Anti-government and bank rage reached a boiling point Monday in the small island nation of Iceland, where residents have seen unemployment and inflation skyrocket following the fall collapse of the Icelandic banking system. Iceland, a nation recently prided as a great example of the “Scandanavian Model” of a prosperous welfare system, has in a matter of months been transformed into the least politically and ecnomically stable nation in Europe. The International Herald Tribune reports below:
Tiny Iceland has seen its banks and currency collapse in just a few weeks while prices and unemployment soar — leaving a country regarded as a model of Scandinavian prosperity in a state of shock.
Luckily, Icelanders seem to be able to identify the perpetrators as the ruling government and the central banking establishment that has grown up around it-
Thousands of Icelanders marked the 90th anniversary of their nation’s sovereignty with angry protest Monday, and several hundred stormed the central bank to demand the ouster of bankers they blame for the country’s spectacular economic meltdown….
“The government played roulette and the whole nation has lost,” writer Einar Mar Gudmundsson told a noisy but peaceful anti-government rally of several thousand people in downtown Reykjavik.
The Icelandic system, one built upon even greater leverage than that of America, has come to its current state of despair in the blink of an eye. Hopefully citizens of other nations will realize they could be next and pressure their officials to take the necessary precautions to provide for the most swift and orderly decline and ultimate recovery.
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