Icelanders Overthrow Government and Rewrite Constitution After Banking Fraud-No Word From US Media

IcelandCan you imagine participating in a protest outside the White House and forcing the entire U.S. government to resign? Can you imagine a group of randomly chosen private citizens rewriting the U.S. constitution to include measures banning corporate fraud? It seems incomprehensible in the U.S., but Icelanders did just that.  Icelanders forced their entire government to resign after a banking fraud scandal, overthrowing the ruling party and creating a citizen’s group tasked with writing a new constitution that offered a solution to prevent corporate greed from destroying the country. The constitution of Iceland was scrapped and is being rewritten by private citizens; using a crowd-sourcing technique via social media channels such as Facebook and Twitter. These events have been going on since 2008, yet there’s been no word from the U.S. mainstream media about any of them. In fact, all of the events that unfolded were recorded by international journalists, overseas news bureaus, citizen journalists and bloggers. This has created current accusations of an intentional cover up of the story by mainstream U.S. news sources.

An “iReport” on CNN, written by a private citizen in May 2012, has questioned the reasons why this revolution has not been widely covered in the U.S., suggesting that perhaps the mainstream media is controlled by large corporate interests and thus has been unwilling to report on Iceland’s activities. That report is currently making its way around social media. CNN today placed a statement on its website saying: “We’ve noticed this iReport is being shared widely on Facebook and Twitter. Please note that this article was posted in May 2012. CNN has not yet verified the claims and we’re working to track down the original writer.” It is interesting to note that CNN’s European version, CNN Europe, already covered the story of the protests and the government’s resignation, leading many to question why CNN would now need to “look into” the claims.

Besides CNN Europe’s own coverage of the scandal, the events in Iceland were widely covered by international media and are easily verified by a simple search on Google which leads to a variety of reputable international news sources that ran numerous stories on the Icelandic revolution. A whole documentary has been made on the governmental overthrow called Pots, Pans and Other Solutions, and now, the conversation is focused on whether or not the citizens’ actions actually worked to make Iceland a more equitable nation.

Iceland

To understand the enormity of what happened in Iceland, it’s best to draw parallels between the initial banking fraud that caused Iceland’s economy to collapse and the banking fraud in the U.S. that caused the mortgage crisis six years ago. In Iceland, unscrupulous bankers had inflated the value of Iceland’s banks internationally which in turn caused the “bubble” to eventually burst in 2008 and saw most of Iceland’s banks going bankrupt.

A similar situation happened in the U.S. just one year before the collapse in Iceland, with the mortgage crisis of 2007. Mortgage lenders in the U.S. knowingly lent money to prospective homeowners who could not afford to purchase a home. This, in turn, led to falsely inflated home values and a vicious cycle of too much lending. Just as in Iceland, the bubble burst and many U.S. banks were about to declare bankruptcy. In Iceland, the citizens took to the streets by the thousands, banging pots and pans in what is known as the “pots and pans revolution,” leading to the arrest and prosecution of many unscrupulous bankers responsible for the economic collapse. Icelandic citizens also refused to pay for the sins of the bankers and rejected any measures of taxation to bail them out. In the U.S., the government bailed out the banks and arrested no one.

The pots and pans revolution in Iceland was not covered by mainstream U.S. media. In fact, any information about this revolution is found only on international newspapers, blogs and online documentaries, not on mainstream front-page articles as would be expected from news organizations covering a story of this magnitude. The New York Times published a small handful of piecemeal stories, blogs and opinion pieces, but mostly glossed over the main narrative by saying the 2008 financial collapse in Iceland caused “mayhem far beyond the country’s borders” rather than pointing out that Icelanders took to the streets with pots and pans and forced their entire government to resign.

Iceland

As the saying goes, “there are two sides to every story,” but a more accurate articulation of this phrase would be “in any story, there are multiple sides, viewpoints, opinions and perspectives.” The story in Iceland is no exception. Socialist and Marxist blogs here in the U.S. say that there’s been a massive U.S. news conspiracy and cover up about the revolution in Iceland because the U.S. media is controlled by corporations, including banks, and the “powers that be” don’t want U.S. citizens getting any ideas to stage a revolution of their own. Some conservative Icelandic bloggers claim that while there was, indeed, a revolution, it did not lead to a successful or widely accepted new constitution. They say the situation in Iceland is worse than ever, and that international news reports of an effective democratic uprising leading to a better government are simply myths. Social media commenters are scratching their heads over why they were robbed of the story of Iceland’s pots and pans revolution.

