Icelanders plan two week debt repayment strike starting Thursday

Stacy Summary:  I think Michael Hudson’s ideas are trickling down.  Things sound bad right now, but apparently it doesn’t get really bad til next year when full frontal assault by IMF austerity conditions.

Anger among ordinary households has led to plans for a two-week repayment strike starting on Thursday. It has been organised by the Icelandic Home Coalition, a new grassroots movement.

Anger is in large part focused on a belief that ordinary working people, who never sought to take huge financial risks, have been forced to pick up the tab for an elite band of aggressive business tycoons, a few of whom may have been fortunate enough to salt away some of the spoils of their own recklessness before their luck turned.

55 comments on “Icelanders plan two week debt repayment strike starting Thursday
  1. Danny says:

    Maybe the Icelandic Home Coalition should give Irelands trade unions a call – our unions are reportedly to go on strike shortly, along with the Gardaí (police)

  2. Youri Carma says:

    IMF Worldbank is Criminal Read: The Globalizer Who Came In From the Cold

  3. alister says:

    Al Jazeera Interview: Hitman Says was Offered $25 Million to Kill Chavez — LOL! they rrreallly don’t like chavez!

  4. Frank Hope says:

    The IMF “austerity plan” for the US has already been launched in the form of World Bank President Robert Zoellick’s statement regarding the US dollar. I don’t take these as contrarian statements at all. The dollar will be depreciated and the US taxpayer will be forced to payback the trillions showered on the banking Elite. In a new form of indentured servitude, our children are born into debt and will spend all their lives slaving away just to meet the interest payments.

    Already local governments around the US are being forced to cutback on services and increase taxes as a result of the huge wealth transfer that followed the 2008 economic “crisis”. Just do a search of “government layoffs” in Google News and you will get a clear idea of the scope of the problem. In Puerto Rico something like 16,000 govenment employees are scheduled to be laid off.

    Zoellick is a mouthpiece of the Elite. He was instrumental in China’s acceptance into the WTO and he continues to do their bidding with respect to transferring power from the US to China. This only benefits the Elite of those two countries while creating a serf class in both the US and China.

    Once again, I refer you to my article on the subject, “David Rockefeller, China, Free Trade, the WTO and the New World Order”.

  5. Phil says:

    @Frank Hope …

    “government layoffs”

    24 hours : 107,000 hits
    1 week : 385,000 hits
    1 month : 1,470,000 hits
    1 yeara : 2,080,000 hits

    OK .. I see your point !

  6. frances snoot says:

    Do you see this as a plantation/slave economy with the new hires at the federal level to as plantation overseers?

  7. frances snoot says:

    Stimulus plan in US is remaking education at every state level through a promise of future government subsidy which remains unfunded. The state governments will become defunct and the power operate through regions already instituted by Fema: ten regions with an operating bureacracy. The Czar system is also separate from accountability.

    It is interesting that Bill Gates is heavily invested in the operation of US public schools now:

  8. frances snoot says:

    LOL wrong link sorry!

    here’s the Bill Gate’s memo to states

  9. Frank Hope says:


    I think you may be searching Google instead of Google News. Try this search.

    I got hits for Chicago, Puerto Rico, Rhode Island, New York, Maryland, Michigan, Hawaii, Boston…

    In some cases employees are agreeing to unpaid furloughs in lieu of layoffs.

  10. Phil says:

    We are under attack

    UFO today in Spanish Waters .

  11. Youri Carma says:


    Wauw!!! That was amazing!!! The UFO was playing with the Army. When they Army aproached the second time the Aliens thougt, Oh we just go underwater LOL. That was realy spectacular footage.

    Remember that a lot of people have seen them going underwater. Underwater UFOs

  12. Phil says:

    @Youri .. underwater !

    Yes, there are supposedly underwater UFO bases !
    Can’t blame ’em … keeping out of our way !

  13. Phil says:

    @Youri … call me crazy if you want, but I am 100% sure there are UFOs out there.

    Not because of YouTube Videos ( which I enjoy anyway ), but because of the maths !

    Moon bases as well ?

    They’re watching / studying life on Earth, I suppose a bit like “Hitchhiker’s Guide to the Galaxy”, i.e. we’re all morons being experimented upon my mice that financed the whole operation.

  14. max keiser says:

    I sent an email to Al Jazeera about doing a follow up film but they were unaware of any ongoing crisis in Iceland.

  15. Frank Hope says:

    @ frances snoot

    RE: plantation/slave economy

    I think Max and Stacy have done a great job of explaining how the bailout of the bankers was the largest theft in history. I just happen to think that this goes back at least 40 years to the Nixon years. And I see a Faustian bargain that was struck between the Elite of the US and China. You have to realize that before 1972 there was no US trade with China. How else could China rise that quickly and US debt with China balloon so rapidly?

