Iceland's Economic Collapse Due To Privatization Of Banking And The Subsequent Fraud?
This is a nice exposé of the complete financial bust in Iceland. We'll follow this investigation to its conclusion where we can likely expect to see massive fraud and corruption uncovered.
Interestingly, it appears Iceland is attempting to do a root cause analysis so as to ensure the proper reforms are instituted, to prosecute fraud and to learn from their mistakes. This only happened after the people of Iceland sacked their government. We see a similar pattern globally. That is, politicians are attempting to sweep it all under the rug in hopes it will all just go away. Possibly because the trail leads us right back to politicians? I know I am in the substantial minority within the financial blogosphere in my support of public banking, but private banking is the scourge of humanity. And, we'll eventually talk about why. And why private banking's shortcomings cannot be resolved to anything purporting to be democratic. My problem isn't with the Federal Reserve, it is the scourge of private banking. It seems Iceland had a public banking system that was working quite well until special interests decided to trash it -they deregulated their banking system and followed the European Union's model. Isn't that rich? The blind leading the blind. What would prompt a prosperous country to deregulate their banking system?
If nothing else, many functions of banking should be public only. People who talk about government takeover of banking as socialism are generally blowhards who can't defend such a ridiculous claim beyond their one-liner picked up from an equally uninformed loon. Let alone articulate either our Constitution's perspective on money or any reasoned understanding of the role of banking in a democratic society. Banking does not exist to terrorize and tyrannize a democratic society. I'm all for what works to expand democratic institutions and transparency in our society. I could care less if they are defined by capitalism or voodooism. Too many people confuse capitalism, simply a loosely defined economic model, with democracy. Democracy does not require capitalism. And as we have highlighted numerous times, the Nazis and the communists in China love capitalism. Capitalism somehow doesn't define freedom by any stretch of the imagination. If capitalism works for society as a whole, that's great. If capitalism intertwined with something else works better, or if something totally yet defined works better, that's fine by me. By the way, our banking isn't capitalistic at all. It hasn't been since at least 1913 when special interests gained control and created a monopoly on capital.
Interestingly, it appears Iceland is attempting to do a root cause analysis so as to ensure the proper reforms are instituted, to prosecute fraud and to learn from their mistakes. This only happened after the people of Iceland sacked their government. We see a similar pattern globally. That is, politicians are attempting to sweep it all under the rug in hopes it will all just go away. Possibly because the trail leads us right back to politicians? I know I am in the substantial minority within the financial blogosphere in my support of public banking, but private banking is the scourge of humanity. And, we'll eventually talk about why. And why private banking's shortcomings cannot be resolved to anything purporting to be democratic. My problem isn't with the Federal Reserve, it is the scourge of private banking. It seems Iceland had a public banking system that was working quite well until special interests decided to trash it -they deregulated their banking system and followed the European Union's model. Isn't that rich? The blind leading the blind. What would prompt a prosperous country to deregulate their banking system?
If nothing else, many functions of banking should be public only. People who talk about government takeover of banking as socialism are generally blowhards who can't defend such a ridiculous claim beyond their one-liner picked up from an equally uninformed loon. Let alone articulate either our Constitution's perspective on money or any reasoned understanding of the role of banking in a democratic society. Banking does not exist to terrorize and tyrannize a democratic society. I'm all for what works to expand democratic institutions and transparency in our society. I could care less if they are defined by capitalism or voodooism. Too many people confuse capitalism, simply a loosely defined economic model, with democracy. Democracy does not require capitalism. And as we have highlighted numerous times, the Nazis and the communists in China love capitalism. Capitalism somehow doesn't define freedom by any stretch of the imagination. If capitalism works for society as a whole, that's great. If capitalism intertwined with something else works better, or if something totally yet defined works better, that's fine by me. By the way, our banking isn't capitalistic at all. It hasn't been since at least 1913 when special interests gained control and created a monopoly on capital.
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