As with most narratives, the truth may lie somewhere in the middle of all of these varying perspectives. One thing is clear, though: it’s nearly impossible to find one mainstream U.S. news report of the pots and pans revolution in Iceland, the resignation of Iceland’s entire government, and the jailing of the bankers responsible for the economic collapse there. Whether or not the revolution led to a more fair government or a workable and effective constitution is irrelevant to the fact that the U.S. media has essentially skipped over this story for the past five years.

Is it possible that mainstream media sources purposely covered up the Iceland story to appease their corporate sponsors? It doesn’t seem likely, and yet, what explanation could be given as to why this news never made it to the front pages of our most trusted media organizations here in the U.S.?

As Iceland struggles to regain its footing with a new government, U.S. citizens may or may not be able to look to Iceland as an example of perfect democracy in action. The real question, though, is why weren’t U.S. citizens given the information about the ousting of the Icelandic government and the jailing of the unscrupulous bankers? Are journalists in control of the mainstream media or is there some truth to accusations that big business may, in fact, be strong-arming reporters to keep quiet about world events that could inspire similar actions here in the U.S.?

By: Rebecca Savastio

Sources:

Reuters UK

Newsnet Scotland

New York Times

Pressenza International Press Agency

Techdirt

New York Times Blog

Youtube

Pot Pans Documentary

Internationalist.org

The Guardian

Collective-Evolution

New York Times

Foreclosure Nation

New York Times

121 Responses to "Icelanders Overthrow Government and Rewrite Constitution After Banking Fraud-No Word From US Media"

  1. Leonard DeMuro   July 27, 2016 at 8:49 am

    The banking deregulation that caused it all was Bush’s idea. It will be even worse if Trump slithers into office. Stop trying to blame Obama for the mess Bush made.

    Reply
  2. John Cox   April 5, 2016 at 6:16 pm

    This is ridiculous. The government was obliged to resign. That is not the same as a government being “overthrown”. This was not a revolution.

    Reply
  3. Justin Case   February 16, 2016 at 3:51 pm

    Exactly, Democrats kept legislating that people who could not or would repay. Barnay Frank and Maxine Waters and all the Dems kept the Bush Administration from cutting back on FHLB and FANNIE MAE from backing these loans and packages! The Dems set fire and then called everyone else arsonists.

    Reply
  4. Joyce McCarthy   January 26, 2016 at 11:46 am

    The story the media dare not tell us.

    Reply
  5. Steven C. Mendoza   January 7, 2016 at 4:32 pm

    Cause that’s what newspapers are for John! Duh!

    Reply
  6. Steven C. Mendoza   January 7, 2016 at 4:29 pm

    Our media didn’t cover it because we may need to do something similar to get rid of Obama. Just sayin’.

    Reply
  7. Cathie   January 6, 2016 at 1:35 pm

    Is there any updates? It’s 2016 now and I would like to know how it’s going over there, we know I will never get that info from main stream so does anyone have a recent video on how there changes are going.

    Reply
  8. John J Lambert   January 5, 2016 at 12:23 pm

    The question should read… Why didn’t US citizens find out for themselves ? Why should we need ”to be told” anything. ?

    Reply
  9. jacob   December 28, 2015 at 11:15 pm

    “Mortgage lenders in the U.S. knowingly lent money to prospective homeowners who could not afford to purchase a home.” I had to pause and comment on this… Wasn’t this federally mandated? In other words, wasn’t it required by federal U.S. law that the mortgage lenders give loans to people that may or may not have been able to afford them?

    Reply
  10. Scott W. Emmonds   June 28, 2015 at 11:55 am

    The Fact, of an ENTIRE MEDIA BLACKOUT (regarding Icelands Total Rebuke of their current Government & it’s Banking System) by any & all sources of “THE M.S.M.” is both extremely terrifying, & the Final Nail in their Coffins, as far as credible unbiased reporting entities, is LONG GONE… Of course, it has ALWAYS BEEN MY OPINION, that “MSM” (CNN,ABC,NBC,CBS,FOX,MSNBC, ECT.) have never been reliable unbiased reporters… Owners of these “media sources”; like Viacom, GE & a FEW OTHERS; Have controlled the narrative, which ELECTED THEN PROTECTED, the Current POTUS, AND HIS DISASTEROUS EFFECTS,OF FOOLISH & UNPOPULAR POLICIES… HYPOCRACY & COMPLETE EXPOSURE AS FRAUDS, have been hand delivered to us… The ramifications of this are still unfolding, but I fear it may be apocalyptic, if falling into the wrong hands…

    Reply
  11. MsBridgit   May 10, 2015 at 6:43 pm

    ” Are journalists in control of the mainstream media”
    Frankly yes, so is the owner of the paper, vested intersts and Banks in fact anyone who wants to keep the general public in the dark.

