The video below shows coverage of how Iceland chose a very different way of stopping the crisis of 2008 from the rest of the European countries. The Iceland government made a conscious decision to hear the requests of the population, and to put politicians and bankers on the bench of the accused three years after their financial excesses sank one of the most prosperous economies in 2008. The result was the government of Iceland forgave the mortgage debts for much of its population. Continue reading »
Iceland — First, Iceland jailed its crooked bankers for their direct involvement in the financial crisis of 2008. Now, every Icelander will receive a payout for the sale of one of its three largest banks, Íslandsbanki.
If Finance Minister Bjarni Benediktsson has his way — and he likely will — Icelanders will be paid kr 30,000 after the government takes over ownership of the bank. Íslandsbanki would be second of the three largest banks under State proprietorship.
– Abnormal summer snow in Iceland (Ice Age Now, July 31, 2015):
The past weekend was exceptionally cold throughout all of Iceland, with snowfall and hail hitting the East and South.
On Sunday, the ground was white with snow all around the highlands in Central Iceland. Continue reading »
H/t reader squodgy:
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. Continue reading »
– Iceland To Take Back The Power To Create Money (The Automatic Earth, March 31, 2015):
Who knew that the revolution would start with those radical Icelanders? It does, though. One Frosti Sigurjonsson, a lawmaker from the ruling Progress Party, issued a report today that suggests taking the power to create money away from commercial banks, and hand it to the central bank and, ultimately, Parliament.
Can’t see commercial banks in the western world be too happy with this. They must be contemplating wiping the island nation off the map. If accepted in the Iceland parliament , the plan would change the game in a very radical way. It would be successful too, because there is no bigger scourge on our economies than commercial banks creating money and then securitizing and selling off the loans they just created the money (credit) with. Continue reading »
– Iceland announces dropping bid to join EU (RT, March 12, 2015):
Iceland has dropped its bid to join the European Union, the Foreign Ministry in Reykjavik says. The announcement follows pledges made by the country’s euro-skeptic government since winning the 2013 election.
Gunnar Bragi Sveinsson, the Icelandic foreign minister, said in a statement that he had informed Latvia, the current EU president, and the European Commission that his center-right government had decided to withdraw its application, which was submitted six years ago.
“The EU and Iceland have discussed the country’s position on the status of its bid to join the European Union,” the statement reads. “The government does not intend to resume preparing for EU membership.” Continue reading »
– Iceland reiterates that it will not be joining EU (Ice News, Feb 14, 2015):
Icelandic Foreign Minister Jon Hannibalsson has outlined the reasons why the North Atlantic nation will not be joining the EU.
Despite formal negotiations on the country’s accession into the EU starting back in 2010, citizens were widely split on whether it would be a positive move, and the ruling coalition government was voted into power in 2013 on the promise that it would abandon the talks. Continue reading »
– Iceland Unleashes Confiscatory “Exit Tax” On Wealth Deposits (ZeroHedge, Dec 10, 2014):
While on the one hand, Iceland’s decision to inch towards lifting its capital controls is a positive step, it appears what they give with one hand they are taking with another. Just as we predicted three years ago, the muddle-through has failed and there are only hard choices left and sure enough BCG’s envisioned ‘wealth tax’ appears to be rearing its ugly head once more. As Morgunbladid reports, Iceland plans to impose an exit tax as part of removing capital controls, anticipating all bank assets will be subject to the levy, regardless of whether assets are held in local (ISK) or foreign exchange.
As Bloomberg reports,
Iceland’s plan to impose an exit tax as part of removing capital controls anticipates all bank assets will be subject to levy, regardless of whether assets are held in ISK or FX, Morgunbladid reports without saying how it obtained the information.
Part of program may also include forcing foreign holders of ISK assets to swap ISK at discount to a 30-yr FX bond; bond to carry interest rate less than 3%: Morgunbladid Continue reading »
With the stroke of a pen, President Obama has now set America on the path toward open rebellion and revolt. By declaring that he alone has the right to dictate immigration policy without the legislative approval of Congress, he has committed yet another lawless act in a long series of illegal schemes that cement his position in history as nothing more than a sociopathic liar and destroyer of nations.
President Barack Obama announced an executive order on immigration reform Thursday, which he will sign on Friday. The actions will affect up to 5 million undocumented immigrants in the US, many of whom are the parents or spouses of legal residents.
