How Iceland Overthrew The Banks: The Only 3 Minutes Of Any Worth From Davos

Tyler Durden's picture

"Why do we consider banks to be like holy churches?" is the rhetorical question that Iceland's President Olafur Ragnar Grimson asks (and answers) in this truly epic three minutes of truthiness from the farce that is the World Economic Forum in Davos. Amid a week of back-slapping and self-congratulatory party-outdoing, as John Aziz notes, the Icelandic President explains why his nation is growing strongly, why unemployment is negligible, and how they moved from the world's poster-child for banking crisis 5 years ago to a thriving nation once again. Simply put, he says, "we didn't follow the prevailing orthodoxies of the last 30 years in the Western world." There are lessons here for everyone - as Grimson explains the process of creative destruction that remains much needed in Western economies - though we suspect his holographic pass for next year's Swiss fun will be reneged...

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Cull Morgan's picture

> Except they have the advantage of virtually no
> immigration, legal or otherwise.

Sorry Matt, you're dead wrong on this one. Sweden, Denmark and Norway have had massive immigration for decades.

FrankDrakman's picture


Except they have the advantage of virtually no immigration, legal or otherwise. It is much easier to have democracy and socialism when you have a homogenous society made of one ethnicity and one culture.

No, no, no! Diversity is the answer to EVERY problem. How can you solve anything without the input of the black, brown, red, and yellow people, without the valuable insights of the poor, unemployed, and unemployable, and without the unique perspective of the LGBTTSTGWTF community? Diversity good, homogenous bad, diversity good, homogenous bad, four legs good,...

All Risk No Reward's picture

Socialism doesn't exist.

Communism doesn't exist.

Capitalism doesn't exist.

Oligarchical dictatorships exist - some are in your face blunt and others are passive aggressive in their implementation of what Eisenhower called the scientific elite.

Orwell knew full well that the media would control the vocabulary and that the vocabulary would confound the proles.

Don't believe the message these criminal finance for you.

Believe history, believe in a critical thinking mechanism (The Trivium - a mental anti-virus, as it were), believe in yourself - NOT SOMEONE ELSE'S IDEA THAT WE SIMPLY REPEAT BECAUSE WE AREN'T FULLY ENGAGED.

When you read history, focus on one key element - DEVELOPING A THOERY OF HUMAN NATURE.  John Taylor Gatto recommended this in The Ultimate History Lesson (free on Youtube) and I think he's dead on.

Yeah, its scary when you think those terms, but that's reality folks.  Fear is a call to action - the information war is on right now as the system arms up for a physical confrontation with American citizens.

1. America declared a war Zone (NDAA)

2. The President can assassinate American citizens with no evidence, no trial, no jury, nothing (NDAA)

3. The Media and DHS are focused on anyone aware of the real criminals as the real nation hijacking criminals literally finance al Qaeda to disrupt the Middle East and knock of problem embassadors.

4. Purchase orders fo 1,600,000 bullets within the last year. 

5. Bullet Proof pill boxes were ordered by DHS.

6. Wheeled armoured vehicles with machine gun turrets are being set up in America.

buckethead's picture

Thank you. Labels serve to allow us to blame our neighbor who voted for "The ohter guy" when TSHTF. (There's a meme for you)

Meanwhile... back at corporate headquarters....

GetZeeGold's picture



Labels allow us to spot and mark the bad guys.

buckethead's picture

I am willing to become enlightened as to which are 'the bad guys'. Any suggestions?


Liberals? Bank Tellers? Teachers? Republicans? Christians? Muslems? Preppers? 


Label the bad guys.... Please! I don't like the bad guys.

GetZeeGold's picture



I just call them crooks....but that's just me.

nom deplune's picture

I just call them crooks....but that's just me.


Dude, commas are OK. Try one - less strokes.


Something tells me that doesn't bother you.

nom deplune's picture

I just call them crooks....but that's just me.



Bankers are crooks [X]

IMF and BIS are zombies [X]

Markets are snakepits [X]


The Wisdom of GZG - It kinda has nice ring to. You should write a book bro.


GetZeeGold's picture




Anything else you'd like to know?



disabledvet's picture

my little plastic pill box works just fine for my medicine. why would TPTB want bullet proof ones?

toothpicker's picture

In Sweden (almost) everyone trust the state. In people's minds the state will take care of everything. No need for individual thought.

That's somewhat of a problem when the state has merged with big pharma, big banks & big everything

Bunga Bunga's picture

I tend to prefer a "socialist" democracy over a "capitalist" dictatorship.

LetThemEatRand's picture

"So, how have the government-sponsored Islamic immigrant polices helped Sweden and other Scandinavian countries avoid being called "socialist hell holes?""

