Iceland was one of the first countries to experience the financial crisis that plagues the world. It seems to be the canary in the coal mine, and as such, it may be showing us not only what is in store for the rest of us, but also a way out of our dilemma.
In this series of 5 videos, Prof. Michael Hudson explains very clearly what happened to Iceland and shows it to be an example of the pattern that is being played out in the rest of the world.
In the time since that interview was recorded, the people of Iceland have taken action that may get to the root of the problem. Instead of bailing out the banks and rewarding those who caused the problem in the first place, Iceland has, according to one of my correspondents:
– Totally recalled its government.
– Nationalized its main banks.
– Decided not to honor the claims from the UK and Holland due to their speculative policies.
– Created a popular assembly to rewrite its constitution.
Strangely, there has been very little about that in the media.
I would very much like to see reports that detail these actions, so I invite any of my readers who find them to pass them on by making comments to this post–t.h.g.