    Reply
  12. claire oflaherty   April 20, 2015 at 11:00 pm

    It was intentional! How could this NOT be reported otherwise? What happened to journalistic truth and integrity in this country? Do they they we would do the same kr that we just don’t care what goes on in other countries? Jad was this country founded again? Hmmmm wasn’t it a damn revolution?

    Reply
  13. Wilma's Wish (@Wilmaswish)   January 22, 2015 at 8:10 pm

    There is a documentary about the exact situation called “Blueberry Soup” by an independent filmmaker.

    Reply
  14. politico1   August 23, 2014 at 10:14 pm

    Oh, yes, Lest us not forget that just this week Bank of America was fined 17, billion dollars for their part in the banking fiasco that left that financial news was blasted all over the globe almost everyday for a long time. The people who committed fraud are actually still being prosecuted and I personally hope it continues until every last person responsible for people losing their homes and business’ are put in jail. Our legal process works a lot slower than we actually want it to from the laypersons point of view.

    Our car companies were bailed out, but most of them have paid back the money that they were afforded to get out of bankruptcy. GM is the only one I can think of at the moment who has come back stronger than they were before, and they are doing much better because they took the bulls by the horns and fired people for not paying attention to faulty parts, and ordering the wrong parts in the first place. The fact that they told the press what was happening on a regular basis adds to their credibility. Many of their problems have come after the crisis because many law suits had been filed from customers who had faulty parts put into their cars and a couple of people died because of their negligence.
    A lot of the changes have come since Mary Bara was brought in as CEO in January of this year. She has a long good standing reputation with Gm for many years in different positions within the company.

    Reply
  15. Kevin   August 18, 2014 at 1:40 pm

    This is rather ridiculous outrage for a number of reasons

    1. Iceland is a tiny country of 300,000 people. Which means it has about 150,000 less people than Long Beach, CA or Tulsa, OK. How much daily news do you get about Tulsa or Long Beach?
    2. There is very little trade, immigration, business relations or tourist travel between the US and Iceland, so little reason it would be of interest or have an effect on the average American’s life.
    3. The world has 7 billion people. Every tiny speck of it can’t be covered at all times by every media outlet.
    4. That said, Iceland got plenty of press coverage. People with an interest in world politics and government were well informed about it. The state of the bailout and who was going to foot Iceland’s bills was getting plenty of coverage. The vote in which the people of Iceland decided to screw over every one that wasn’t from Iceland who had suffered from their banking fiasco got press coverage. I don’t particularly care about Iceland, and I was somehow well aware of what was occurring, as were other people educated on basic global news and politics. People that choose not to follow world politics were not. If you are the later, don’t get all outraged 6 years later when you find out about something you didn’t care enough to follow.
    5. Trust me, if this is breaking news to you right now, there were far bigger stories in 2008 that you also have no clue about. I’m guessing most of you probably couldn’t even point out the CAR on a blank map (and that is even with “Central” and “African” right there in the name.)

    Reply
  16. Incredibly Smart   July 26, 2014 at 8:30 pm

    The banks in the US were pressured by the government to issue risky loans through the Community Reinvestment Act created by president Carter in the 1970s. That same Act was expanded on in the 1990s by president Clinton to pressure banks to grant even more risky loans. The problems didn’t necessarily start with “bank fraud” in the US, it was pressure from the government to issue loans to people who were a risk.

    Reply
    • Peter Rose (@capemaypete)   August 21, 2014 at 9:05 am

      (Not so) Incredibly Smart, these are interesting talking points that are compete lies. CRA default rate prior to the crash was the same as regular banks, because standard loan standards were used. The pressure for risky loans came from the equity side of the deregulated financial institutions who knew they could package bad loans with good loans and sell them as AAAA rated securities. At the ground level, we saw fly by night mortgage companies (who got paid for how many, not the quality of the loans originated) come to LI communities and sell loans to everyone with a pulse. The banks did that, not Carter or Clinton. (though the deregulation was partly Clinton’s fault). And they knew the equities were bad, so they insured them and shorted them. And then when they went belly up as they knew they would, they asked the american people to bail them out with free money ($8 trillion at 0% interest as I recall), which they knew we would because they are SOOOO important. Oh and the rating companies knew it and have paid fines for it and the banks knew it was fraud and have paid huge (though inadequate fines for it). If you can read anything other than Drudge, you can read it for yourself. Just Google “mortgage fraud caused by banks”. It would be a hoot if it didn’t affect you and me and the whole economy so very much. It isn’t a partisan issue, because the fraud was committed by folks who don’t care which party you are from, they only care how much money they can suck out of your wallet. Hence the phrase: The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who’s Who of Goldman Sachs graduates.”

