Support Iceland Against the Financial Blackmail of the British and Dutch Governments and the IMF

This document is (for the time being) on Wikileaks. But many NetNews agencies publish the story, e.g. Rense.com and Voltaire.net

Call To The People Of The World
To Support Iceland
Against The Financial Blackmail Of The
British And Dutch Governments And The IMF

By Birgitta Jonsdottir
1-6-10

It has been promoted by creative spirit Birgitta who can be reached via birgitta AT this.is

Note — Birgitta Jonsdottir is the leader of The Movement, a group within the Icelandic Parliament which has emerged from the mass struggle of Icelanders against the financial blackmail brought to bear against their country by the governments in London and The Hague, with the backing of the IMF, in the wake of the insolvency of three large Icelandic banks in the midst of the Lehman Brothers-AIG world financial panic of September-October2008. Birgitta Jonsdottir is a courageous leader in the fight for national sovereignty, independence, dignity, and the economic well-being and future of her country.

January 5, 2010 is a historical day for Icelanders. The Icelandic President Olafur Ragnar Grimsson had a tough decision to make, and difficult choices to make. To listen to the 23% of the nation that signed a petition calling on him to put the state guarantee for 5.4 billion dollars to be paid to the British and Dutch governments to a national referendum.

Or to ignore the nation and sign the bill for the government, after the bill had been passed through the parliament with a narrow vote on December 30, 2009 after months of acrimonious debate, tainted with secrecy and dishonesty on the part of the government. Every day throughout the debate, new information would emerge and documents would leak to local media or wikileaks.

Yesterday, the people of Iceland finally had a chance to have something to say about their fate, because if the state guarantee is accepted it will mean that Iceland will become like a third world country, spending its GDP largely on paying interest on foreign debt. Last summer, a bill for a state guarantee was passed that had a significant meaning not only for Iceland, but also for other nations around the world facing the same problems of private debt being forced on taxpayers.

The bill included a reasonable and fair way of handling the interest and the debt: Icelanders would pay, but only a certain percentage of their GDP, and if there were to be another financial black hole, they would not pay during that time. Thus it comes as no surprise that the Dutch and British governments reacted so swiftly with a condemnation of Iceland’s citizens for having the audacity to think they have the right to exercise their democratic rights in deciding for themselves what is in the best economic interests of their nation.

Let’s also put this debt into perspective: 320.000 people live in Iceland, each and every person on the island, including children and the elderly, the disabled and the poor, would have to pay around $30,000 under the bill. The danger if Icelanders will accept this enormous burden is that the entire welfare system would simply collapse with no money to run it. On January 5th the Icelandic president had the courage, backed up by his nation, to place the interest of the people before that of the banks.

Of course there has been an incredible spin by the government controlled media, attacking the nation and the president for this simple and fair demand. The UK and Dutch media were also full of misleading news, saying the nation had demanded not to pay, and that we would become isolated and there were even suggestions that the British navy should flex its muscles against this nation which has no military. As if the terrorist act they imposed on us was not enough during the darkest hour of our crises to bring us further down!

The spin is failing because people around the world are finally starting to hear our side of the story, and other suppressed nations have perhaps seen this as a sign that they can also rise up against the corpocracy in our world where those with the money have as a rule always won. Let’s hope the nation will not been coaxed into fear of isolation and let’s hope the people of the world will join in this experiment of letting the interest of the peoples rise above the interests of banks, corporations, and international bullies such as the IMF. We need your support. I will soon issue a comprehensive report on the entire Icesave saga.

Love and rage from Iceland

Birgitta Jonsdottir

Party group chairman for The Movement in the Icelandic Parliament

Documentation: I append links to the files about Icesave that were leaked to wikileaks, and which show how the EU member states blackmailed Iceland into the same corner the government helped push into by accepting the Icesave bill. This file also contains letters between the main financial adviser to the Iceland Finance Minister and Mark Flanagan of the IMF:

http://file.wikileaks.org/leak/icesave-eu7.pdf

WIKILEAKS Wed Dec 30 05:00:00 GMT 2009 (updated 9:24, with additional pages).
The following document is one of 23 withheld from the Icelandic public relating to the Icesave dispute. The Minister of Finance issued a gag order on the documents. Even the country’s parliamentarians may only see them under strict supervision.
The Icelandic parliament is due to consider the “Icesave bill” at noon today. The bill would have Iceland pay nearly four years worth of its entire economy (GDP) to investors from the UK, the Netherlands, Germany and other countries who participated in the failed Landsbanki “Icesave” scheme.
The leaked memo, from Iceland’s Ministry of Foreign Affairs, details a meeting held on November 12, 2008 in Brussels, in which the Icelandic delegation, quite naively, “begged for mercy” before seven EU Representatives (Germany, UK, Netherlands, Austria, Finland, Sweden and Denmark).
The document details how EU representatives attempted to force Iceland into taking on the debt burden coming out of the EEA Agreement.
The meeting was a follow up to the Ecofin meeting of November 4, 2008. The Ministry’s author is not named, but similar documents have been written by Martin Eyjólfsson.
The original memo contains typographical and other errors. As a matter of historical accuracy, these have been retained.
Julian Assange, editor
julian  AT sunshinepress.org

