Why Iceland Should Be in the News, But Is Not →
Via all the flowers shone like flames:
An Italian radio program’s story about Iceland’s on-going revolution is a stunning example of how little our media tells us about the rest of the world. Americans may remember that at the start of the 2008 financial crisis, Iceland literally went bankrupt. The reasons were mentioned only in passing, and since then, this little-known member of the European Union fell back into oblivion.
As one European country after another fails or risks failing, imperiling the Euro, with repercussions for the entire world, the last thing the powers that be want is for Iceland to become an example. Here’s why:
Five years of a pure neo-liberal regime had made Iceland, (population 320 thousand, no army), one of the richest countries in the world. In 2003 all the country’s banks were privatized, and in an effort to attract foreign investors, they offered on-line banking whose minimal costs allowed them to offer relatively high rates of return. The accounts, called IceSave, attracted many English and Dutch small investors. But as investments grew, so did the banks’ foreign debt. In 2003 Iceland’s debt was equal to 200 times its GNP, but in 2007, it was 900 percent. The 2008 world financial crisis was the coup de grace. The three main Icelandic banks, Landbanki, Kapthing and Glitnir, went belly up and were nationalized, while the Kroner lost 85% of its value with respect to the Euro. At the end of the year Iceland declared bankruptcy…
What happened next was extraordinary. The belief that citizens had to pay for the mistakes of a financial monopoly, that an entire nation must be taxed to pay off private debts was shattered, transforming the relationship between citizens and their political institutions and eventually driving Iceland’s leaders to the side of their constituents. The Head of State, Olafur Ragnar Grimsson, refused to ratify the law that would have made Iceland’s citizens responsible for its bankers’ debts, and accepted calls for a referendum.
Of course the international community only increased the pressure on Iceland. Great Britain and Holland threatened dire reprisals that would isolate the country…
In the March 2010 referendum, 93% voted against repayment of the debt. The IMF immediately froze its loan. But the revolution (though not televised in the United States), would not be intimidated. With the support of a furious citizenry, the government launched civil and penal investigations into those responsible for the financial crisis. Interpol put out an international arrest warrant for the ex-president of Kaupthing, Sigurdur Einarsson, as the other bankers implicated in the crash fled the country.
But Icelanders didn’t stop there: they decided to draft a new constitution that would free the country from the exaggerated power of international finance and virtual money.
To write the new constitution, the people of Iceland elected twenty-five citizens from among 522 adults not belonging to any political party but recommended by at least thirty citizens. This document was not the work of a handful of politicians, but was written on the internet.
Refusing to bow to foreign interests, that small country stated loud and clear that the people are sovereign.
That’s why it is not in the news anymore. Read Whole
Good lord I love that country. Let’s do this.
Wait? What? I thought the internet was just for photos of kittens and celebrity twitter accounts - that’s so strange our news media wouldn’t highlight another country using the internet to draft a new constitution… *scratches head*
As of writing this, this post has around 3,200 notes - if only a fraction of the people who likes or shared this went so far as to add a few words to an open doc’, we could build ourselves a set of new rules and protections.
It’s impossible.” said pride. “It’s risky.” said experience. “It’s pointless.” said reason. “Give it a try.” whispered the heart.
Believe In Yourself - Sarah’s Karaoke Version!! (by thegregorybrothers)
This song makes me happy. For those who don’t know, the lyrics come from an inspiration speech by a little boy who just rode his bike for the first time.
“What is the purpose of life? It’s to give. Start giving, feel the joy of giving.”
2011 Looks like it’s going to be a good year. Putting this here for inspiration and posterity to follow up on in 2012.
Beautiful
Incredible. Inspirational.
…how many rivers we had to cross, before we found our way…
Of all the amazing videos / stories that exists online and give me hope and pull me away from cynicism, nothing moves me more than Carl Sagan.
(Source: youtube.com)
When you have come to the edge of all light that you know and are about to drop off into the darkness of the unknown, faith is knowing 1 of 2 things will happen: there will be something solid to stand on or you will be taught to fly.
— Patrick Overton (via fuckyeahhappy)
Man cannot discover new oceans unless he has the courage to lose sight of the shore.
— Andre Gide
Those of you who often over-commit or feel too scattered may appreciate a new philosophy I’m trying: If I’m not saying “HELL YEAH!” about something, then say no. Meaning: When deciding whether to commit to something, if I feel anything less than, “Wow! That would be amazing! Absolutely! Hell yeah!” - then my answer is no. When you say no to most things, you leave room in your life to really throw yourself completely into that rare thing that makes you say “HELL YEAH!”
