First They Jailed The Bankers, Now Every Icelander To Get Paid Back In Bank Sale

Tyler Durden's picture

Submitted by Claire Bernish via,

First, Iceland jailed its crooked bankers for their direct involvement in the financial crisis of 2008. Now, every Icelander will receive a payout for the sale of one of its three largest banks, Íslandsbanki.

If Finance Minister Bjarni Benediktsson has his way — and he likely will — Icelanders will be paid kr 30,000 after the government takes over ownership of the bank. Íslandsbanki would be second of the three largest banks under State proprietorship.

“I am saying that the government take [sic] some decided portion, 5%, and simply hand it over to the people of this country,” he stated.

Because Icelanders took control of their government, they effectively own the banks. Benediktsson believes this will bring foreign capital into the country and ultimately fuel the economy — which, incidentally, remains the only European nation to recover fully from the 2008 crisis. Iceland even managed to pay its outstanding debt to the IMF in full — in advance of the due date.

Guðlaugur Þór Þórðarson, Budget Committee vice chairperson, explained the move would facilitate the lifting of capital controls, though he wasn’t convinced State ownership would be the ideal solution. Former Finance Minister Steingrímur J. Sigfússon sided with Þórðarson, telling a radio show, “we shouldn’t lose the banks to the hands of fools” and that Iceland would benefit from a shift in focus to separate “commercial banking from investment banking.”

Plans haven’t yet been firmly set for when the takeover and subsequent payments to every person in the country will occur, but Iceland’s revolutionary approach to dealing with the international financial meltdown of 2008 certainly deserves every bit of the attention it’s garnered.

Iceland recently jailed its 26th banker — with 74 years of prison time amongst them — for causing the financial chaos. Meanwhile, U.S. banking criminals were rewarded for their fraud and market manipulation with an enormous bailout at the taxpayer’s expense.

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Ghordius's picture

they were willing to pay the price, weren't they? and the price for this wasn't low

further, the impact on the global systems was negligible, and so very little external pressure was put on them

Philo Beddoe's picture

Sometimes it easier to be the small fish in a big pond. 

Ghordius's picture

yes. and sometimes it's an invitation for bigger fishes to have breakfast

ShorTed's picture

I agree the price was high but they've also completely rebuilt their banking industry, paid off all bailouts and moved on.  Meanwhile in the EU and US worthless asssets rot on balance sheets, middle classes (and their savings) being wiped out by central banks going all in to defend the insolvent banks and all the sub 2% inflation they can't seem to generate!!

Move along, nothing to see here.

froze25's picture

Iceland allowed the creative destruction cycle to happen and complete.  Assets fell sharply and bankruptcy happened, they had the reset that the rest of the world is preventing at all cost.  It was the reset / revaluation that allowed the economy to reorganize and redeploy resources in an efficient manner.  That is why they rebounded so quickly.  Its not magic or rocket science, what they did used to be the normal process.  

Ghordius's picture

+1 for the Austrian "allowed the creative destruction cycle to happen"

"...preventing at all cost..." I blame Hunk Paulson's "blade" motorola cellphone. the one that is now exposed in the Smithonian Institute

it sent him images of tanks on the streets

nevertheless, don't kid yourself. Icelanders paid a heavy price, over the years. I'm not so sure everyone of them would not have preferred an alternative to their personal misery, particularly those who lost their houses

RaceToTheBottom's picture

He was rewarded with an island and lots of money for his duty to GS and the rest of the Banksters?

safe as milk's picture

"so very little external pressure was put on them"

gordon brown did freeze landsbanki holdings using anti-terrorist laws and the uk withdrew their military support of iceland's airspace. the international press was pretty rough on them, too.

Ghordius's picture

yes. That counts as little pressure. Shocking, scandalous... little pressure

BarkingCat's picture

Just who was Britain protecting Iceland's
airspace from?
I am surprised that he had time to even think
about Iceland between fucking dead pig's and
molesting little boys.