34 responses to “Support Iceland Against the Financial Blackmail of the British and Dutch Governments and the IMF

  1. The privilidged position of creating credit out of “thin air”, as held by the banking elite has been abused over 50 years in the USA, the UK and other places. (The continued expansion of credit at growth rates exceeding real earnings rates)

    http://market-ticker.denninger.net/archives/1834-The-Finger-Pointing-Continues-GS-AIG.html

    http://market-ticker.denninger.net/archives/1838-Feds-Bullard-Admits-To-Bubble-Blowing….html

    Creating false securities and then selling them as AAA is fraud.

    I support Iceland and any nation who wishes to stop this abuse here and now.

  2. Iceland can refuse debt servituede, Cyril!

    That’s what Michael Hudson wrote in the FT on January 6, 2010.

    See http://www.ft.com/cms/s/0/dd0831a4-fafa-11de-94d8-00144feab49a.html or http://bit.ly/8G5qKY

  3. They really need to do this. I certainly have no respect for Mr Brown who through his years as chancellor with his “growth” speeches that were nothing but a measure of the UK debt bubble.

    It appears Mr Brown does not have any economic degree (I believe he has a history degree). My point is not to salg off Mr Brown here. But merely to state that he either knows nothing about what he is talking about or is telling lies.

    I did write to Mr Brown several months ago by recorded delivery, received notification but never received a reply. (I was offering my help given my then understanding of the situation).

    I wrote another article today…
    http://www.peoplecount2.org/mon/1073_war_and_war.htm

    I see no reason why the Iceland people should pay back credit-money that was created from thin air at very little expense to the bankers.

    Once this is truly appreciated one realises that the link between money /credit and reality has truly been lost. It is just a matter of time before the propoganda that is being emitted from the Uk and the USa is seen to be just that. I have strong reason to believe that UK is just as insolvent but is being held together by “smoke”. Talking about money, the UK has almost finished printing from thin air about 200 billion UK pounds. Why don’t the UK just go and print up another 5 billion and pay themselves with that.?

    Welcome to Quantitative Easing !!!!

    For the first time in history now the banks are being 0.5 % interest on those excess reserves which have now been produced as a result.

    It is just one big scam after another.

    Has anybody thought to ask who is behind the IMF ?

    Keep up the good work. I love you for it.

    I am still anxious to contact people to provide a self-awareness of how an economy can function with money being simply made available to transact business.

    I believe that I have a lot to offer to break some mis-conceptions.

    Paper money is not wealth. Just look at what happened to France and her “assignats” after the French Revolution.

    Real wealth is generated by people !!!!!!

  4. I should have mentioned 0.5% to UK banks. They are doing the same things in the USA but I do not know what the interest rate is over there.

    It is just another hidden backdoor tax which is not mentioned in the “Explaining QE pamphlet avaialble on the Bank of England web site – by my back of the cigaratette pcket calaculations that comes to about 500 million GBP that the UK taxpayer is paying to help these failed and worthless institutions – what nonsense).

  5. Yes, yes, Cyril!

    In my experience you have to get your MP to write on your behalf to get an answer.

    And my disillusionment has reached the point where I must conclude that “they” do not have the public interest at heart at all. To the contrary. The questions are to what degree they are aware of it and what do we do once we “see through”…

    Having started the first LETS in London in 1989, I now think it’s got to happen online. Via Facebook maybe. But then it seems that the CIA is behind Facebook. So it won’t happen there.

    Trust me to keep trying my best – despite all odds.

    With best wishes for more and more passion in your writing elbows,

    Sabine

    • Sorry if I went off on what appeared to be a rant. In some senses I have exposed myself too much to what is going on around the world and that it really does get me quite warm.

      I was severely disillusioned with what I was witnessing as far back as some 10 years ago. (I just dodn’t know as much about how things were “done” then.

      I have looked at alternative currencies and was continually perturbed by legal questions.

      I would like to ask you some questions about that (LETS) please?