      Reply
  17. Andrew Rei   June 22, 2014 at 2:43 pm

    The “both parties are the same” argument is better known as “false equivalency”. Clearly, the GOP are in bed with the financial criminals. If both parties were truly the same, as the Firebaggers (Libertarians) and GOP claim, the Koch brothers wouldn’t have spent nearly $400 million to get Republicans elected and Democrats voted out of office in the 2012 cycle. They wouldn’t be planning to spend $250 million for the same causes this year. In addition, the financial firms gave more than 95% of their campaign donations to Republicans in the 2010 and 2012 cycles. So, let’s knock off this “both parties are the same” b*llsh!t….
    The mechanisms for an Icelandic-style revolution here are in place. But, that effort faces two major obstacles: first, the GOP are in bed with the financial criminals, so they must protect them to save their campaign contributions. Second, the Justice Department seems to be completely uninterested in the sad fact that ALL of the GOP across the country are guilty of one or both of two federal crimes, Insurrection and Sedition. In fact, in many cases, GOP politicians are guilty of multiple violations of BOTH. That’s the reason I laugh when the GOP claim that President Obama is “lawless” and a “dictator” or “tyrant”. The GOP should remember the old saying, “be careful what you wish for; you just might get it”.

    Reply
  18. Robert Brown   March 19, 2014 at 12:31 pm

    We need to do the same thing here and now, before the bankers get us into another unjust war. Iceland has just joined the list of countries that do not have a Rothschild-owned central bank, and it is the only one to that set that neither monarchistic or a left-leaning dictatorship. Sometimes democracy works, if the people are informed and free to organize. If Iceland can do it, so can America!

    Reply
  19. Andrew   March 18, 2014 at 1:59 am

    So the US media hasn’t reported it because its in the pay of big corporation. That must be why the US media loves Obama, after all everyone knows Obama is all about the big corporations.

    Reply
    • Earl Yetman   April 6, 2014 at 4:51 pm

      Really, you think that this is only about Obama? The two party system has slaughtered the “American Dream”!!! The Bush family epitomizes corporate America and evil, and Obama is a “monster” as well! Until all of us stop bickering about religion and bogus political agendas we will never get a damn thing done. We have to take the power from these “Entitled”, two faced, treasonous animals!!!

      Reply
    • kpoprox   May 3, 2014 at 4:47 pm

      Both democrats and republicans are bought out by the big corporations because the big corporations are what fund Washington D.C. Why do you think the people who got us into the financial crisis back in 2007 haven’t been charged and to this day, still have their positions? So before you go running your mouth looking ignorant, go get your facts straights from neutral, independent, credible news sites like Reuters instead of getting it from Fox News, who isn’t even consider a legitimate news show by other countries.

      Reply
  20. AURORACOIN   March 6, 2014 at 7:36 am

    AURORACOIN

    Reply
  21. Al   February 28, 2014 at 5:55 pm

    The Occupy Wall Street demonstrations over three years ago did not say it succinctly enough. When enough of us stand in front of the White House and Capitol Building and brave the threat of mace in the face, a baton over one’s skull, or even a bullet from our ever increasing police force, and loudly but peacefully say stop favoring yourselves, your cronies, and the rich, and start voting for equality and fairness for all men and women regardless of sexual orientation or skin color, for veterans, for the homeless, for the poor, for the children, for everyone… we, the People, will win!!!

    Reply
  22. alfred pick   February 24, 2014 at 7:22 pm

    http://www.government.is/constitution/ why does the official government of iceland website not mention their new constitution

    Reply
    • dmoore12   October 9, 2014 at 12:23 pm

      It does. Click on other links! They had referendums on their new Constitution in 2012.
      Click on their Ministry of the Interior and then the header of:
      “Outcome of the counting of votes cast in the referendum on 20 October 2012.”
      http://eng.innanrikisraduneyti.is/news/nr/28281

      Reply
  23. Steve   February 21, 2014 at 2:16 pm

    Politics is so easy to explain

    Poli means Many & tics are blood sucking parasites

    All we have to do is unite & take control of our destiny utilising a true democracy to preserve the Planet & all Living things

    Reply
  24. DHG   February 17, 2014 at 10:58 am

    What possible benefit could there be for corporations to “strong arm” reporters to not over this story. The obvious benefactors of burying the story are the current administration and government in general.

