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IMF Admits Iceland Was Right

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“Now in what may be the greatest economic “mea culpa” in history, we have the media admitting that this government/banking/propaganda-machine troika has been wrong all along. They have been forced to acknowledge that Iceland’s approach to economic triage was the correct approach right from the beginning.  What was Iceland’s approach? To do the exact opposite of everything the bankers running our own economies told us to do. The bankers (naturally) told us that we needed to bail out the criminal Big Banks, at taxpayer expense (they were Too Big To Fail). Iceland gave the banksters nothing.”

IMF Admits Iceland Was Right:…the island’s approach to its rescue led to a “surprisingly” strong recovery, the International Monetary Fund’s mission chief to the country said  

Subject: FW: Iceland Was Right, We Were Wrong: The IMF 
By Jeff Nielson08/15/12 – 03:14 PM EDT

VANCOUVER (Silver Gold Bull) — For approximately three years, our governments, the banking cabal, and the Corporate Media have assured us that they knew the appropriate approach for fixing the economies that they had previously crippled with their own mismanagement. We were told that the key was to stomp on the Little People with “austerity” in order to continue making full interest payments to the Bond Parasites — at any/all costs. 

Following three years of this continuous, uninterrupted failure, Greece has already defaulted on 75% of its debts, and its economy is totally destroyed. The UK, Spain and Italy are all plummeting downward in suicide-spirals, where the more austerity these sadistic governments inflict upon their own people theworse their debt/deficit problems get. Ireland and Portugal are nearly in the same position. 

Now in what may be the greatest economic “mea culpa” in history, we have the media admitting that this government/banking/propaganda-machine troika has been wrong all along. They have been forced to acknowledge that Iceland’s approach to economic triage was the correct approach right from the beginning.

What was Iceland’s approach? To do the exact opposite of everything the bankers running our own economies told us to do. The bankers (naturally) told us that we needed to bail out the criminal Big Banks, at taxpayer expense (they were Too Big To Fail). Iceland gave the banksters nothing.

The bankers told us that no amount of suffering (for the Little People) was too great in order to make sure that the Bond Parasites got paid at 100 cents on the dollar. Iceland told the Bond Parasites they would get what was left over, after the people had been taken care of (by their own government).

The bankers told us that our governments could no longer afford the same education, health care and pension systems which our parents had taken for granted. Iceland told the bankers that what the country could no longer afford was to continue to be blood-sucked by the worst financial criminals in the history of our species. Now, after three-plus years of this absolute dichotomy in economic policymaking, a clear picture has emerged (despite the best efforts of the propaganda machine to hide the truth).

In typical fashion, the moment that the Corporate Media is forced to admit that it has been serially misinforming us for the past several years; the Revisionists are immediately deployed to rewrite history, as shown in this Bloomberg Businessweek excerpt:

…the island’s approach to its rescue led to a “surprisingly” strong recovery, the International Monetary Fund’s mission chief to the country said.

In fact, from the moment the Crash of ’08 was orchestrated and our morally bankrupt governments began executing the plans of the bankers, I have written that the only rational strategy was to put People before Parasites. While I wouldn’t expect national policymakers to take their cues from my writing, when I wrote out my economic prescriptions for our economies I didn’t base my views on compassion, or simply “doing the right thing.”

Rather, I have consistently argued that it was a matter of simple arithmetic and the most-elementary principles of economics that “the Iceland approach” was the only strategy which could possibly succeed. When Plutarch wrote 2,000 years ago “an imbalance between rich and poor is the oldest and most fatal ailment of all Republics,” he was not parroting socialist dogma (1,500 years before the birth of Socialism).

Plutarch was simply expressing the First Principle of economics; something on which all of the modern capitalist economists who followed in his footsteps have based their own theories. When modern economists produce their own jargon, such as the Marginal Propensity to Consume; it is squarely based on the wisdom of Plutarch: that an economy will always be healthier with its wealth in the hands of the poor and the Middle Class instead of being hoarded by rich misers (and gamblers).