    The US Elite agreed to fund Chinese development in exchange for open access to China. They then waited patiently for Mao to die so that their plan could be put into practice. Then with their support Deng Xiaoping was able to gain absolute power and institute the economic reforms that they had agreed upon.

    The Elite have already transferred their wealth out of the US. Much of it has gone to China where with a few well placed bribes they can do whatever they want with impunity.

    As part of this Faustian bargain, the US middle class was sacrificed. And likewise in China any dreams of a “worker’s state” have been sacrificed. That leaves just the super-rich and the super-poor. There already is neo-slave labor in China. In the US we were already debt slaves, but that situation will just get worse.

    As I say in my article, when there is no social contract between the rich and the masses then anything goes. There’s no obligation to fund public schools or public hospitals. It is just a struggle for survival for the masses on the bottom.

  16. frances snoot says:

    Thank you, Mr. Hope.

    The imperial policy of the US government will now apply to US citizens as you indicate.

    My perspective is that the US is not operating independent of European elite interest. The US was a tool for the European elite to destroy the sovereign nations using a state that was a sovereign joke. The flag-waving world leader was really acting in proxy. Now that the ploy has found fruition, the US can join the other subjugated nations under the same rule through which military hegemony US style has always operated.

  17. Dedo says:

    @Phil,…..When MSM pooh pooh stuff, or make it out to be crazy or ridiculous,…there’s usually a good reason. And it’s certainly not to edify the masses.

  18. Youri Carma says:


    Well they know now don’t they. Hope so much you can make a new docu cause these where epics.


    Yourright my first 100% conviction was not because of Youtube or often vague pictures which nowadays with photoshop on everbodies computer can be fake anyawys but because of a lot of reasearch evidence by real serious people like Stanton T. Friedman and others like the guy who was assigned by the gov. and was a real sceptic in the beginning.

    Now their is so much evidence comming out, hell even Buzz admits seeing a UFO guiding the Apollo flight. Other example is the “disclosure Project” with a lot of people working at NASA or the Army.

  19. frances snoot says:

    Well, Phil. I’m ready to fight the UFOs with you big boys.

  20. Phil says:

    @UFOs .. “but because of the maths !”

    There is a bigger chance of Aliens existing than there is of getting honest politicians on this planet !
    i.e. I would have no qualms if Aliens took over !

  21. Phil says:

    FDIC says bank failures to cost around $100B

    I think they meant … “another $100B ”

  22. Phil says:

    Denninger never gives up :

    Is It Time To Recognize Reality?

    His blood pressure must be exploding .. good work !

  23. frances snoot says:

    You’re right, Phil. But I wonder what powers lurk within the hearts of men?
    Only the shadow knows.

  24. Icelander says:

    As an Icelander I can tell you that we are fed up with the IMF and how it’s being utilized by the British and Dutch to pressure us to pay for the Icesave scandal. Something that the Icelandic public had nothing to do with, but now is meant to pay!!

    And our energy resources are already being given away to sharks. The newly found Canadian company Magma Energy has recently “bought” 47% in one of our geothermal energy company HS Orka. However Magma only pays 30% now, and then 70% of the price is on credit from Icelanders, with a grace period of 7 years!!! So much for foreign investment.

    I urge Max Keiser to report on what is going on in Iceland and how, due to the IMF program, we are meant to have zero government deficit in three years! Basically privatize everything and give it away to business sharks.

  25. Fibon11235 says:

    Did we see the Big Traders Put today, what else could you want?
    Bleeding them until they cant take it any more. The governments are involved its about turn, how they fight, fantasy against reality.

    You can have keep your paper lol thanks!

    Keep the money fantasy going, easing all that deflation lol
    You may be able to buy T-bonds cheap down here soon

  26. Phil says:

    @frances .. Mystery Website

    Nice .. and Sherlock Holmes included.

    I repeat myself here … yet again :
    The Holmes character was based on a Dr. Bell , the Scottish lecturer that taught Conan Doyle.
    The TV series Dr. House is based on Dr. Bell / Sherlock Holmes.
    House = Holmes
    Wilson = Watson
    Dr. House’s house number is ” 221 ” ( as in 221B Baker Street – which never existed BTW )


  27. Phil says:

    @Icelander .. Max already has reported on Iceland.

    But I agree … keep the News ( of the pillage ) alive.

    …I urge Max Keiser to report on what is going on in Iceland and how, due to the IMF program, we are meant to have zero government deficit in three years! Basically privatize everything and give it away to business sharks….

  28. Danny says:


    I here ya buddy. Here in Ireland we’re expected to give €54 billlion to buy toxic debts under what is called NAMA; and we gave away newly found massive reserves of oil and gas off our west coast to Shell. This seems to be the model around the world for small countries.

