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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.
via Why Iceland Should Be in the News But Is Not |.
Why Iceland Should Be in the News, But Is Not
By Deena Stryker
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 [...]
“The political influence of the financial industry can be a source of systemic risk,” is the thrust of an IMF working paper entitled “A Fistful of Dollars: Lobbying and the Financial Crisis.” The December 2009 report evaluated “how lobbying may have c… [...]
The current tumult in the nation’s economy—high unemployment, large federal deficits, a downgrade in the U.S. credit rating and the resultant gyrations of stock prices—stem from the collapse of the housing bubble in 2007 and 2008 and subsequent … [...]
Interactive: Which Banks Got Emergency Loans from the Fed During the Financial Meltdown?
By Karen Weise and Dan Nguyen, ProPublica, Dec. 1, 2010, 6:45 p.m.
Wednesday the Federal Reserve released data on more than 21,000 loans and other deals it made through a dozen emergency programs created during the financial crisis. The Fed used trillions of dollars to stabilize the economy when the housing bubble burst and credit markets froze.
We combined the Fed’s three programs that loaned directly to banks and other financial firms with the goal of getting them to start lending again. We hope to post on the Fed’s other programs soon.
The numbers here reflect the cumulative amount a bank borrowed. Banks often rolled loans over from one into another, so the amount outstanding any given time would be far lower.
via Interactive: Which Banks Got Emergency Loans from the Fed During the Financial Meltdown?.
The House Ethics Committee is said to have broadened its inquiry into Rep. Maxine Waters by examining whether the Financial Services Committee fully complied with requests to turn over documents. Waters was scheduled to go on trial last month for inappropriately using her position in Congress to aid a bank that her husband had an [...] [...]
The House Ethics Committee is said to have broadened its inquiry into Rep. Maxine Waters by examining whether the Financial Services Committee fully complied with requests to turn over documents. Waters was scheduled to go on trial last month for inappropriately using her position in Congress to aid a bank that her husband had an [...] [...]
Tomorrow, the Federal Reserve is supposed to release information regarding a suite of programs created to increase lending during height of the financial crisis. Scheduled for release are the amounts, dates, types of loans and loan terms for every entity that took advantage of the emergency lending programs set up by the Fed. Included in [...] [...]
Midterm elections are an embarrassment of riches for fact-checkers — this year more than others. With Democrats fighting desperately to keep control of the House and Senate, and a torrent of money from corporations and other undisclosed … [...]
Midterm elections are an embarrassment of riches for fact-checkers — this year more than others. With Democrats fighting desperately to keep control of the House and Senate, and a torrent of money from corporations and other undisclosed … [...]
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