Doom and Dust's picture

Very little external pressure LOL!

The UK and Netherlands beg to differ, they tried their utmost to suck Iceland dry after the Icesave debacle. It just had the guts to say no.

I guess they didn't send all the real men to sea ages ago like the other Scandinavian countries.

bigbwana's picture

We live in a Matrix! If you haven't heard whispers, you have now. And if you have heard whispers, then the mere fact I am posting about it, is proof! All we have to do to dismantle the Matrix, is think about dismantling the Matrix. That's all. Numbers count and the more thinkers on board, the sooner we bannish the Dark controllers. Fait accompli. It is the Will of God.

Sages wife's picture

I think you're looking for the ganja article.

DelusionalGrandeur's picture

I think he's dipping into his "dmt " stash a little early this morning.

pods's picture

True way to destroy this Matrix, or leave the Human Farm, is to avoid debt at (most) all costs.

System will implode on its own.


Ghordius's picture

+1 interestingly, if everybody would follow your advice, the system would not even implode. just... deflate like a ballon

like all the "investment bank" business units that Deutsche Bank and other european megabanks are slowly closing, putting former "Masters of the Universe" "on the street"

JRobby's picture

Iceland’s revolutionary approach to dealing with the international financial meltdown of 2008 certainly deserves every bit of the attention it’s garnered.


Doing it right

Doing it legally

Doing it without bloodshed


ozzzzo's picture

Stay tuned for the invasion of iceland; they are terrists after all! This behavior will not be allowed to continue for very long.

BeaverCream's picture

Iceland needs more refugees. The goys here aren't playing along.

Philo Beddoe's picture

Long fucking boat ride. I think they are safe. 

my_nym's picture

There are some feminists there working on it.

But the black and brown people don't like to go that far north, so they're probably safe from a rainbow and ponies destabilization campaign to overturn the democratic will of an ethnically homogenous society. 

For everyone else (wretched refuse, melting pot material), there's Mc Dumbocrazy Inc. owned by the Tribe that naturally emerges above the lowly tribes/goyim that like to be melted... in the pot of diversity.

CuttingEdge's picture

I'm sure there are some Swedes happy to provide ferry service from Stockholm.

BarkingCat's picture

I don't know anymore but in the 1980s Iceland did not allow negros in their country.
I worked with an ex Air Force guy who told me
that even the US bases could not have them.
If they are smart they still have that law.

Smegley Wanxalot's picture

I really need a larger pic of those chicks.  I work in IT with a bunch of ugly dudes and need to periodically see fine tit during the day.

herkomilchen's picture

I'd like to get paid by those girls in the photo.

ssgredux's picture

Ummmm..... Can I get a 'Merica?

Hannibal's picture

Whaaat,...banksters in jail and prepaid their IMF dept.!

Iceland is now the perfect candidate for some US carpet bombing and invasion,

my_nym's picture

Even the dumbest of the freedumb fry eaters and hopium smokers would not listen to the Jews if they decided to incite a war on Iceland or blend them out of existence with refugees from the tribes of the South.

Every other Northman/Norman/Norse/Nordic/North by North West White tribes of the North... perhaps, just look at what has been done historically.   Look at what is occuring now in Europe.

But even the Jews may have limits when mining the stupidity of the dumb goyim:  "Wut?  We're supposed to attack Iceland now? Do they have WMDs in their bikinis?  Do they!  Nordic, North Nazis that aren't blending themselves out of existence like the Kardashian Team Kaballah?  Team Captain America to the rescue!"

There again, as fucking stupid (insert Einstein quote about stupidity here) as White people have been historically when it comes to being incited the international Jewish mafia of banksters and oligarchs... who can say? 


So when does America invade to promote democracy and more ethno/racial diversity in Iceland?  After all, they must be racists.  All the tribes of the North are... after all, they're White!

Bangin7GramRocks's picture

Well, U.S. dummies did fall for the ISIS boogieman hook, line & sinker. Doesn't take much to convince American mommies to shove their boys to the slaughter to "keep the Homefront safe".