Obama announced his plan for unilateral action on immigration via a prime-time address from the White House. He will sign the executive order during a rally in Las Vegas on Friday. Because the plan will not be passed by Congress, it could also be easily reversed by a new president after Obama’s term runs out in just over two years.
BREAKING: New York City police commissioner says “accidental discharge” from police officer’s weapon may have killed man in Brooklyn.
— Reuters U.S. News (@ReutersUS) 21. November 2014
Rapid-DNA technology makes it easier than ever to grab and store your genetic profile. G-men, cops, and Homeland Security can’t wait to see it everywhere.
His latest intervention on behalf of the forces of opacity, revolves around the release of a report on CI.A. torture put together by The Senate Intelligence Committee, which is 6,000 pages long and has been five years in the making. Naturally, the Obama Administration is taking painstaking efforts to block its release.
A week ago, we penned “The Real Reason Why Germany Halted Its Gold Repatriation From The NY Fed“, in which we got, for the first time ever, an admission by an official source, namely the bank that knows everything that takes place in Germany – Deutsche Bank – what the real reason was for Germany’s gold repatriation halt after obtaining a meager 5 tons from the NY Fed:
… the gold community paid great attention to the decision of the German Bundesbank to “bring German gold home”. At the beginning of 2013, the Bundesbank announced it would repatriate 300 tonnes of gold stored in the US by 2020. It is well behind schedule, citing logistical difficulties. Yet diplomatic difficulties are more likely to be the chief cause of the delay, especially seeing as the Bundesbank has proven its capacity to organise large-scale gold transports. In the early 2000s, the Bundesbank incrementally repatriated 930 tonnes of German gold held by the Bank of England.
Some took offense with this, pointing out, accurately, that the gold held at the NY Fed in deposit form for foreign institutions had continued to decline into 2014 despite the alleged German halt. Well, today we know the answer: it wasn’t Germany who was secretly withdrawing gold from the NYFed contrary to what it had publicly disclosed.
It was the Netherlands.
In December 1912, no lessor man than J.P.Morgan testified to Congress to “justify Wall Street,” during investigations over alleged manipulation and collusion. The transcript reads like it could have been given yesterday (as nothing ever changes) but at its heart the banker laid out 33 “Morgan Epigrams” which appear – in the ensuing 102 years – have been lost to greed and arrogance… The irony is wondrous: “Securities do not always prove good”, “Money is gold, and nothing else”, “I think manipulation is always bad.”
Roundup is found in 75% of air and water samples. Many farmers drench crops with Roundup right before harvest. About 100 million pounds are applied to U.S. farms and lawns every year, according to the EPA.
Monsanto claims that Roundup is totally safe, and can be dumped on everything without problem.
Is it true?
A study from the Journal of Organic Systems includes the following 12 charts which show the correlation between Roundup (technically known as “glyphosate”) and disease:
The CIA wants to erase tens of thousands of internal emails sent by most covert and counterterror officers after they leave the agency, leading US senators and transparency advocates to fear the plan would mean the loss of vital government records.
It isn’t just our economy that is crumbling. Something is happening to America that no amount of money will be able to fix. Everywhere around us we can see evidence of the social decay that is systematically eating away at the foundations of our society.
The impossible is possible. Never say never. Wall Street bankers are staring agog at headlines coming from Europe where, in Iceland, the former chief executive of one of the largest banks in the country which was involved in crashing the economy in 2008 has been sentenced to jail time. As Valuewalk reports, in receiving a one year prison sentence, Sigurjon Arnason officially became the first bank executive to be convicted of manipulating the bank’s stock price and deceiving investors, creditors and the authorities between Sept. 29 and Oct. 3, 2008, as the bank’s fortunes unwound, crashing the economy with it. It appears he was as shocked by the verdict as Wall Street-ers are, “this sentence is a big surprise to me as I did nothing wrong.” It was likely all for the people’s own good…
Recent polls show pro-default parties growing popular in peripheral euro-area countries such as Greece, Italy and Spain. As Bloomberg Brief’s Maxime Sbaihi notes, in a depressed economic environment, their promises to restructure public debt might soon bring them to power and tempt traditional parties to adopt their ideas. This return of political risk in the euro area doesn’t appear to be priced in by market participants. As Italy’s Beppe Grillo recently exclaimed, “we will leave the Euro and bring down this system of bankers, of scum.”
A homemade sign proclaiming “AIDS, Ebola, Obama – Thanks Africa” caused a commotion in the town of Minden, Nebraska this week after a local man drew the ire of area residents when he erected it on his own property.