    Reply
    • MICHAEL STERLING   February 17, 2014 at 11:25 am

      Who do you think the current administration is no matter who sits in the Oval Office?

      Reply
  25. MattMarriott   February 6, 2014 at 8:21 pm

    List of jaile bankers?

    Reply
  26. 99%   January 27, 2014 at 12:50 pm

    Shame on CNN and the rest of the main stream news media for covering this up. Why are we so non-chalant about this?! Something has clearly gone wrong with us. Maybe we don’t even deserve a nation if out entire population has turned into sheep.

    Reply
  27. Brossacks   January 13, 2014 at 2:05 pm

    Enormity – the great or extreme scale, seriousness, or extent of something perceived as bad or morally wrong.
    “Immensity” is the right word here. That out of the way, interesting article, definitely going to look further into it all.

    Reply
  28. Debra   January 4, 2014 at 3:42 am

    Thank you for posting this. I am a voracious reader of current events, and the situation in Iceland has been hidden from the American people.
    My country is under attack by its own government. The citizens have not yet been awakened. There are many reasons for this, but the brainwashing of its people, and the disinformation disseminated by the media, is a main reason.
    Congratulations, People of Iceland! My respect and admiration go out to you all!
    You should be an inspiration to every American.

    Reply
  29. Mr Socks   December 20, 2013 at 7:20 pm

    Much easier to perform such a revolution if your country is relatively homogenous and had less than a million people. Time to break up the world’s megastates!

    Reply
    • Simon Straub   December 18, 2013 at 10:52 am

      How is this stupid petition anyway relevant to this story?

      Reply
  30. chris   December 15, 2013 at 4:21 am

    I am going to look into this story myself

    Reply
  31. sosbaiji   December 14, 2013 at 10:58 am

    WAY TO GO ICELAND! SO PROUD OF YOU! I HOPE CANADA WILL DO THE SAME, SO MANY THINGS WRONG WITH POWER FIGURES HERE!

    Reply
    • Wayne Wia   December 31, 2013 at 6:13 pm

      Canada is doing fine. Better than US anyway. In fact, the Canadian currency was doing so well that in fact the Icelandic government wanted to adopt the Loonie as its own currency. Search online for that. It was interesting.. What Canada needs is a new Toronto mayor though!

      Reply
      • Jack MeHoff   February 17, 2014 at 1:16 pm

        You may think the Canadian currency is doing well, and it may be so…..for now. I suggest you look at the Canadian reserves, theres a big fat bunch of US Treasuries there!

        Reply
  32. dkmich   December 14, 2013 at 5:56 am

    Boy could they teach the rest of us a thing or two about democracy. Exceptional-ism belongs to Iceland, not the rest of us out of control kleptocracies.

    Reply
  33. Derek   December 13, 2013 at 2:31 pm

    Iceland’s “crowdsourced constitution” died in May 2013. The proposed new constitution never even came up for a vote in Iceland’s parliament. Whatever story might have existed died at that time. See, for example, http://www.opendemocracy.net/can-europe-make-it/thorvaldur-gylfason/democracy-on-ice-post-mortem-of-icelandic-constitution. Iceland did hold elections in 2009, like any other parliamentary system facing a crisis of confidence, but to claim that the government was “overthrown” is ridiculous. Ultimately, the status quo prevailed, and Iceland kept its existing constitution.

    So, (1) why would the media be covering this issue, given that there is no issue now and wasn’t much of one then, and (2) why would anyone decide in December 2013 to write a hysterical blog post in the present tense about something that never actually happened and is over now anyway? This is just a weird, weird post.

    Reply
  34. Sean Edwards   December 13, 2013 at 8:34 am

    “Is it possible that the U.S.Mainstream media sources purposely covered up the Iceland story?” Duh. It doesn’t matter anyway. Citizen’s in Amerika have been so dumbed down the couldn’t find Iceland on a map.

    Reply
  35. Ash   December 13, 2013 at 5:07 am

    I’m not sure what you mean. As far as I know there is no “CNN Europe”. There is an international version of CNN (edition.cnn.com), but the link I provided is from CNN’s US website. And yes, it is filed under the world/european section of the site, as opposed to technology, health, travel, etc. Where else would it be filed?

