In life, how many times have we seen that two similar men face a set of similar circumstances only to witness two entirely different outcomes? One man meets the challenges, grows stronger and more successful as a result. The other man ignores the crisis at first, hoping that it will go away. When the denials breakdown, the second man feels overwhelmed and succumbs to the problem and his life is subsequently ripped apart.
Nations are like people, they have a character, a personality and a persona. They either have resilience and can bounce back from adversity, or they do not. They either have courage or they cower in the corner because they are weak and timid in the face of danger. And like with the two men, when countries face the same challenges, one country may thrive and the other country takes a dive.
When we look at how two countries, Iceland and the United States, responded to economic Armageddon in 2008, one country was head and shoulders above the other in terms of displaying a spirit of resilience.
The 2008 World Economic Meltdown Began In Iceland
America is once again ready to enter into the economic disaster zone in a much more significant manner than we did in 2008. Iceland has already been there and their journey was inspired and controlled by Goldman Sachs and fellow Wall Street banksters. Iceland’s journey down the path to economic Armageddon actually began in the late 1990s and early 2000’s, when Iceland’s Prime Minister David Oddsson, began to do the bidding of Wall Street bankers and instituted a set of Reagan-style policies and privatization. According to author, Roger Boyes, as he documented the world’s descent into economic tyranny in his former best-selling book, Meltdown Iceland, Boyes stated that “the fix was in”and Wall Street began to financially obliterate Iceland after plundering its hard assets.
Under the globalists from Wall Street, the Iceland’s banking sector grew rapidly, propelled by borrowed money. Icelanders could access credit easily in just the same manner as pre-2008 crash America. Iceland had its own devastating housing bubble as housing prices escalated exponentially and consumption skyrocketed. In order to attract international currency investments, Iceland raised its interest rates to 15% and the same devastating consequences which befell America was visited upon Iceland. In 2003-2004, prices on the Iceland stock market increased 900% before crashing. America, are you nervous yet?
Iceland’s bubble was no different than any other economic bubble. By 2006, what I call the heroin effect kicked in and the average Icelander was 300% wealthier than in 2003, but hopelessly in debt. Iceland was experiencing a 1929 pre-crash America as well as the symptoms of our impending crash in 2015. The citizens were seduced by easy money and acted as if they were addicted heroin. Meanwhile, the government, banking and corporate debt grew out of control until the time to pay up finally arrived.
By 2008 Iceland’s banks collapsed, it was time for Icelanders to pay for their extravagant ways and 50,000 of its people’s savings were wiped out (that represents one in three adults in Iceland that lost their bank accounts). Keep in mind that Iceland only has a population of 300,000. If those same numbers were to be visited upon America, we would be looking 50 million Americans having their savings wiped out. Let me ask the same question that I always ask at this point. Do you now understand why DHS has purchased 2.2 billion rounds of ammunition to go with 2700 armored personnel carriers?
The problem for Icelanders became far worse as by 2009, 25% of homeowners went into mortgage default. Please allow me to ask another rhetorical question, do you now see why the Federal Reserve spent two years buying $40 billion dollars in mortgage backed securities each and every month beginning in September of 2012?
People of America, can you spell f-e-u-d-a-l-i-s-m?
Many champion what Iceland did back in 2008. Yes, it was the right thing to do. However, Americans do not have the options available that Iceland did back in 2008.
What Did Iceland Do?
The people of Iceland have more courage in their little finger than America has in its entire being? Iceland’s financial failure forced its government to resign or be removed, and it also caused citizens to re-evaluate the merits of their reckless spending, borrowing and consumption. Just how did Iceland do it?
Iceland’s President Olafur Ragnar Grimmson was interviewed last year at the World Economic Forum in Davos on why Iceland has enjoyed such a strong recovery after it’s complete financial collapse in 2008, while the rest of the West is still mired in debt, poverty and hopelessness to go with empty promises of an economic recovery.
When asked whether Iceland’s policy of letting the banks fail would have worked in the rest of Europe, Grimsson stated:
“… Why are the banks considered to be the holy churches of the modern economy? Why are private banks not like airlines and telecommunication companies and allowed to go bankrupt if they have been run in an irresponsible way? 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. People in enlightened democracies are not going to accept that in the long run. …“
Can we imagine Obama ever speaking this way in public? The short answer is that it does not matter if he ever did. America is hopelessly mired in debt and there are no options except financial collapse and likely martial law, followed by civil war.
Iceland Was Only Attacked by Bankers
As Goldman Sachs and friends sought to plunder Iceland’s banking structure and individual bank accounts, the people of Iceland fought back. However, today’s attack on America is far worse.
The United States is facing both a coming bail-in (e.g. Greece) and a bail out (America 2008). In other words, the bankers are robbing the American people from both the inside and the outside (i.e. G-20 bail-ins) and (more talk in the media about having more bail-outs).
During the height of the Wall Street takeover of the Iceland banking system, each person in Iceland was $150,000 in debt. Based only on the derivatives debt alone, every man women and child in our country owes $318,000,000,000,000 dollars ($318 billion dollars)**. And even if America were to successfully occupy every country in the world, along with their assets, we could only acquire $65 trillion dollars, which is the entire wealth of the planet. In other words America, in which century would you like to pay off this debt? The 21st, the 30th, the 90th century? And please remember, these numbers don’t represent the $240 trillion dollars in unfunded liabilities.
Dave Hodges is the Editor and Host of The Common Sense Show.
**Editor’s note. I have not talked to Dave today and am not sure how he came about this $318 billion figure. The number seemed high to me so I did some basic math and divided an estimated 1.2 quadrillion dollars (many estimate this debt to be higher) in derivatives debt by 300 million people (round figure to make it easier). I came about the number of 4 million dollars as a rough estimate of what every man, woman and child In America owes, and again this is only in derivative debt. My math could be horribly flawed and maybe Dave is correct but, either way, it is obvious that the debt we owe far outweighs what we are able to pay and that is the point of this article. Collapse can not be avoided. It is a mathematical impossibility. The only question is when it will happen. -Dean Garrison, Editor/Publisher of D.C. Clothesline