*Update* Please view videos contained in comments!
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.