    I agree CNN has an agenda, but it is simply to try to attract as many readers as possible. Sadly, not many Americans care about what’s happening in Europe, let alone the internal political happenings in a tiny country like Iceland.

    Reply
  36. Juana Poareo   December 12, 2013 at 6:07 pm

    SO AWESOME, Rebecca!!! So glad I have the chance to work with you and become inspired.

    Reply
  37. Corinne Smith   December 12, 2013 at 12:21 pm

    Article V of the US Constitution allows for an ALTERNATIVE and LEGAL manner to amend the laws of the land and a relatively small group of people have taken Congres to task s (both the House & Senate) for not Officially counting STATE APPLICATIONS for an Article V convention which were recorded but NEVER COUNTED IN THE ENTIRE HISTORY OF OUR COUNTRY! Please see the group’s ArticleV.org on Facebook and their Internet site, many interviews and education on Youtube’s ArticleV, Move to Amend organization and others. Also, look up writings by Dan Marks (who has directly Contacted Both HOUSES of Congress to have the State Requests Counted and the Convention called) and Bill Walker (who brought this to the US Supreme Court) on Firedoglake.com for further explanation of what this provision is and the actions taken thus far . Anyone who says this would “throw out” our Constitution is Wrong as the ratification of Amendments STILL NEED TO BE VOTED ON BY THE PEOPLE THROUGH THEIR STATES! The only difference in the process is that The People meet to PROPOSE AMENDMENTS, not make them law, instead of Congress proposing Amendments. Our do-nothing alleged lawmakers are blocking the people from exercising their right to propose amendments and send them to THE PEOPLE OF THE STATES to vote upon.

    The Founders Warned of Corporate misuse of power, the need for the Constitution to be a living, breathing document reflecting inevitable changes based on societal needs, and the need for citizen oversight WHEN (not if) power was misused.

    Please research this provision in Article V (5) and realize that there is HOPE FOR THE CITIZENS OF OUR NATION TO TAKE BACK THEIR POWER AND NOT BE VICTIMS OF EXTREME IDEOLOGY! The Patriots working on making the actual Convention happen, people who aren’t paid for their efforts, are doing this simply for the Love of our Country and should at least be heard by the rest of us and provided support in any and all ways needed.

    Thanks to my fellow American Citizens!

    Reply
  38. Ash   December 12, 2013 at 6:34 am

    http://www.cnn.com/2009/WORLD/europe/01/26/iceland.government/

    It took me less than 30 seconds to find this. It was covered, it’s just that Iceland is a small country (population-wise) and there is not much interest in news coming from it. Sorry to disappoint, but there is no grand media conspiracy.

    Reply
    • Kyle   December 12, 2013 at 4:18 pm

      I think the point of this article is to raise a red flag saying American bankers were not jailed, given no repercussions for causing a huge financial meltdown while other countries, such as Iceland, have got those responsible for the loss of their retirement in jail. It doesn’t get them their retirement back, but at least the bankers there arent getting paid 200 million in bonuses each year, while yes it was covered, barely, it was an alternative solution to the handling the financial collapse of 2009. One might say Iceland’s economic recovery is due to this difference in practice. Instead of paying the bankers more money, they removed their power sources.

      Reply
    • Ryan   December 13, 2013 at 3:38 am

      Rebecca did say that CNN europe covered the story. Her point was that it never made it to the US CNN news. This article is in the european section of their website. I agree its not a conspiracy, though I do think CNN has an agenda of some sort in keeping it out of the news in the states.

      Reply
    • Z   December 13, 2013 at 5:05 am

      Ash, time for you to take 30 seconds to actually read both of the articles…

      Reply
  39. Jerrell   December 12, 2013 at 5:19 am

    I am unsure of the particulars in Iceland’s event, but the article falsely attributes the cause of America’s economic collapse; the collapse that was the lead domino world-wide.
    In America, greedy bankers were not the driving force. Mortgage bankers genetically abhor loans to people who cannot or will not pay the money back.
    Why did they do so in this situation? Because Congress THREATENED them if they did not.
    According to America’s Democrat Congress (and aided by the linguine spined Republicans who fear being called racist more than they fear death), it is a RIGHT to own a home. Whether or not you can or intend to pay for your new home is irrelevant.
    The result; the new RIGHT’s homeowners defaulted on their mortgage payment and America’s banking system failed.

    Reply
    • ted   December 12, 2013 at 12:32 pm

      This is ridiculous. The banking industry caused the collapse by turning unqualified mortgages into investment products that were traded as if they were actually worth something. The idea that Congress forced the banking industry to make those loans is fantasy, promulgated by Fox news. The above writer obviously prefers right wing claptrap to truth.