    I can’t believe for a second Al Jazeera don’t know what is going on in Iceland. Thats ridiculous. As we say here in Ireland, i think they were only ‘plámás-ing’ you

  29. mike says:


    Pollution is one think but Carbon Dioxide is actually a healthy part of our atmosphere

  30. stacyherbert says:

    @Icelander – yes, Max and I want to make another film up there; when/if we find some funding to make the flight up there, we will definitely get in touch

  31. max keiser says:


    We have been trying to get Al Jazeera to send us back to Iceland to make a follow up film for two years, but they apparently do not think it is a worthwhile topic to cover, or they feel they have ‘done’ it already,

    We have been warning people that it would take about a year after the crash we predicted for the full effects to really kick in and now we are seeing those effects.

    maybe email al jazeera’s programming director directly:

    Tony Berman
    “Tony Burman”

    or email al jaz booking producer to at leaset get me on as a guest to talk about this;

    “Maha Alfarra”

  32. max keiser says:

    tony dot burman at aljazeera dot net

    Maha dot Alfarra at aljazeera dot net

  33. mike says:

    What really upsets me more then anything about our government is the manipulation of statistical data to fit someones BULL$HIT agenda for basically making money STATISTICAL DATA IS ROUTINELY EXAGGERATED AND MANIPULATED SIMPLE TO FIT SOME WING NUT’S AGENDA TO MAKE A FORTUNE AT EVERYBODY ELSE’S EXPENSIVE!!!!!

  34. Mep says:

    @ Max – Do you have any reason to believe that Al Jazeera has a personal stake in ignoring the conditions in Iceland? (Do they rely on corporate money?)

  35. Nic Abbott says:


    As a Brit, it’s disgraceful what is being done. Most of the fat stupid Brits don’t have a clue what is going on and the media aren’t reporting it. Shortly the same Brits will do what The Sun tells them to do and elect David “Blair 2” Cameron into office. My our Gods help us.

  36. Dedo says:

    This might be helpful in explaining why only a small percentage of any population are “awake,” as is so often the term used.

    nine percent were unresponsive, twenty-nine percent produced light trances,
    thirty-six percent showed moderate trances and twenty-six percent went into a deep,
    somnambulistic trance.

  37. Supergeek says:
    hey max and stacy remember brick lane? nice place for a bit of a sunday stroll and stuff…well the whitechapel anarchist group hand out a free local news sheet…while looking through it I noticed they have as their email address whitechapel [email protected]…I think someone should get sued or just give me the word…just give me the word!

  38. mike says:

    Just like they manipulate the statics for marijuana so they can lock people up and control them.

    I don’t believe marijuana is a gateway drug!!!!

    However I do believe alcohol is a gateway drug and the reason is because alcohol can increase someones tendency for irrational judgment far more then marijuana.

  39. mike says:

    One of the things that really disturbs me about Obama and I think sheds some light on the kind of politic he uses.

    All during his campaign he side stepped the issue of marijuana but played to the maybe 100 million us citizens that really wanted it legalized. He got there vote and basically laughed!!!!

    Marijuana was was the number one question for government reform at his web site More then anything I think this issue has proven Mr Obama not to be a straight shooter and basically a liar.

    Do we have our troops out of Iraq and Afghanistan NO.

    I hate to say this but Obama is a liar!!!

    Take our troops out not tomorrow TODAY!!!!!!

  40. Icelander says:

    On the repayment strike and the reasons behind it:

    Icelandic mortgages, and almost all other credits from loan facilities in Icelandic Krona, are bound to inflation. Needless to say, the public’s salaries are not bound to inflation. Apparently this is one of a kind and foreigners, not surprisingly, have a hard time understanding this. Hence everytime prices go up, the debt goes up. When the government adds another tax, it goes straight onto the household loans. And on top of that the inflation index is based on consumption as it was in 2006!

    In the past 12 months inflation has been 10,8% (it has actually gone down a bit in the past few months), and this means the capital on all loans in ISK has risen by 10,8% during this time. Combined inflation in the past 3 years is about 30%. Add 5% annual interest rates on top and you can see how ridiculous this is. Therefor households are fighting for the loan capital to be brought back to were it stood before inflation got out of hand.

    As the Icelandic currency grew stronger in 2006-2007 the banks started to offer loans in foreign currency to households. People took those loans in order not to have them bound to inflation…needless to say these have now risen by 100% since the beginning of 2008.

    As it turns out, these loan facilities were illegal according to Icelandic laws and we now have a test case coming to court. If the case goes against the banks, we can only imagine how devastating it will be for them. So one bank is now offering people to “change” the currency loans back to ISK with a 25% discount. But I doubt many will take the offer.

