First They Jailed the Bankers, Now Every Icelander to Get Paid in Bank Sale
First They Jailed the Bankers, Now Every Icelander to Get Paid in Bank Sale
By Claire Bernish / theantimedia.org
Nov 2, 2015

First, Iceland jailed its crooked bankers for their direct involvement in the financial crisis of 2008. Now, every Icelander will receive a payout for the sale of one of its three largest banks, Íslandsbanki.

If Finance Minister Bjarni Benediktsson has his way — and he likely will — Icelanders will be paid kr 30,000 after the government takes over ownership of the bank. Íslandsbanki would be second of the three largest banks under State proprietorship.

“I am saying that the government take [sic] some decided portion, 5%, and simply hand it over to the people of this country,” he stated.

Because Icelanders took control of their government, they effectively own the banks. Benediktsson believes this will bring foreign capital into the country and ultimately fuel the economy — which, incidentally, remains the only European nation to recover fully from the 2008 crisis. Iceland even managed to pay its outstanding debt to the IMF in full — in advance of the due date.

Guðlaugur Þór Þórðarson, Budget Committee vice chairperson, explained the move would facilitate the lifting of capital controls, though he wasn’t convinced State ownership would be the ideal solution. Former Finance Minister Steingrímur J. Sigfússon sided with Þórðarson, telling a radio show, “we shouldn’t lose the banks to the hands of fools” and that Iceland would benefit from a shift in focus to separate “commercial banking from investment banking.”

Plans haven’t yet been firmly set for when the takeover and subsequent payments to every person in the country will occur, but Iceland’s revolutionary approach to dealing with the international financial meltdown of 2008 certainly deserves every bit of the attention it’s garnered.

Iceland recently jailed its 26th banker — with 74 years of prison time amongst them — for causing the financial chaos. Meanwhile, U.S. banking criminals were rewarded for their fraud and market manipulation with an enormous bailout at the taxpayer’s expense.


This article (First They Jailed the Bankers, Now Every Icelander to Get Paid in Bank Sale) is free and open source. You have permission to republish this article under a Creative Commons license with attribution to Claire Bernish andtheAntiMedia.orgAnti-Media Radio airs weeknights at 11pm Eastern/8pm Pacific. 

0.0 ·
0
Featured Pay Per View Films
Inhabit: A Permaculture Perspective (2015)
92 min Humanity is more than ever threatened by its own actions; we hear a lot about the need to minimize footprints and to reduce our impact. But what if our footprints were beneficial? What if we could meet human needs while increasing the health and well-being of our...
Within Reach (2013)
87 min Within Reach explores one couple's pedal-powered search for a place to call home. Mandy and Ryan gave up their jobs, cars, and traditional houses to 'bike-pack' 6500 miles around the USA seeking sustainable community. Rather than looking in a traditional neighborhood, they...
Fall and Winter (2013)
102 min This stunning film takes you on a hypnotic journey, reaching to the past to understand the origins of the catastrophic environmental transitions we now face. Over two years, director Matt Anderson traveled 16,000 miles to document firsthand our modern industrial world and the...
Trending Today


Love Films For Action? Become a Patron!

Our Patreon campaign is now live! We hope you'll be among the first to support this new direction for Films For Action. The goal is to go 100% ad-free by next year, and become 100% member supported. A monthly pledge of just $1 -5 dollars per month x a few thousand awesome people will ensure we can continue our work and grow our impact across the world. Click here to join.

Join us on Facebook
First They Jailed the Bankers, Now Every Icelander to Get Paid in Bank Sale