So when the Bloomberg Revisionists attempt to convince us that Iceland’s strong (and real) economic recovery was a “surprise”; this could only be true if none of our governments, none of the bankers and none of the media’s precious “experts” understood the most-elementary principles of arithmetic and economics. Is this the message the media wants to convey?

What is even more disingenuous here is the congratulatory tone in this exercise in Revisionism, since nothing could be further from the truth. As I detailed in a four-part series one year ago, the campaign of “economic rape” perpetrated against the governments of Europe over the past two and half years (in particular) has been expressly designed to take away “the Iceland option” for Europe’s other governments.

One of the reasons for Iceland being able to escape the choke-hold of the Western banking cabal is that its economy (and its people) still retained enough residual prosperity to tough it out — as the banking cabal tried to strangle Iceland’s economy as retribution for rejecting their Debt Slavery.

Thus, austerity has been nothing less than a deliberate campaign to destroy these European economies so that the Slaves would be too economically weak to be able to sever their own choke-holds. Mission accomplished!

One can only assume that neither the Corporate Media nor their Banker Masters would have allowed this clear acknowledgment that Iceland was right and we were wrong to appear within its own pages, unless it felt secure in the knowledge that all the remaining Debt Slaves had been crippled beyond their capacity to ever escape this economic oppression.

Indeed, for evidence of this we need only look to Greece: the one other European nation where there had been “rumblings” (i.e. riots) aimed at toppling the Traitor Government that served the banking cabal. After two elections, the combination of fear and propaganda bullied the long-suffering Greek people into choosing another Traitor Government — which had expressly pledged itself to reinforcing the bonds of economic slavery. When the Slaves vote for slavery, the Slave Masters can afford to gloat.

Here, the purpose of this Bloomberg propaganda was not to praise Iceland’s government (when both the bankers and Corporate Media despise Iceland with all of their considerable malice). Rather, the goal of this disinformation was to manufacture a new Big Lie.

Instead of the Truth: that from Day 1 Iceland’s approach was the only possible strategy which could have succeeded, while our own governments chose a strategy intended to fail; we get the Big Lie. Our Traitor Governments were acting honestly and honourably; and Iceland’s success and our failure was yet another “surprise which no one could have predicted.”

We saw precisely the same Revisionism following the Crash of ’08 itself, where the mainstream media trotted out all their expert-shills to tell us they had been “surprised” by this economic event; while those within the precious metals sector had been predicting precisely such a cataclysm, in ever more-assertive terms, for several years.

The real message here for readers is that when an economic strategy of People before Parasites succeeds that there is nothing the least-bit “surprising” about this. As with all the remainder of the world around us, promoting the health of Parasites is only good for the Parasites themselves.

This article is commentary by an independent contributor, separate from TheStreet’s regular news coverage.

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    Total 13 comments
    • londoner

      Good to flag this up.
      It’s always been about keeping the critical information from the mass of folk.
      The information that allows folk to see themselves with different eyes.
      Bryzinski (is that the correct spelling) said the biggest problem ( for the psycho oligarchs ) was that people were becoming politically aware. Says it all.

    • Anonymous

      So far Iceland’s been the only one thats got it right. Too late for Greece, they already sold their soul. France would be smart to take Iceland’s lead and run with it. Once you get a couple of countries doing it the rest will follow and just default on the big banks.

    • Anonymous

      I don’t know what is going to happen in the future but I do know the richies took all the resources and hoarded them. The poor are going where those resources are and they aren’t going to give a rip what the potential consequences are going to be.

    • Authentica

      So basically the world of billions of people are being held by the balls by a criminal mafia gang of mob thugs – yet a tiny country with less than 500,000 people managed to stand up to them and win? Why? Because the people actually run the government there FOR THE PEOPLE!