A “little” late:
For America’s 44 million senior citizens, plus tens of millions of others who are on the threshold of retirement, last month marked a watershed moment that is worth celebrating. At the end of October, the Federal Reserve announced the first step in returning to a more normal monetary policy. After nearly six years of near-zero interest rates and quantitative easing, the Fed is ending its bond-buying program and has signaled a plan to eventually begin raising the federal-funds rate, raising interest rates to more normal levels by 2017.
U.S. households lost billions in interest income during the Fed’s near-zero interest rate experiment.
The mayor of Jerusalem has called on Israeli authorities to revoke the citizenship of family members of terrorists. This proposal was made in response to growing tensions between Palestinians and Israelis.
A few days ago I posted an article saying that Iceland’s Bardarbunga volcano was pumping out 35,000 tons of sulphur dioxide per day, more than twice the amount spewed from all of Europe’s smokestacks.
Turns out that it’s even worse than that.
According to the Icelandic National Broadcasting Service, RUV, some 40,000 to 60,000 tons […]
– TV: US nuclear workers’ brains eaten away, hallucinating, mental capacity of preschooler — Wife films frightened, trembling husband on deathbed — It’s indescribable what they’ve done and they don’t care — They want you to die — Gov’t Experts: It’s allergies from cats or feathers… or B-12 deficiency — Doctor: Quit helping workers get help (VIDEO):
KING 5 News, Oct 14, 2014: Gary Sall… [worked at Hanford] for 28 years… 10 years ago… his brain function got worse and worse. Within 5 years he… could barely speak, hallucinated, and operated on the level of a 4-year-old… Doctors diagnosed him with work-related toxic encephalopathy, a degenerative brain disorder… [His wife] Barb documented the suffering in a difficult to watch video taken in 2011… in a hospital bed, trembling and frightened and on a feeding tube… The DOE’s insurer wrote that not Hanford, but alcohol consumption or a B-12 deficiency could be making him sick… He died 3 years ago at the age of 57.
– Twice as much Fukushima radiation near California coast than originally reported; Highest levels found anywhere in Eastern Pacific — Scientist: Very little we can do… It’s unprecedented… God forbid anything else happens — Gundersen: Multiple plumes now along west coast… Will be coming “for century or more” (AUDIO)
Halts shipments of corn, soybeans, wheat, fertilizer, salt and other goods from the most northern reaches of the nation’s busiest waterway.
Another three feet (1 meter) of snow forecast for Buffalo.
More collapses expected. Homeowners and store employees scrambling to remove the snow before rainfall adds even more weight to overloaded roofs.
A bitter war of words between hacker collective Anonymous and the Klu Klux Klan risks spilling over into real violence, with the right-wing hate group allegedly threatening to shoot dead activists wearing the Guy Fawkes mask in southern Missouri.
Around 30 percent of the world’s population is now obese, while 50 percent is expected to fall into the category by 2030. Meanwhile, 5 percent of global deaths each year are linked to the condition, creating a drag on the global economy.
Despite the knee-trembling awesomeness of a double-whammy promise of liquidity, US equity markets ended the week on a decidedly down note. The realization that Draghi’s all talk (no impact on US stocks) and PBOC’s move is not a liquidity surge and has limited impact on the economy left stocks tumbling once the opening OPEX levels had printed. The USD rose notably on the day after EUR plunged under 1.24 on Draghi (USD +0.9% on the week). Despite USD strength, gold rose 1% (as did Silver) on the week, rising for the 3rd week in a row for the first time in 4 months (and the 3rd Friday surge in a row). Oil rose 1% on the week, breaking an 8-week losing streak but Copper prices fell around 0.3% on the week, having given back the kneejerk gains post-PBOC today. Treasury yields dropped after kneejerking higher on PBOC. 30Y at 3.01% had its 2nd lowest weekly close since May 2013. VIX melted down into the close to 13.01. Late-day buying panic lifts stocks off their lows leaving Dow & S&P at all-time recordest highs of all-time ever in history (as small caps closed red).
I stumbled across two mind blowing charts yesterday that had me pondering how generations of Americans had frittered their lives away, spending money they didn’t have on things they didn’t need, utilizing easy to acquire debt, and saving virtually nothing for their futures or a rainy day. We are a nation of Peter Pans who never grew up. While I was driving home from work, one of my favorite Pink Floyd tunes came on the radio and the lyrics to Time seemed to fit perfectly with the charts I had just discovered.