Bastiat's picture

Icelanders need to pay a massive carbon tax to offset the all that volcanic pollution.

katagorikal's picture

The US did occupy Iceland during WWII, following an unopposed British invasion of the neutral country:

Zhero Cortez's picture

Finally. It's not about Capitalism vs Communism; It's not about Whites vs Blacks; It's not about Educated vs Uneducated; It's not about Employers vs Employees;

It's all about PRIVATE BANKING.

Libertarians would cringe about this, but it's not about FIAT, it's about DEBT FIAT, it's about PRIVATE CREATED DEBT FIAT.

Countries of the world must regain their sovereignty and issue DEBT FREE FIAT.



Latitude25's picture

I have a nice color printer and will gladly send you some fiat for your gold.  

shovelhead's picture

Make some gold in your basement and you can fool all those crazy people who own it.

VinceFostersGhost's picture



He's probably crazy enough to do just that.

Bill of Rights's picture

Oh look another one to add to the long list of retards who say gold has no value...

Urban Redneck's picture

The issue isn't private banking, the problem is the private monopoly over the public money supply.

You can nominally strip authority from the banks and transfer it to the Congress critters (honest, moral, selfless and wise... every one of the fuckers).  But in short order we would be breaking out the rinse, repeat insults.

Moreover, while the base money supply is a function of debt issuance, and that can be transferred to another party, it's only part the actual money supply due to shadow banking and credit creation through transformation, which cannot be so easily transferred.  (and I'm also ignoring velocity intentionally)

It's simple to cheer for debt free fiat, but how is the money supply rationalized to market conditions and how is counter-cyclicality achieved?

Saying you simply are going to create x% new money each year is nothing more than an extension of the status quo (and Ron Paul's favorite chart) since the FED restructuring in response to WW1 (as opposed to the founding of the Federal Reserve system). 

The solution is to remove the monopoly and the structural impediments to rationalization of the size of the money supply (which includes the debt basis of the narrow money supply, but it is much more complex than "just printing money" and letting Congress or Bernanke's helicopter distribute it)


Ghordius's picture

shadow banking as such was illegal, wasn't it? not under this name, but the principles on which it's based... and on which hedge funds are, too

Urban Redneck's picture

I don't know about illegal (and it would vary for jurisdiction to jurisdiction anyway) but it was comparatively impossible (with the caveat that transformation and monetization has occurred since at least the Roman Empire or late Republic).

The current iteration and explosion of shadow banking is the cumulative product of worldwide banking "reform" in the 90's and 00's.  IMO the biggest culprits are the Basel Accords, followed closely by central securities depositories and clearing mechanisms.  It wouldn't be possible at this scale without the repeal of Glass Steagall, but I think the genesis and growth can better traced to the evolution of the eurodollar market the previous decade, and that (not so) genius or original attempt at global central bank fiat manipulation - the Plaza Accord (snake on steroids). 

goldsaver's picture

explain, explain, explain

-(in my best dalek voice)

If you have no limits to the amount of currency issued (either by the currency been gold, digits or anything in between) then, based on historical data, the currency will be inflated to extinction. If you use gold and permit reserve banking and creation of counterfeit notes by private banks then the bankers will issue so much counterfeit currency that they can buy up all the gold and control the economy again ( see the theft of 1888).

The basic problem is not really even who issues the currency, but the value of that currency for imports. If a country was to issue its own currency, based on scarcity or not, the true value of that currency would be its ability to pay for imports. Lte's say that Greece returned to the Drachma and decided that the Drachma will be issued, as needed to meet its internal needs (pensions, salaries and so forth), the currency will quickly loose its value against external currencies because Greece exports almost nothing while it imports most of the products it consumes. There would be very little international demand for Drachmas while Greece would need an immense amount of external currency.