  6. Morgan Stanley, UBS and Barclays were among banks sued by Federal Home Loan Bank of Seattle, which seeks to recoup more than $2 billion it paid for certificates backed by faulty mortgages.

    I would just like to point out that if the correct rules are followed by the banks they can never fail leaving a “huge whole”. The deposits should al be recoverable and a 1% insurance is more than adequate in the case of bank insolvency.

    May be Iceland should start legal proceeding for the pernicious fraud that must have occurred in order to leave nothing but a “black hole”

    http://market-ticker.denninger.net/archives/1913-This-Is-What-SHOULD-Be-Happening-FHLB-Suit.html

  7. Time moves on and the vampire squid tightens its grip. Has anybody seen the file “The Money Masters” by Billl Still ?

  8. I couldn’t resist. Am I the only one to have found this thread??

    Something to “smoke”…

    http://market-ticker.denninger.net/archives/2018-Our-Educational-Systems-Primary-Failure.html

    All is good except for the nuclear power stations. Look we have enough energy if we change our thinking and stop those idiots at the top (are they or is it us who swallow all the nonsense) from getting away with “murder”.

    Why won’t people wake up !!!

  9. I think that the main reason for people NOT waking up is their fear of disillusionment. Somehow it seems that illusions are safer than realities…

  10. Cyril Wilkinson

    Fitch, the international rating agency, downgraded Iceland’s longterm foreign currency credit rating to junk status on the back of the move and called it “a significant setback to Iceland’s efforts to restore normal financial relations with the rest of the world.”

    Makes you laugh doesn’t it?

    Ratings agencies who said the sub-prime securities were “AAA”

    You just know its a scam.

    “Financial intermediation – when it works properly – is by definition a function of matching buyers and sellers of money. That is, by definition it is a parasitic function that draws its “income” off the transactional stream of commerce.”

    “”Banks are considered an economic force in their own right – not because they add something to GDP (they’re incapable of doing so) but because they are able to control the rise, fall, birth and death of others.
    “”

    Those quotes are parts of a very fine post by KD
    http://market-ticker.denninger.net/archives/2027-Whadda-Ya-Mean-Its-Not-Over.html

  11. Cyril Wilkinson

    Let us not forget “Guernsey’s Monetary Experiment”

    http://www.michaeljournal.org/guernsey.htm

  12. Good points! Excellent links!

    Thank you, Cyril!

  13. Cyril Wilkinson

    Thank you.

    Have you ever read “The Money Myth Exploded” ?

    http://www.michaeljournal.org/myth.htm

    Shift of emphasis

    “Problem”, “Reaction”, “Solution”.

    I wonder what the next “problem” will be?

  14. Cyril Wilkinson

    Well Sabine.

    It seems like it is just me and you on this thread. In the hope that I dont scupper this “relationship”… whilst researching the bank crisis of 1697 I came across this…

    http://www.michaeljournal.org/bankphilo.htm

    Oh and if you want to see the stuff about 1697 it makes fascinating reading. I am a “fan” of Isaac Newton …

    http://sixthcolumn.typepad.com/duckwalls/2009/07/is-there-a-difference-between-money-and-currency.html

    It is defintely worth reading.

    Did you know that Saddam Hussein was rebuilding Babylon over the ancient ruins?

    Best Wishes to you

    • Why shouldn’t two of us be enough, Cyril?

      I LOVED the reference to money vs currency and put it on my htt[://publicdebts.org.uk blog. Especially because of the reference to the badness of central bank(er)s.

  15. Cyril Wilkinson

    I could not find a previous post by KD about sound lending under a Fractional Reserve Lending system.

    Well it seems he has written again today and I thought it prudent to post the link here…

    http://market-ticker.denninger.net/archives/2050-IRA-Goes-Off-The-Rails-Mark-To-Market.html

    I know that KD can be very “wearing on the eras” and sometimes sounds like he’s mad – and I don’t agree 100% *but* on many issues he has absolutely sound logic which is valid. (I can verify this myself).

    He has also posted on the Iceland referendum. I know that not all the votes are counted yet and the referundum was realting to a previous “deal”. However once again he has said what I say also…

    http://market-ticker.denninger.net/archives/2052-Iceland-Now-Finish-The-Job.html

    If anybody has any doubts about the “games” and “fraud” perpetuated by the bankings system I would refer them to this 1905 book…

    http://chestofbooks.com/finance/banking/Banking-And-Currency/index.html

    I quote from the chapter entitled…

    Credit. The Regulation Of Note Issues. Continued


    The weakness of a paper issue lies in the possibility of over issue, which lessens the

    value of the currency and destroys the stability of the standard of value; and the most powerful

    preventive of excessive issue is convertibility. An issue of inconvertible paper may retain its

    value and perform all the functions of money so long as its amount is restricted, but experience

    shows that the power of issuing an inconvertible currency can rarely be used in moderation for any

    length of time and that the temptation to abuse the power of issue is so great as to be almost

    irresistible.
    “””

    The whole book is worthy of reading and should be read by all schoolchildren.