Billions of human beings believe in a man who lives in the clouds or some variation.   Pretending it is not true does not make it go away, and debating the merits of a societal system that pretends it is not true is sophomoric or simply narcissistic.   Drive through rural Alabama some day and put on the radio and you'll find that half of the radio stations feature a completely insane person talking about Jesus.  Humanity is imperfect.  You can either accept that or masturbate to Any Rand novels.  

wee-weed up's picture

I could give a shit if you love or hate Ayn Rand...

But I don't buy your implied argument that Islam is just another one of the world's religions. No other religion is as intolerant  and barbaric. Hey, let's go kill some infidels! Or maybe I could interest you in being an Islamic woman? Honor killing... genital mutilation... what fun you'll have!

Matt's picture

Look at the rape epidemic in Sweden and Norway. Now keep in mind, within 100 years there will likely be, baring mass starvation or sterilization, ten times as many muslims as there are now.

buckethead's picture

I would suggest an objective review of theaters of war throughout the globe (post-Viet Nam)

Oddly enough... non Islamic nations (read: predominantly Christian/Jewish) have been, and continue using military force to achieve some end. 

But there were those filthy Islamists that attacked us on 9-11....... Never forget .

GetZeeGold's picture



Funny how you never hear anything about Christians blowing themselves up. What's up with that?

francis_sawyer's picture

All these 'religions' are the most effective forms of mind control in existence...

GetZeeGold's picture




I prefer the ones that don't blow crap up.......just sayin.......and no I'm not going into the whole long debate.


Just keep it blow crap gots to go.

buckethead's picture

The CIA has been 'blowin crap up' in the middle east since 1953. I agree with your assessment.

GetZeeGold's picture



Still haven't got all of them yet I see.

francis_sawyer's picture

They're ALL responsible for 'blowing crap up' [in one way or another]... Once you are a subject of mind control, you see only what you're PROGAMMED to see... & frankly, that's one of the more effective parts of mind control... The 'splitting' of the mind in a way that you actually believe that you are free to choose & making choices of your own...

nom deplune's picture

Funny how you never hear anything about Christians blowing themselves up. What's up with that?


No, they just use the military to blow other people up. /insert pithy phrase.

GetZeeGold's picture





I need to tank up on some estrogen if we're going to proceed with the hysterics.

Buckaroo Banzai's picture

Virtually no one in a position of REAL power in the West is a Christian. They worship money, power, or Satan. Oh sure, many of them might go to church, but that doesn't mean anything. As the saying goes, you can spend an hour in a garage, but that doesn't make you a Buick.

Random's picture

Lol, you are full of shit with your " But I don't buy your implied argument that Islam is just another one of the world's religions. No other religion is as intolerant  and barbaric."

If you compare by barbarism talmudic judaism with islam (honestly) you will be VERY hard pressed to name the most fucked up of the two. Regarding intolerance, judaism is the most fucked up out of all world religions, AFAIK (i do know quite a few if you wanna go that route).

Jack Burton's picture

wee-weed up, Now you touch a subject that Sweden likes to hide, but that can not last forever. Indeed, the immigrant policy is totally fucked up! If I had to say one thing that Sweden has gotten terribly wrong, it is open borders to Islamic immigrants.

Now Sweden, since World War Two, has taken many immigrants. Italy sent many, and they run the pizza joints in even the small villages, great pizza!  Greek immigrants came and run their restaurants.

As for the Islamic immigrants, they are not fitting in. I could go in depth on this subject, but here is not the place. Just let me say that the social liberals in Sweden are powerful and they drive the open borders policy. Just to note, though my grandparents were both Swedish citizens and I speak fluent Swedish and an finacially independent, I could not immigrate to Sweden without great difficulty. The immigration spaces are all saved for those from Islam. It is nuts! If Swedish social and economic system collapses ever, it will be from the growing army of welfare dependent Islamists.

WTFUD's picture

maybe! call JA ( wiki ) and let him know he's fretting 'bout nowt and should get over to Sweden pronto!

LetThemEatRand's picture

"What I know from reading many economics blogs, the comments sections in particular, is that very few who comment on Scandinavian economic and social systems  know much of the reality there."

Not knowing much about reality has never stopped anyone from having an opinion, least of all Ayn Rand devotees.  You tell 'em Jack!

buckethead's picture

Agreed... except for the Ayn Rand devotees portion. The screen name is sufficient. Using Rand as a bludgeon in every post only serves to make you seem like the one trick pony, rather than the intended target. Kinda like the Faux News blast repeated incessantly by so many.

gould's fisker's picture

Ya, but, he really has a thing about Rand--I'd get out of his way.

wee-weed up's picture

 And did you know... if you don't accept his brand of reality, then you must masturbate to Ayn Rand novels.

