Obama's New World Order

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By Stephen Lendman (about the author) Page 6 of 6 page(s)

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Iceland must reject Wall Street's medicine or perish, and the same holds elsewhere, including in America. Bankers, not nations or people, should take the pain. Hudson asks: "How can Iceland (or Hungary, Latvia, Ukraine, or many other nations) pay its debts without bankrupting itself, (in Iceland's case) abandoning its social democracy and polarizing its (people) between a tiny creditor oligarchy and" everyone else? They're threatened by "a new ruling class that will control (their) destiny for the next century" or beyond. It's their choice to reject it and stay free.

Their "foreign currency loans should be denominated in domestic currency at written-down (and de-indexed) interest rates, or repudiated outright." The guiding principle should be to annul debts taken out under (destructive and extractive) terms benefitting creditors at the expense of their prey.

They aim to dominate societies - "above all....to maximize the power of debt over labor. The worse the economy does, the stronger" they get. It's a vicious cycle "recipe for economic suicide (from perpetual) debt peonage." Iceland can be a test case model against it. It comes down to whether it will back its people or, like America, surrender to financial predators. It's much the same globally, the result of the greatest ever economic crisis opportunity for plunder. The perpetrators love it. It's high time they got their comeuppance.

Imagine tiny Iceland taking the lead and fighting back against what another former high-level Wall Street and government insider warns - Catherine Austin Fitts, Assistant Secretary of Housing and Federal Housing Commissioner under GHW Bush and Dillon Read & Co. Managing Director and board member.

In her latest quarterly review, she predicts that "Obama will do more to help bankers achieve centralized control and one world government than any (previous) US politician." In less than three months in office, he's shown bankers they can count on him - to the tune of trillions of dollars, further open-ended checkbook amounts on request, and global "diplomatic" pressure on targeted nations to surrender. It's for public rage, tiny Iceland, and other over-indebted nations to demand "no more." Hopefully enough of them have backbone to do it.

Stephen Lendman is a Research Associate of the Centre for Research on Globalization. He lives in Chicago and can be reached at lendmanstephen@sbcgobal.net.

Also visit his blog site at sjlendman.blogspot.com and listen to The Global Research News Hour on RepublicBroadcasting.org Monday - Friday at 10AM US Central time for cutting-edge discussions with distinguished guests on world and national issues. All programs are archived for easy listening.

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I am a 72 year old, retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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