    My research has taken to before the Bank of England.

    History repeats – the people are now less aware than ever of our money system.

    Today they don’t even need to print banknotes. Just a few clicks of the computer keyboard is all it takes to “auto-magically” create debt money from “thin-air”.

    I belive that RBOS is paying 1.3 billion this year in bonuses even though the losses are 3.6 billion. Apparently the losses were less than the forecats losses of 6 billion and so they got an ibncrease of 40 % in bonus as compared to the last bonus (when losses were 20 billion??).

    Say I paid some people to work for 20,000 pounds a year. 1300 million bonus divided by 20,000 would result in employing 65,000 people for a year.

    Makes you think doesn’t it ? Legal yes Immoral YES.

    http://dealbook.blogs.nytimes.com/2010/02/25/rbos-lifts-2009-bonuses-despite-yearly-loss/?partner=yahoofinance

    Regards

  16. Cyril Wilkinson

    Sorry about all the typos in my posts. One finger typing.

  17. Cyril Wilkinson

    I just love posting here.🙂

    Lloyds bank in the UK.

    As it admitted that almost 80,000 of its mortgage customers were more than three months behind with their payments, the group said its share of new lending had fallen to 24% from 31% a year ago

    That’s a lot of mortgages. What chance do you think that those people will be able to recover from that position?

    (There are 11 million mortgages in the UK,).

    Credit from thin-air == misery ? (But remember the 3rd world underdeveloped contries got it first – and are still suffering).

    Remember that for all the efforts of Bob Geldof he raised 100 million pounds. Doesn’t look much against the bankers bonus for one bank of 1.3 billion does it?

    (I still remember Band Aid and the desire to change the world – if only he and Bono knew how the system conducted itself ?).

    • It’s such a simple scam with so many effects on so many levels that it takes time for people to get their head round to it, especially while “making a living”.

      And still, everybody’s conscience is the ultimate judge – at any point in time…

  18. Cyril Wilkinson

    Hi Sabine.

    I was beginning to feel lonely!

    Many people that I have met don’t want to know. (The younger they are the more I find this). The “older folk” already realised there was a scam some years ago.

    I do here though time and time again “what can we do?”. I respond but they don’t really want to listen. (All my responses require no violence – just so that you are aware. I am a Gandhi and Schumacher follower in that regard).

    http://www.silverbearcafe.com/private/02.10/factories.html

    KD has posted again….

    http://market-ticker.denninger.net/archives/2053-Oh,-The-Off-Balance-Sheet-Lies-Are-International.html

    People of Iceland should read some of these posts and reflect that the “other” places (UK included) are only held up by propoganda (and fraud).

    Truth is though I am way beyond the Fractional Reserve System. Even if it were to be run on non-fraudulent lines it would not deliver the actions to restore the world to the place it should be.

    Where do I stand? That any system should be fair and just for all people, regardless of creed, colour, religion or race.

    This one (FRL) simply can’t deliver that.

    In addition the system must take account of “external” factors such as the need to preserve this planet for now and future generations.

    (I want to go home).

    • Sorry, Cyril,

      I was travelling and couldn’t keep up with emails. EXACTLY: what’s worth doing???

      Hence I’m extremely pleased about the recommendation of our MP Austin Mitchell (“geriatric Labour”) who suggested that we stage our own public inquiry.

      My legal advisor then turned it into a Grand Jury, and another co-thinker wrote a 4-page document.
      See http://edm1297.wordpress.com/the-rule-of-law/about-grand-juries/

      So that’s what I shall be attempting to make happen. Great challenge!!!

  19. Cyril Wilkinson

    Hi Sabine

    Could you re-iterate and clarify what you mean by “””EXACTLY: what’s worth doing??? “””

    I guess you are asking me a question in that phrase but I am not sure about what.

    Changing the subject. I find navigating the site difficult with popups keep appearing – I was looking for a way to disable them in my browser and only found the following…

    http://lorelle.wordpress.com/2006/12/29/wordpresscom-please-stop-using-snap-preview/

    • OK, my friend Cyril,

      I’ve gone through most of my blogs and turned Snap Preview OFF.

      When you hear the question “what can we do”, I ask back “what is worth doing”???