Yeah... just ask him!

StychoKiller's picture




if (populationOf( yourNation ) < populationOf( unitedStates ) - 200000000)

   socialismMightWorkForYou = TRUE;

else if (populationOf( yourNation ) > UnknownMagicNumber)

   socialismMightWorkForYou = FALSE;


I am on to you's picture

Du har nu ikke ret,uanset hvor godt du, Prater Svenska:

You aint right,nomatter how good you speak sweedish!

Danmark som du nævner,er socialt gået totalt på .øven,det burde du vide,siden du har så god kontakt med Skandinavien?

Denmark as you metion,is broken totaly in matter of social justice!

Danmark,som har Outsourcet som alle andre til Kina,+har importeret arbejdskraft fra Østeuropa,er gået fuldstændigt ned socialt!

Denmark has like all other contrys,outsourced to China,and has imported Laborforce from easteren Europe,to wages,that no Danish can survive,in sence of ??Paying a house,due to wages,so low,like briclayers,180(Danish)Polish(no education)40,you might have freinds,higher up the sistem,so take a look downwards,and remember one thing,Norway aint member of EU,have huge oil reserves,and Sweden went through a big resescion in the 90th:

And different from Norway,Denmark sold their(underground) oil to Mærsk for Hold on to your hat,a stamp(document) worth 50 kr,and are loosing billions every year!

And i can tell you,a lot of people in Denmark,has to leave their homes,excately for these resons,and they might sleep in their cars,hopefuly not to freeze to death:This illusion is broken,and i tell you who broke it,Anders Fogh Rasmussen,the overkiller from Nato!

TWSceptic's picture

Yes it would have been even better without the socialist part. You don't help poor people by sending them money, you help them by allowing capitalism, freedom and personal responsibility. There was no socialism in the US when it was still the most prosperous country in the world, and poverty during that time was declining every year. Since the US became a more socialist country, poverty has grown exponentially. LetThemEatRand still has difficulty understanding that everything the government does is based on force, and with force you achieve the opposite of the intended goal.

LetThemEatRand is a perfect example of liberal socialists taking credit for what capitalism has done, it's quite perverse.

Chris88's picture

Nothing says you care more than sticking a gun in somebody's face to steal from them for something you arbitrarily believe is just.

Attitude_Check's picture

When the few hundred people are the ones responsible for the economic destruction that has resulted in the layoffs, not arresting them is suicidal.  They will continue the destruction until stopped.

NoTTD's picture

Do not pass go, and do not collect $200B.

Al Gorerhythm's picture

There is an excellent description of the root cause of the Global Financial Crisis (GFC) and a path that leads the world out of this mess, contained in a book "The evil Princes of Martin Place", reccomended to me by an Aussie Libertarian. The book iencapsulates the actions of the people of Iceland. Liberty in action.

In essence, the book reveals how the governments of all nations have legislated for the establishment of Central Banks. Because they are, from their foundation, structurally bankrupt (as explained in the first chapter and introduction) the role of government and bankers is to beguile the populace with language and fiat control strategies that belie their credibility and solvency. The only way out of this is to deny the banks unwarranted position in our society and demand that the government govern for the people rather than their cohorts in the banking and financial industries.

The only reason that the Icelandic people rose up was because the nefarious link between government and bankers was exposed in one large dose of proposed theft. Most other country's citizens don't get it because the theft is more incremental. The undeniable link between government and banks is well established in this and other books. The task of two sets of wealth redistributing and savings skimming thieves in govt anf banks is to blind their marks to the theft. It is the hallmark of fraudulent companies that they beguile investors into their clutches, offering impossible returns as inducements whilst at the same time fleecing the gullible of their hard earned savings and wealth; tax by government, interest by banks, or 2 and 20 fees by hedge funds or mutual funds or superannuation accounts. If an entity is making money from your labour, being as they don't actually create any wealth, then they only see YOU as a means of income.

Slowly the world will awake to the con of the biggest Ponzi of all time.

Silver Bug's picture

Now if only the rest of the Western world could follow in their footsteps. Unfortunately this is highly unlikely.

hooligan2009's picture

how do you make a yen cross?



throw (radioactive) sand in its face!

ZeroAvatar's picture

hooligan2009 said:how do you make a yen cross?


A:  Call it a 'FLOKI BOY' ?

clara-to-market's picture

It's all about the Ivy League Mafia.

Banksters attended the same schools as our corrupt politicians.

They enjoy the same country clubs.

They're given special exempt status by their cronies.

Arrowflinger's picture

Fire and truth from the land of Ice.