– HFT War Stories: The Algo that Couldn’t Count:
This is the first in MKTSTK’sHFT War Stories series. Submitted anonymously by a high frequency trader. Names of people, places, and products have been omitted:
Algo trading has a way of making your hair turn white. Sometimes it’s the wild market action. The response then is to cut risk and keep on trading. The big losses come from avoidable human errors. Those are the losses you might not come back from.
The trading world is increasingly automated. Every year there are fewer human eyes watching the market at any given time. Traders employ algorithms to cut latency and market impact. Dealers find automation indispensable in quoting thousands of different exchange traded derivatives.
After a frosty reception at the G20 summit in Australia this week, Russian President Vladimir Putin required some much needed rest, at least according to the official explanation given for his conspicuously early departure from the proceedings. All things considered it could have been a lot worse. Russia finds itself in familiar territory after a controversial half-year, highlighted by the bloody and still unresolved situation in Ukraine. Nonetheless, the prospect of further sanctions looms low and Russia’s stores of oil and gas remain high.
While some might scoff at the idea of there even being a bubble in hi-tech start-ups, it appears the massive wall of money that has been thrown at dot-com 2.0 names – all money-losing, social, mobile, cloud name-droppers – has dried up. As The TechCrunch Bubble Index shows, the last 90 days have seen startup-funding announcements collapse over 40% to their lowest level in almost 3 years…
First Mario Draghi made some strong statements speaking in Asia that “It is essential to bring back inflation to target and without delay,” which sent EURUSD tumbling BUT did not spark moves in the S&P 500 (though Gold slipped). It was not until the PBOC cut rates (and sent AUD surging) that the US equity market perked up and started ripping… along with gold and as the morning progressed, gold has kept going as it is clear the Central Banks of the world have only one policy left… (no wonder the Dutch want their gold back)
Tags: autism, Banking, Barack Obama, California, Cancer, CIA, Climate Change, Crime, DNA, Economy, Environment, FBI, Food, Fukushima, Global News, Global Warming, Glyphosate, Gold, Government, Health, High Frequency Trading, Iceland, Japan, JPMorgan, Meteorology, Monsanto, Nuclear, Nuclear reactors, Obama administration, Oceans, Politics, Radiation, Roundup, Roundup Ready, Russia, Science, Snow, Society, Stock Market, Surveillance, Technology, Torture, U.S., Volcano, Wall Street, Winter
– Deadly volcanic gases (that aren’t stopping) force Icelanders to stay inside (Ice Age Now, Nov 10, 2014):
The kids at the Graenuvellir kindergarten in Husavik, north Iceland, were kept inside on Nov. 4 to protect them from sulfur-dioxide gases spewing from the Holuhraun lava field near the Bardarbunga volcano, says this article on bloomberg.com.
“The eruption has been going for almost three months and shows no sign of stopping. Red-hot lava now covers 70 sq. km. (27 sq. miles), an area larger than Manhattan. Continue reading »
– Up to 130 meter high lava fountains (RUV, Sep 4, 2014):
Robust activity has been seen in the Holuhraun lava eruption this morning, says volcanologist Armann Hoskuldsson who is monitoring the event. “The highest lava fountains rise up to 130 meters from the craters,” he says. The new lava field is now estimated to be 11 – 12 square kilometers in size. Continue reading »
H/t reader squodgy:
“They are criminals, pure and simple.
The people are victims of manipulated news so what would be true reactions are dumbed down.
However, the Icelandics have successfully prosecuted their crimals, but surprise surprise, nothing in the MSM on this…..”
– Iceland: Bankers convicted, unemployment down (Angry Bear, Sep 26, 2014):
Remember Iceland? During the high-flying early 2000s, its three main banks went berserk, paying high interest rates to international investors that accumulated deposits equal to more than 100% of the country’s gross domestic product (GDP) and making loans equal to 980% of GDP. When the collapse came, Iceland took a route not taken by Ireland, Spain, and other EU countries: Rather than bail out the banks, the government simply let them go bankrupt. The value of the krona fell by about half, the country was embroiled in disputes with the Netherlands and the United Kingdom over paying off Dutch and British depositors, and it had to take an International Monetary Fund (IMF) loan just to stay afloat. Continue reading »
– Bárðarbunga Pollution at Record Level – Residents Warned (Ice Age Now, Sep 13, 2014):
“Like standing behind a truck and inhaling the vapors,” says resident.