      Reply
      • stephenwv   December 13, 2013 at 8:11 pm

        Barney Frank single handed ly was responsible for ignoring the bubble warnings and FORCING BANKS TO MAKE LOANS. Yes it did happen.
        The links to American sites that I saved have been scrubbed and are no longer available. Looks like Canada is n more free than America now.
        http://www.youtube.com/watch_popup?v=cMnSp4qEXNM&NR=1

        Reply
  40. raburcke   December 12, 2013 at 2:47 am

    “…corporate sponsors? It doesn’t seem likely, and yet,…” Are you kidding?
    How far do you think Bob Woodward and Carl Bernstein would get nowadays with their ‘allegations’?

    Reply
  41. Sue Starford   December 11, 2013 at 3:33 pm

    I agree that one political party is just like every other political party. You can’t believe what they say; they will do as they please as soon as they are in power.

    Reply
  42. Sam   December 11, 2013 at 2:27 pm

    Didn’t this happen in 2009? http://www.nytimes.com/2009/01/27/world/europe/27iceland.html?_r=0

    Reply
  43. Scott V   December 11, 2013 at 1:52 pm

    Umm, I live in Europe and there was absolutely no news coverage on this…I don’t buy it. At least I don’t buy the dumbed down headline that was provided. Why does it have to state “No Word From US Media”?

    By the way, they re-wrote the constitution and including a provision that bans corporate fraud? Wouldn’t that imply that corporate fraud was legal under the previous administration? I’ll chalk this up to another liberal innuendo under the guise of a journalistic misstep.

    Reply
  44. asterz   December 10, 2013 at 11:08 pm

    You are incorrect. The US banks deliberately made loans to people they KNEW wouldn’t be able to pay the loans off. Then, in effect, they took out insurance policies which would pay them off in case the homeowner defaulted on the loan. They stood to make so much from these policies that they looked for anyone they could find to take on a loan. Prudent loan officers were fired. The crash happened because this false housing market became a giant bubble. Then no one had the money to make good on the “insurance policies”. So we paid the banks for their reckless gambling loss.

    http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405?page=4

    Reply
    • straight 510   December 11, 2013 at 3:06 pm

      US banks were forced to make loans to people they knew would not be able to pay off the loans by the US government. They were accused of discrimination (profiling) because they were not giving loans to people who couldn’t afford them or who had bad credit.

      Reply
  45. Sawed Off Mouth Gun   December 10, 2013 at 8:23 pm

    If you want CNN to report this story, you just need to pay them. It’s just that simple. CNN is a pay2play platform masquerading as news. You really want to make some noise? Crowdsource enough money to pay CNN to run the story–now that would be hilarious! Contact Amber Lyon about this: http://www.muckraker.com/

    Reply
  46. lilyredrose   December 10, 2013 at 5:10 pm

    I don’t know, but I think the US banks made loans to people who couldn’t afford them because they were FORCED to by the government. No one thought about the fact that, even if they could make the mortgage payment, there would still be utilities, taxes, insurance, upkeep and maintenance, etc. All those “little” things that go with owning a home. Just because you can get it doesn’t mean you can keep it.

    Reply
    • Moses   December 11, 2013 at 6:20 am

      Don’t think, know.

      Reply
  47. wolfshades   December 10, 2013 at 7:50 am

    How is it that if I go to online Icelandic newspapers and various other non-US news sources, I can’t find a single thing about them overthrowing their government and re-writing their constitution? I can’t help thinking that this sensationalist story seems a bit “iffy”.

    Reply
    • wolfshades   December 10, 2013 at 8:44 am

      Whoops! My bad. I read the article as if the reported overthrow had just happened (because of the date the blog was posted) and neglected to note the date that it actually happened, which was contained in the blog. My apologies – I should have read closer.

      Reply
  48. Harry   December 10, 2013 at 7:42 am

    The american banking collapse was not because they loaned money to poor people. They banks knowingly made risky investments and wrapped them up and sold off these horrible investments and collapsed the system while making money from it. There is a world of corruption from the heart of this story that cannot be blamed on the poor…who really got screwed. and the other difference in America, no bankers went to jail. NONE.

    Reply
  49. LibertyGrace   December 10, 2013 at 12:13 am

    Now this is interesting. I live in Hawaii and from one island (group of islands) to another I say bravo to the nation of Iceland for trying to save your people with common sense solutions. However, if you are relying totally on social media input for the draft of your new Constitution, it can go anywhere. I want the United States to return to the Constitution of it’s foundation, the one that recognizes God in it’s concept. Our problem is that we have wondered away from it protection. We have corrupted ourselves and when that happens good and evil become much more difficult to define. I must visit Iceland, you sound like a remarkable people, much Aloha!

