos and all the paper trails and the fact billions of gold stolen was stolen that the American people would sit back and do nothing, but it happened. With all this Internet and learning stuff when it occurs. We still have done nothing and when you think about it what can you do when the jack booted thugs come to your door?

  • fatty

    If someone were to whack Obama and they didn’t know who did it and then they whacked on of these congressmen lying and pushing for war with Iran. Then the rest get scared and decide maybe to shut up. The reason we don’t have late term abortion doctors, because a couple have been shot and they should be shot. So violence works and it works well. If someone whacked Soros it would stop this meddling with Ukraine. It would not be so hard. It would have to be just two maybe three people working together. They might have to go to an estate and reach out and touch them from 2,000 feet. The French, Italians and English never have to fool with shit like this. The poor Ukrainian people have been bullied by Russia for hundreds of years. So like I said a congressman lies to start a war and if he was whacked the next cocksucker would think twice. That is the only reason the Jews rule our country,, because politicians don’t want to lose their cushy jobs and they don’t want to be whacked.

  • Vuki

    Greece needs to do the same thing. The vultures need to be sent back to the Serengeti.

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