      What ever happened to the ‘We don’t pay’ protest in the UK? That was a great idea for non-violent revolution.. Our governments don’t listen to protests, public opinion, reason, etc (just their fascist overlords) so maybe when we stop paying their wages (hitting them where they hurt) they might listen? ~

    • Anonymous

      The most common problem with every article on this website that DOES contain substance, is the vitriol and bias that each piece contains absolutely results in it losing any journalistic credibility due to the author’s inability to maintain any level of a professional standard in writing objectively.

      This piece could have been written without what amounts to childish name-calling, hyperbole, generalization of an entire body by the actions of one within said body, etc. etc.

      There’s a reason MSM continues to dominate the airwaves instead of a proliferation of websites such as this, it’s that as STUPID and MISINFORMED they CAN be, at least MOST columnists and broadcasters that represent the biggest companies can sound like they aren’t allowing their own sensitivity and personal grudges to entirely interfere in the process of doing their job.

    • Authentica

      Anonymous do you have anything positive, constructive or otherwise helpful to contribute about this article other than criticism of an important, informative piece? Don’t you think this writer is just as infuriated as most of us about the crimes being committed against us? Why should they hide that? Alternative media is booming, actually, and all we get from the MSM is stupid misinfo, generalisations and childish games so I’m very suspicious of your motivation to make your comment. Again, if you have anything positive to add other than just slandering the journalist, I’d love to hear it? By the way, I for one certainly don’t agree that personal grudges are not evident in MSM opinions or ‘news.’

    • Authentica

      Also, calling a spade a spade (or a Parasite a Parasite) is not name-calling in my book it’s just telling it like it is. Which is something the MSM never does, nor do they ever report without a bias & even implying they represent news objectively actually made me laugh..

    • bigbobswinden

      Every currency will eventually collapse because men are week and printing presses are fast.

    • 3dME


    • Anonymous

      In May 2012 I became so angry with the mainstream media and my home UK politicians that I felt compelled to spend GBP£ 10,000 of my own money buying a one-quarter page advert in the Financial Times of London so that I could publish a Ten Point Plan to fix the British economy. It was an open letter to the Prime Minister.

      If you are interested you can search for Gordon Styles Ten Point Plan. In it I call for more professional Government; the nationalization of the UK banks; the banning of fractional reserve banking; the Treasury to print all money; Government to invest directly in huge infrastructure building; huge long-term low interest loans to industry, manufacturing, construction and exporting; massive investment in trade apprenticeships etc.

      Of course I was simply ignored by Government.

      Private banking is unnecessary and will always lead to the corruption of politicians and the enslavement of the people.

    • Anonymous

      All currencies that exist to day are fiat currencies which means fake money and most are privatised which makes them way less stable in the long term.
      In the end, the only fair system of currency is no currency at all. Money is always power and the rich hold that power over all our heads. End currency, patents and copyrights and allow technology to progress. Gold,silver backed currency will never work because there just isn’t enough of it any more.

    • Anonymous

      That is the answer that will eventually show itself to the public. In order to stop all these endless wars, fake currencies and stolen wealth of the middle class and poor is to put an end to all currency. At the same time void all patents and copyrights to allow innovation to take place. All the elites wealth is on paper so once currency is ended their wealth and power disappears and we will be back to being free.

    • Anonymous

      “blood-sucked by the worst financial criminals in the history of our species”

      After the “Great Depression” in the USA, banking laws were put in place to stop this destructive greedy human garbage.

      They learned the cause and implemented laws.
      The main ones that were repealed in the 70′s through the 90′s were.

      Maximum interest rates on any loan was 18% and could not be amortized more than once a month.

      That to qualify for a home loan you must show income and the payment on your home loan, including insurance and taxes, cannot be more than 25% of your total take home income.

      The economy grew better than at any time in history of any culture with these laws in place.

      By destroying those two laws, the banks have managed to destroy the economy. Both repeals of those laws came from socialists disguised as “liberals”. The idea is that you cannot deny a bank the right to offer services to anyone.

      Banks should be heavily regulated, because they don’t make a “product”. They should only serve the population and not serve themselves like vultures.

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