Iceland has become the first Western country since 1976 to need aid from the IMF. Its government bailed out three of its nations’ banks, but because its currency – the krona – has fallen to 50% of its previous value, the country is basically in ruins now.
That’s bad enough, but it also affects UK citizens who held deposits in Iceland banks, who now can’t get access to their money.
It’s quite worrisome. What small country will be next? Finland? Scotland? Greece? I think this is pretty serious, what about you? Read more on the development here.
None of this is fair to people around the world. Globalization in itself is not to blame. It’s the particular scenario of US bankers creating their own private markets which basically toppled everything over. In other words, cowboy-style unregulated capitalist greed. Yes, you can still have wild entrepreneurial growth without that kind of greed, which bordered on Enron-style falsification of their books.
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Global government is to blame. What is happening to Iceland, and will soon to the U.S., is to create apathy and drive the people to a one world government. Iceland said no to the EU and this is their punishment. The U.S. would never willingly join a NAU but the people will soon beg for this. All of this is sad and I pray that the people of Iceland continue to stand strong against the EU.