Copyrighted Image? DMCA
|Americans may remember that at the start of the 2008 financial crisis, Iceland literally went bankrupt.
As one European country after another fails or risks failing, imperiling the Euro, with repercussions for the entire world, the last thing the powers that be want is for Iceland to become an example. Here's why: the belief that citizens had to pay for the mistakes of a financial monopoly, that an entire nation must be taxed to pay off private debts was shattered. Contrary to events in the US, Ireland, Greece, Spain, Portugal and Italy, the crisis resulted in Icelanders recovering their sovereign rights, through a process of direct participatory democracy that eventually led to a new Constitution.