In Reyðarfjörður on Iceland’s east coast, sulfur dioxide measured at 4,000 µg/cubicmeter just before 11 PM on Friday night, according to mbl.is.
All residents in the area are advised to keep inside, close window and raise the heat in ovens to keep the air pressure greater inside. Continue reading »
– Stunning Video Of Iceland’s Massive Lava-Fountain Lake (ZeroHedge, Sep 7, 2014):
While Iceland’s serene landscape may be the perfect analogy for world markets currently, the eruption of its Bardarbunga volcano shows what fierce reality lies just beneath the surface. Capitalism and free markets will always find away though, and as RT reports, one travel company is cashing in on the incredible awe-inspiring images by offering tours over the volcano at a height of around 150 meters. As the following stunning clip shows, at $920, it may well be the trip of a lifetime…
— Simon Redfern (@Sim0nRedfern) September 7, 2014
— Roberto Lopez (@Bromotengger) September 4, 2014
— Vísir (@visir_is) September 4, 2014
— Ragnar Th Sigurdsson (@ragnarthsig) September 4, 2014
And finally… mind-blowing images of lava fountains… (coming to the Bellagio soon?) Continue reading »
– Second volcanic eruption this morning in Iceland (Ice Age Now, Aug 31, 2014):
The new eruption started in Holuhraun, north of the Dyngjujökull Glacier along the same volcanic fissure that appeared on Friday morning, says accuweather.com.
A very calm but continuous lava eruption is under way, according to the Met Office.
However, bad weather due to the remains of former Hurricane Cristobal have prevented flyovers, limiting direct observation of the eruption. Continue reading »
– Fissure Eruption Begins In Iceland As Bardarbunga Magma Breaches The Surface (ZeroHedge, Aug 29, 2014):
As Icenews reports, a fissure eruption has started in the Holuhraun lavafield north of Dyngjujökull. Newly formed crevasses were spotted in surveillance flyovers by scientists yesterday and at that time geophysicist Magnús Tumi Guðmundsson estimated that the magma intrusion which had been monitored for the previous week was moving only 2 kilometres under the surface. The magma has now breached the surface and the volcanic eruption has been confirmed by scientists in the field. The low frequency tremors suggests the eruption is located outside the glacier. The blaze can be observed in Mila’s webcameras, two of which are trained on Vatnajökull glacier’s Bárðarbunga area.
– Aerial video of Iceland eruption (Ice Age Now, Aug 29, 2014):
29 Aug 14 – “First aerial footage of the fissure eruption!” says reader Don Brown. Also great photos.
The fissure is thought to be about 1 mile long and runs northeast / southwest. The lava is thin and fast flowing southeast. This is the fissure eruption, which appears to be available as a multi-called dynamic operation of Dyngjujökli towards the caldera. Continue reading »
Aug 23, 2014
Mag. 6.6 Valparaiso, Chile and Mag. 5.3 Hofn, Iceland….
Source credit: USA Today, USGS
Map credit: USGS
Photography credit: belongs to their respective owner(s) and not to me..
Original website, article link: USATODAY
– Iceland’s Bardarbunga Volcano Begins To Erupt, Ash Cloud Imminent After Aviation Warning Raised To “Red” (ZeroHedge, Aug 23, 2014):
In April 2010, it was Iceland’s unpronouncable Eyjafjallajokull volcano which erupted and forced more than 100,000 flights to be canceled on concern glass-like particles formed from lava could melt in aircraft engines and clog turbines.
A year later, in May 2011, ash from Iceland’s Grimsvotn volcano forced flight cancellations in Scotland, northern England and Germany leading to further lower “GDP adjustments” across Europe which back then was in desperate need of a scapegoat for its then double-dip recession.
So in what may be good news for Europe once again, now teetering on the edge of a triple-dip recession (in the confines of Europe’s worst depression ever), moments ago Iceland’s meteorological service reported that the island’s Bardarbunga volcano, having been closely observed by volcano-watchers for the past month due to heightened seismic activity, has begun to erupt which means in addition to Russia’s trade war, Europe now has another volcanic eruption to blame its latest GDP contraction on. As the local Met office summarizes, a “small” eruption of lava has occurred to the northeast of the volcano leading the Icelandic National Broadcasting Service to declare that “all air traffic is now prohibited in a large radius around the volcano.”