      But: I’m extremely happy about the outcomes of our last meeting and even started a little e-newsletter.

      I’m sending people to sign Stop the oppression of the British people on and to get their MP to sign Interest Free Credit on http://bit.ly/daOxBI

  20. Cyril Wilkinson

    quote
    When you hear the question “what can we do”, I ask back “what is worth doing”???
    unquote

    Sabine, I really love that response. Thank you.

    Just in passing I came across a mention of Iceland on Nathan’s Economic Hedge

    http://economicedge.blogspot.com/2010/03/most-important-chart-of-century.html

    I quote…..
    To “save the day,” the IMF and central bankers around the world rushed in to “rescue” the people, banks, and government of Iceland. They did this by offering loans… documents that create money simply by signing a contract of debt servitude. That contract demanded ownership of Iceland’s infrastructure such as their geothermal electrical generating plants. It also demanded the future productivity of the people of Iceland in that they should work and pay high taxes for decades to pay back this “debt.” Debt that they did not create or agree to service in the first place!
    endquote

    This is a respected economics site with lots of real hard economic data and valuable perspective and insight

  21. Cyril Wilkinson

    I wondered if KD would comment on the Economic Edge article.

    Well he has – it makes very interesting reading – especially for those who have followed the tickers of last year…

    quote
    Banks must be required to hold Capital Reserves equal to 10% of their outstanding assets that are secured and 100% against all unsecured loans. This will cause even more insolvencies, but it will instantly clean up the banking system. Provide a six month time period for all institutions to come into compliance with (2) and (3), with no extensions, and mandate that any firm that does business in the US must comply – no exceptions. Going forward the 10% capitalization level (for secured assets) must be monitored and maintained as a “warning level” and firms must be liquidated at 6%. This will guarantee in the future that the FDIC will never take a loss on the deposit insurance fund.
    unquote

    Notice the bit at the end of the above quote. This is part of what the banking susyem (in its current form) should be all about – and why Iceland was “fleeced”.

    http://market-ticker.denninger.net/archives/2104-How-Far-Down-The-Rabbit-Hole-Must-We-Go.html

    In here he refers to this link
    http://market-ticker.denninger.net/archives/618-Congress-What-Bernanke-and-Hank-Arent-Telling-You.html

    Another term for where debt does not produce growth is that which I have seen by Professor Fekete where it is referred to as “marginal utility of debt” in which he cites that it has been falling for decades (it’s all simple stuff really when explained in laymens terms).

    Best Wishes to you

    • Hi, Cyril,

      I still think that current mindsets of those who can make the biggest difference are very evil. To the degree that those who could make a difference can’t imagine it and thus “do the right thing” which actually is not the most effective one. In other words, many who could do better, don’t – for a variety of reasons.

      I was very taken by a film I saw recently about a Polish Jew (Jan Karski) who told high officials all over the world what was happening to his people. Nobody believed him, because such a thing had never happened before…

      Similarly, since the greatest barriers are in people’s heads, it seems to me that what is really unfolding before our eyes is a battle between good and evil, with the decision to make “which side are you on”. An ethical decision for as long as we live.

      Sighingly yours,
      Sabine

  22. Cyril Wilkinson

    Salut Sabine

    quote
    what is really unfolding before our eyes is a battle between good and evil,
    unquote

    This is the conclusion that I have come to myself.

    In my other “conversations” I furnish thoughts and ideas.

    I have prepared 3 videos this morning on the following page

    http://pagesperso-orange.fr/clo.soft/sg2/index.htm

    If you look down the page you will see “01_option_arms”.

    That and the 2 lines below it are what I did.

    The site will be “pulled” in several days so if you want to look go have a look soon.

    Best Wishes

    Cyril

  23. Cyril Wilkinson

    Hello Sabine

    I could not resist. Nobody else looked at “it”, what is “it”, “it” is the following page…

    http://pagesperso-orange.fr/clo.soft/sg2/093_ponzi_credit_growth_visualised.htm

  24. Cyril Wilkinson

    Bonjour Sabine

    While doing my dail “researches” I came across the following…

    http://www.falundafa.org/eng/intro.html

    “””Cultivators of Falun Dafa strive to cultivate their xinxing [mind-nature, or character] and remove their attachments to become kinder, more honest and more patient people.
    “””

    This “seed” that made me go look was found here…
    http://market-ticker.denninger.net/archives/2111-Google-To-China-Up-Yours.html

  25. Cyril Wilkinson

    Sabine

    Would you take a look at the following and send me an email please to tell me what you think ?

    http://ecoflowmath.wordpress.com/2010/08/18/intro-to-financial-modelling-with-qed/

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s