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The UK can't afford not to follow Iceland's lead & reclaim it's sovereignty
Ron Paul: Iceland Dismantles Corrupt Gov't Then Arrests All Rothschild Bankers...
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Tag Archives: 1 million people now sanctioned
Why are poor sanctioned for tiny infringements while bank tax avoiders steal millions with impunity?
March 4, 2014
The latest figures collected by Oxfam indicate nearly a million persons have been ‘sanctioned’ (i.e. deprived of all benefits for a month for the first infringement, often trivial, for 3 months for the second, and 3 years for the third) in the last 15 months and that the numbers using foodbanks are now well over half a million. Yet bankers are still leading the life of Riley at the public expense without any being brought to book. Barclays under the so-called Jenkins ‘clean-up’ act has just stunned even the City by increasing bonuses by by 10% despite profits collapsing by 32%. All the Big 4 – HSBC, Barclays, RBS and Lloyds – have shown contempt for restraint by circumventing the new EU rule limiting bonuses to 200% of salary by paying a totally artificial ‘allowance’ far exceeding this limit. HSBC have thus paid their chief executive an ‘allowance’ worth £32,000 a week on top of his £1.6m salary. Barclays is the bank which took the lead in rigging Libor and HSBC was arraigned for money-laundering on behalf of drug cartels, terrorists and pariah states. Despite this background of big-time criminal activity amid soaraway boardroom greed, not one of the miscreants at the top of these organisations has been collared.
The only way to stop criminal fraud and misfeasance by the banks is not by fines, but by criminal prosecution of the top executives responsible.
The huge size of the fines being regularly imposed – for example the mis-selling of PPI insurance (i.e. tricking people into buying insurance which it was known they did not need and in many cases couldn’t actually use) has led to penalties on the banks, particularly Lloyds, amounting now to £12bn – shows the colossal level of stealing from people by administrative deception. Yet no chief executive or top manager directly responsible has been prosecuted. The explosion of tax avoidance, on an eye-watering scale largely organised by the banks and Big 4 accountancy firms – Deloittes, KPMG, Ernst & Young, and PWC – has not led to any top executive being put on trial and sent to prison.
If the argument is that much of this activity, however immoral and anti-social, is technically legal, why hasn’t the government brought in legislation to close every loophole and to make manifestly artificial and contrived tax avoidance a criminal offence? The contrast with the US is telling. The US Department of Justice has charged 35 bankers and advisers (not nearly enough, but an advance on the UK’s none) for offences relating to offshore tax evasion, and the prospect of prosecution by the US authorities has been enough to make 43,000 taxpayers self-report and pay nearly $6bn in taxes and penalties. Instead of depriving people of all their income for 1 month or 3 months or 3 years, which isn’t going to get the deficit down more than infinitesimally, how about the UK tackling the really big money and the really big criminals?
How to Beat the Banksters 5th February 2013
The tiny Nordic European island country of Iceland is presently experiencing one of the greatest economic comebacks of all time. After the privatization of the banking sector completed in 2000, the economy was thrown into a tailspin when over a five-year period, private bankers borrowed 120 billion dollars (10 times the size of Iceland’s economy). A huge economic bubble was created, causing house prices to double, and making a small percentage of Iceland’s population rich enough to buy up overseas investments, mansions, yachts, and private jets, while leaving an absolutely unpayable debt for all Icelanders. Iceland was facing national bankruptcy.
In response to the failed banking system, in October 2008, Iceland’s revolution against this financial tyranny began, rather casually in the street, in front of the Icelandic general assembly.
In the duration of five months, the main bank of Iceland was nationalized, government officials were forced to resign, the old government was liquidated, and a new government was put in its place. By March 2010, Iceland’s people voted to deny payment of the 3,500 million Euro debt created by the bankers, and about 200 high-level executives and bankers responsible for the economic crisis in the country were either arrested or were facing criminal charges.
In February 2011, a new constitutional assembly settled in to rewrite the tiny nation’s constitution, which aimed to avoid entrapment by debt-based currency foreign loans. In 2012, Iceland’s economy is expected to outgrow the Euro and the average for the developed world, as estimated by the Paris-based Organization for Economic Cooperation and Development.
So how does a revolution like this take root and activate a citizenry to effectively respond to grand scale economic theft by bankers and politicians?
Hörður Torfason, a lifelong activist from Iceland, is credited with organizing the Icelandic ‘Kitchenware Revolution’, beginning with a simple vigil in front of parliament aimed at educating passersby and ridiculing the blatant crimes of the elite who worked there. When the foreign financial community (the IMF and the European Union) pressured Iceland’s Parliament to pass laws dictating repayment of debts privately incurred by bankers, the revolution was formally ignited and nearly turned violent when some Icelanders began throwing rocks at the capitol, attempting to pressure the government for redress.
Torfason and his supporters knew that a non-violent approach would be more effective, and formed a “human wall” of clearly marked orange-vested citizens between angry rock-throwers and the police line. Torfason believed that in order for a movement to be effective, one must use reason and information, as well as peaceful demonstrations, to send a strong message to politicians that the people refuse to pay the bankers’ debts.
The end result of the peaceful resistance to economic tyranny is a model for all Western nations who are currently being gutted by a totally corrupt banking system.
This story is much different than what has happened in the US since the banking crisis began in 2008. Large “bailouts” were granted to the bankers, and none of the responsible parties have faced criminal prosecution. And it appears that we are still at the mercy of the currency cartel and the dollar faces total destruction.
In Iceland, the prime minister was indicted, over 200 criminal charges were filed against the bankers, and all of the former CEOs of the 3 biggest banks were arrested. The new government supported citizens by passing a banking remittance that forgave debt exceeding 110% of home values. As a result, “banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population.” (source:Bloomberg.com)
Yes, the country continued to struggle economically after the 2008 revolution. But already today Iceland is thriving, with 2.9% growth in the economy in 2011, and 2.4% estimated by the OECD for 2012 and 2013.
The lesson to be learned from Iceland’s crisis is that if other countries think it’s necessary to write down debts, they should look at how successful the 110 percent agreement was here. It’s the broadest agreement that’s been undertaken. – Thorolfur Matthiasson, an economics professor at the University of Iceland in Reykjavik (source: Bloomberg.com)
This is about our life and the future of the children, of the generations, of the young people. – Hörður Torfason (source: http://vimeo.com/25824717)
Can America hold out for a banking miracle like Iceland’s and somehow muster the fortitude to demand an end to economic corruption? Perhaps Hörður Torfason is available to help get America mobilized.