Iceland: Lessons for Americans

©2010 drkate

*Update* Please view videos contained in comments!

Icelanders say "No"

The financial meltdown of Icesave, the ‘deal’ forced down Iceland’s throat by Britain and the European Union, and the rejection of that repayment arrangement by Icelanders may have significant implications for citizens of the United States.

Approximately 93% of Icelanders voted on Saturday to reject the debt re-payment program, flatly rejecting the idea that the people had to pay for the failure of the banking system and the European Union.

“Ordinary people, farmers and fishermen, taxpayers, doctors, nurses, teachers, are being asked to shoulder through their taxes a burden that was created by irresponsible greedy bankers,” said President Olafur R. Grimsson, whose rejection of the bill resulted in the plebiscite, in a Bloomberg Television interview on March 5.

Britain  and the Netherlands say:

they are due the money following Iceland’s financial meltdown in 2008. But Icelanders say the terms of the repayment are too onerous and rejected the package in its current form. The collapse of three of Iceland’s biggest banks overwhelmed the country’s deposit-insurance scheme. Some 340,000 British and Dutch depositors in the Icesave online bank (owned by Landsbanki) had to be bailed out by their domestic compensation scheme. Now these two countries want their money back from Reykjavik.

The pattern sounds familiar…the general scheme sold to investors is revealed in this unreleased commercial. Bankers usurp the economy by undermining the Constitution.

Crucial Background on the Crisis

Michael Hudson details how the financiers will attempt to crush Iceland “without stepping a foot in the country” in this series of youtubes, the first of which is here:

The remaining four interviews can be found here:





Notice that the British invoked ‘anti-terrorism’ laws to seize Iceland’s assets in Europe, and move that has greatly offended Iceland.

What is next? Keep an eye out for Icelanders, they offer vital lessons for  us right now, and may also our help and support.


One can argue that the debt that has been incurred by Congress is not valid as it was spent for unconstitutional purposes. It is also possible to argue that any bill signed by an ineligible President has no legal effect whatsoever.

Until there is a new Congress, the people will have to take matters into their own hands, and I believe that is through the exercise of Tenth Amendment authorities. Already states have moved to nullify any government health care, fines, or penalties accompanying obamascare, firearms laws, and pollution control.

Why not apply this approach to the unconstitutional debt incurred by the rogue government? The debt payment will come in part through increased income taxes, which can be nullified by informed juries.

Your thoughts?

11 Responses to “Iceland: Lessons for Americans”

  1. 1 Rick March 7, 2010 at 7:18 am

    Federal judges have already said they will not pay attention to state sovereignty laws. If so, the only alternative left, would be to secede.

  2. 2 tiger 7 March 7, 2010 at 8:24 am

    So true, Rick—People laugh at the concept of secession but things may indeed come to that. We in Texas have an advantage in that respect in that we are more self-sufficient than a lot of states. Also, Texas is the only state that was a Republic prior to becoming a part of the USA. Natural resources, economic stability, access to the sea, Willie Nelson—what more could one want???
    These are most interesting times—I can hardly wait to see how this mess gets resolved.

  3. 3 Quantum Leap March 7, 2010 at 7:19 pm

    They have been enduring this for a few years now.

  4. 4 Quantum Leap March 7, 2010 at 7:24 pm

    November 2008 Iceland has been hit hard by the financial crisis. Banks have defaulted, unemployment is rising and the currency has lost 80% of its value. Now Iceland is one of the first countries to default.

    • 5 drkate March 7, 2010 at 9:09 pm

      The bankers made risky loans ABROAD…when the banks defaulted the government stepped in, but actually is too small to be the banker of last resort..

  5. 6 Quantum Leap March 7, 2010 at 7:40 pm

    Example for what could happen in the US

  6. 8 Quantum Leap March 7, 2010 at 7:54 pm

    Oops sorry dk It was supposed to be this one. And why is all this ocurring? New World Order ONE WORLD BANK is ON the WAY. By bringing countries to their knees through the EU. This is how they will force countries to join the NWO and remain in the EU. But it will be a disaster as the bankers trying to be king of the world think they can control the world. It takes allegiance to run a country successfully. NWO and it’s members have no allegiance to any country.

    • 9 drkate March 7, 2010 at 8:43 pm

      Ah, Quantum! Thank you so much for these…I knew if I just wrote something on it you could help me with more information. Much gratitude for your contributions here! 🙂

  1. 1 Iceland: Lessons for Americans « drkatesview | Drakz Free Online Service Trackback on March 7, 2010 at 6:12 pm
  2. 2 Terrorizing the Citizenry « drkatesview Trackback on March 8, 2010 at 1:33 am
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