    The public simply wants the government to revert the loans back to where they were before the crash, as anything else is unfair.

  41. Mike King says:

    @Stacy….. 6months ago I had mentioned the IMF aggressively promoting loans to countries “in trouble” for the future purpose controlling them to play hard ball in the future….as they have done by loaning Thailand big money. All the while being fully aware that the dollar is slated for complete demolition and the countries will be unable to repay. You disagreed.
    Stacy…… the IMF is a criminal…. muscle organization in total collusion for the agenda. They have aggressively loaned money to all with the intent to control.

  42. stacyherbert says:

    @Mike King – wtf?

  43. Youri Carma says:

    Chinese 103-Year-Old Wall Street Emigrant Sees End of Communism

  44. klaos says:


    a poli sci guy did a study on polling and found that about 10% of people _didn’t_ change their political views based on the weather, minor linguistic variations, etc. . . .


  45. Dedo says:

    @Klaos,….interesting article,.. It more or less states how beliefs or opinions
    are held steadfast unconsciously without any introspection of any kind.
    Or as the guy with the funny mustache once said:
    All propaganda has to be popular and has to accommodate itself to the comprehension
    of the least intelligent of those whom it seeks to reach.”Adolf Hitler” I think he also said,..but don’t quote me ,…..It’s good for leaders that the majority of people don’t think!

  46. Viriathus says:


    Killer footage. Thanks for that. I know Spanish, and those fishermen were not acting.

  47. Dedo says:

    @Viriathus,…what were they saying?

  48. harry_w says:

    I suspect popular resistance to the oligarchs and financial corporatists might have to arise within a small society still not completely individualised by the effects of neo-liberalism (as in the US-UK).

    I suppose IMF conditions are old news for South Americans or South-east Asians. It’s still shocking to see them applied to Europeans, especially to pay off others Europeans, mainly in Britain and the Netherlands.

    I hope Icelanders manage to repudiate the conditions attached by the IMF and to save their state, it’s assets and services.

    Viva la Scandanistas. :o)

  49. Viriathus says:

    Actually, the translations in the pop ups of that video do a fair job of it, you might want to refer to them. But I”l be happy to translate the curious information in the video’s sidebar, despite its occasional awkward grammar . . .

    “Helicópteros negros: ‘armas’ para la conquista de un nuevo orden mundial
    Tras los últimos avistamientos de ovnis en las costas cantábricas, en Galicia y Asturias, vuelven a comentarse con fuerza fenómenos como el de los ‘helicópteros negros’, son naves especiales sin números de identificación, utilizados por agentes secretos del Nuevo Orden Mundial, tropas de la Organización de las Naciones Unidas o por los Hombres de Negro para tomar el mando de los Estados Unidos, o para otros objetivos infames.

    Un pescador gallego ha decidido hacer público lo que, según comenta, vivió y experimentó cuando se encontraba en su barco. Mientras unos aparentes aviones militares persiguen a un objeto extraño que choca contra el mar y realiza una inmersión espectacular, un helicóptero de desconocida procedencia sobrevuela la embarcación y ordena a los pescadores que se apresuren a alejarse del lugar en el que se encuentran. Abandonen la zona inmediatamente y diríjanse al puerto. Allí recibirán instrucciones son las palabras dirigidas al pesquero.

    La nota que acompaña la grabación, pone de manifiesto el miedo del remitente ante tal situación: ‘Envío este vídeo después de pensarlo mucho, pero pasado el susto, creo que mi deber es informar de esto que ha sucedido y que no veo explicación alguna’.

    El video enviado a Terra y censurado posteriormente. ”

    In English:

    “Black helicopters: arms for the conquest of a new world order. After the latest sightings of UFOs off the Cantabrian coast of Galicia and Asturias, come forceful reports of phenomena like the return of black helicopters, special craft without identification numbers, used by secret agents of the New World Order, troops of the Organization of the United Nations or by the “Men in Black” under orders from the United States, or for other infamous objectives.

    A Galician fisherman has decided to go public with what, he claims, he lived and experienced while out on his boat. While apparent military airplanes pursue a strange object that crashes into the sea resulting in a spectacular submergence, a helicopter of unknown origin flies over the boat and orders the fishermen to hurry away from the place in which they find themselves. They leave the zone immediately and return to port. There they will “receive instructions” are the words directed to the fishing boat.

    The note that accompanies the recording shows the fear of the sender at his situation: “After giving it much thought, I am sending you this video, but after the scare, I believe that my duty is to inform what happened here that I see no explanation for’.

    The video sent to Terra was later censored.”

    Muy interesante, no?

  50. Viriathus says:

    As for what the fishermen are saying, it’s mostly a variation of “What the hell is going on here?” Except with much more colorful expletives, as one would expect from sailors.

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