– Volcanic eruption begins under Iceland’s (and Europe’s) largest glacier (Ice Age Now, Aug 23, 2014):
Dyngjujokull eruption begins – It’s all subglacial for now
Iceland’s Dyngjujokull volcano began erupting today, prompting the country to raise its aviation alert level to red, the country’s Meteorological Office said. However, the eruption is still just considered a minor event at this point
Dyngjujokull volcano is not far from Bárðarbunga, which gave us the largest eruption of the Holocene (this era).
An alert level of red — the highest level — indicates the threat of “significant emission of ash into the atmosphere.” Meanwhile, the National Commissioner of the Icelandic Police has raised the alert phase to emergency phase.
Seismic data indicates that hot magma is melting the ice beneath the Dyngjujokull icecap on the Vatnajokull glacier, said Met Office vulcanologist Melissa Pfeffer. Continue reading »
– Iceland – Tourists and workers evacuated north of rumbling volcano (Ice Age Now, Aug 20, 2014):
Some 3,000 small earthquakes in Iceland since Saturday
have raised concerns that the country’s largest volcano system, Bardarbunga, located under Iceland’s largest glacier, Vatnajokull, could erupt and cause travel chaos across Europe.
Meteorologist Einar Einarsson said earthquakes were happening practically every minute. Continue reading »
– Intense earthquake swarm started at Bárðarbunga volcano, Iceland (The Watchers, Aug 18, 2014):
Icelandic Met Office (IMO) is reporting a sharp increase in seismic activity by the subglacial stratovolcano Bárðarbunga in NW Vatnajökull ice cap. A seismic swarm has been ongoing since 03:00 UTC on August 16, 2014, and near continuous earthquakes have been occurring since then.
This is the most intense earthquake swarm in this area for years, according to IMO. The last confirmed eruption of this volcano took place on June 18, 1910 (VEI 2), while the largest known eruption (VEI 6) took place in February 1477. In historic times there have been large eruptions of this volcano every 250 – 600 years.
If all of this sounds also for you almost too good to be true …
… then you should read this article:
It turns out, most of these claims are dead wrong.
Despite being so widely reported by the mainstream financial media, Iceland is not a story of model economic recovery. It’s a story of how to fool people. And for now, it’s working.
– Let Banks Fail Is Iceland Mantra as 2% Joblessness in Sight (Bloomberg, Jan 27, 2014):
Iceland let its banks fail in 2008 because they proved too big to save.
Now, the island is finding crisis-management decisions made half a decade ago have put it on a trajectory that’s turned 2 percent unemployment into a realistic goal.
While the euro area grapples with record joblessness, led by more than 25 percent in Greece and Spain, only about 4 percent of Iceland’s labor force is without work. Prime MinisterSigmundur D. Gunnlaugsson says even that’s too high.
– Iceland’s jailed bankers ‘a model’ for dealing with ‘financial terrorists’ (RT, Dec 14, 2013:
By jailing four top officers of Iceland’s failed Kaupthing Bank, the country showed the world the right way to deal with the people largely responsible for the 2008 financial crisis, said Charlie McGrath, founder of news website, Wide Awake News.
The US and other nations must take it as a model for the next time the too-big- to-fail corporations screw things up and ask for a bailout with taxpayers’ money, he added.
RT: The jail terms are the biggest penalty for such crimes in Iceland’s history. What is the significance of the precedent? Continue reading »
– Cyprus-Style Wealth Confiscation Is Now Starting To Happen All Over The Globe (Economic Collapse, Sep 24, 2013):
Now that “bail-ins” have become accepted practice all over the planet, no bank account and no pension fund will ever be 100% safe again. In fact, Cyprus-style wealth confiscation is already starting to happen all around the world. As you will read about below, private pension funds were just raided by the government in Poland, and a “bail-in” is being organized for one of the largest banks in Italy. Unfortunately, this is just the beginning. The precedent that was set in Cyprus is being used as a template for establishing bail-in procedures in New Zealand, Canada and all over Europe. It is only a matter of time before we see this exact same type of thing happen in the United States as well. From now on, anyone that keeps a large amount of money in any single bank account or retirement fund is being incredibly foolish.
Let’s take a look at a few of the examples of how Cyprus-style wealth confiscation is now moving forward all over the globe: Continue reading »
– Wow. This story about Iceland’s “recovery” is a complete lie. (Sovereign Man, July 22, 2013):
July 22, 2013
Without doubt, Iceland was the canary in the coalmine for the sovereign debt crisis that is unfolding across the world right now.
It was the first place to go bust, crumbling under the weight of a credit-fueled boom that brought down most of the country’s banking sector and sent the currency into freefall.