Raymond_K._Hessel's picture
Raymond_K._Hessel (not verified) Zhero Cortez Oct 30, 2015 9:24 AM

You are right, but the indoctrination that gold is magic, and 'the' answer to remedy the money system is very strong. Any opposition to the sanctity of gold will be rejected before it is understood.

You need to argue why debt free issuance matters more than backing to people who truly believe that gold backing is 'necessary.'

This said, bear in mind that backing does prevent some fuckery, and I think the Constitution has something to say re Au and Ag.

my_nym's picture

Still waiting on Libertarians to realize that their Jewish led and cultivated movement toward gold is meaningless because a monopoly on the "yellow brick road" has been established for hundreds of years and now even the "silver slippers" by which people can supposedly travel the road (note the poppy fields on the side) or shoot the vampires with a silver bullet (etc.etc.) have probably become monopolized too.  

How?  Why? Note what the Jews fear before all else, ethnically homogenous cultures that are aware (even if dimly) of the financial Wizards of Oz/gold.


Although the way some of these cultures and races are it probably doesn't even matter.  You may be better off with the Jews running things and literally having a debate between their own internal Right and Left right in front of you.  "What shall we do with these goyim?  I don't know.  Maybe we should try to diversify them, in order to diversify our investment portfolios."    "No, no... we need more war, release the McCainiac to tell them that war and sacrifice makes them part of something bigger than themselves!"  "Well, we bungled that...  how about more diversity? Send the Syrian refugees to Iceland?  They seem to be resistant.  Those Nordic, racist Nazis!"  


Hopefully that's still a satire and there's not some Jew out there following his tribal instincts ("conspiracy theory") that has already begun arguing:  "You know, Iceland should take in more refugees like Germany... and stuff, or somethin'."


Actually, it would seem that witless Whites from the North usually want to take in every bedraggled refugee to keep them warm by the fire before winter.   Their racial tendencies don't even have to be incited by Jews.  Then a little while later, the headlines:


(Iceland Banksters Set Free to Finance the New War on Brown People...  I mean Islam...  I mean, the War on Terror!)

(Iceland Becoming a Police State? Why?!)

(Feminist Women in Iceland Being Raped: What Does This Say About Icelandic Men?)

(Rising Antisemitism In Icleland:  Save the Jews, Transgendered and Women Minorities!)


At least the Jewish community there is so small and lacking in influence that they can't be blamed for the natural patterns of integration typical to the witless White tribes of the North and the Black and Brown tribes of the South.  Unless one argues:  "Well, it's the influence of the international Jews that want to monetize and integrate the entire world...  I mean the international, globalist media and stuff!  Or somethin'.  Globalists, or maybe the ghosts of lizard people?  Did I say Jew?  Oy vey!"

Dr. Engali's picture

What's this? Holding criminals accountable for their actions? Didn't they get the memo? The oligarchy is off limits when it comes to the laws of the country.

Albertarocks's picture

All this courage coming from a country of only 325,000 Vikings.  I can't help thinking that the dark lords of banking would love to someday 'make them pay'.  But if just one or two other countries had the courage of the Icelanders, the bankers would be put back in their place forever.  And the world wouldn never pop the cork off that god damned bottle again.

Philo Beddoe's picture

Didn't your province of 3 million recently vote communist? Do not hold out much hope is the point. 

Albertarocks's picture

It's more a case that we "voted out arrogance", and then repeated the tossing of arrogance in the federal election.  Communist?  No.  So I'll excuse your taunt and just take your comment with a grain of salt since you obviously have no idea why we are doing what we are doing.  We sent a message.  This 'communist' government as you want to call it won't be here next term.  We handle our business our way and do just fine by not being bothered by opinions of trolls.  :-)

Philo Beddoe's picture

What are you doing?  When things get shittier and shittier as a result of oil being in the shitter people will yearn for the days of arrogance.  Then they will realize that their good fortunes were based on the price of oil and not the idiots they elected. 

Albertarocks's picture

Please take your attitude somewhere else.  This article and discussion is about Iceland.  If you're having a bad day, take two aspirin and get lost.