    Reply
    • HistoryBuff   December 10, 2013 at 4:25 pm

      The Constitution never recognized a deity. Please read a History book, or better yet, the actual Constitution.

      Reply
      • Buzzardspecial   December 10, 2013 at 6:36 pm

        You are correct, and one could say this is consistent with the 1st Amendment’s statements regarding religion.
        For what it’s worth in this discussion, statements contained in the first section of the Declaration of Independence such as “Nature’s God” and “…endowed by their Creator…” would seem to be, at worst, a non-specific reference to a sort of deity. Thought I would insert that into the talk, bit of a rabbit trail it may be. Again, you are correct; I can find no reference to any sort of deity in our Constitution during my own re-reading of it.

        Reply
    • Baruch   December 11, 2013 at 10:11 pm

      Your attempt to insert theocracy into the constitution is appalling.

      Reply
      • MICHAEL STERLING   December 12, 2013 at 1:23 am

        Baruch,
        “IT’S TO THE CAPITOL’S ADVANTAGE TO HAVE US DIVIDED AMONG OURSELVES.”
        Peace On Earth.

        Reply
  50. Sarissa Jacobs   December 9, 2013 at 10:22 pm

    It has been apparent to me for a very long time that the media in the US censors and hides stories not favorable to the government or corporations. I no longer buy newspapers, nor watch news broadcasts on TV. I turn to the internet, and TRY to find reputable places to seek the news out. I’m constantly amazed at the stories I find about the US….that I never hear a word of, sitting IN the US. And then there’s stories like this, of news of interest about other places, that also never makes it to “mainstream” media. Sadly, I feel the American citizens have lost control of their government, and have no chance of taking it back.

    Reply
  51. David Berry   December 9, 2013 at 3:58 pm

    Countries that rewrite Constitutions off handedly and flippantly end up like South American countries who rewrite their Constitution every time they change the speed limit. Their Constitution was probably just fine….its the politicians that exceed its scope or do nothing to protect it…kinda like what we have now in the US..They didnt need to rewrite their document to get rid of politicinas..

    Reply
    • David Johnston   December 9, 2013 at 5:53 pm

      Or maybe they did. How would you propose getting rid of the weasels we are stuck with?. If you reply “vote them out” I won’t take your reply seriously cause we all know that’s NEVER going to happen, especially with the gridlock we have currently on every political issue !

      Reply
  52. Michael Sterling   December 9, 2013 at 1:59 pm

    If there’s a working DNA weapon, someone is screaming for the ICELAND version right now. I wonder how the World Legend of the “lost continent” of Icelandia might read in a thousand years if your island just sank? I wonder how CNN will verify this story. Will they contact the White House? HOW DO WE FIND OUT? This may help in the meantime:
    http://www.shifthappens.us/satvika/

    GOOD LUCK

    Reply
  53. Christopher King (@KingCast)   December 9, 2013 at 11:52 am

    Word. Here in the U.S. I was a closing attorney 10 years ago….. now I know better. I reference this populist putsch in a video about BoA. The Court in this case screwed the homeowner, BTW. She is now facing an appeal.

    Reply
  54. Janet Schoenheit   December 9, 2013 at 11:16 am

    Our Founding Fathers wrote a Constitution that addresses what government should be today, but have continually added what government had no legal right to add. Each new Congress can slowly delete what shouldn’t be, if they are brave enough. Consider deletion of a national education department. See how it has led to students becoming less educated and our student test results being below more than 20 other countries. Meanwhile, we just keep paying more to get less.

    Reply
  55. Alan   December 9, 2013 at 4:25 am

    Just to back up my statement, check out http://www.youtube.com/watch?v=wca0-2HGu-I for an example. He really did cover this whole “arrest the bankers” conducting live interview of those involved.

    Reply
  56. Alan   December 9, 2013 at 4:21 am

    Alex Jones and the Infowars team covered this live while it happened, interviewed the interim Prime Minister several times years ago. MSM is useless, anyone who relies on them for truth, just hasn’t woke up to the real world yet.

    Reply
  57. Steven Gaylord   December 9, 2013 at 2:13 am

    The world could and should learn from this example.

    Reply
  58. Jim Jomes   December 8, 2013 at 8:43 pm

    No revolution in America. To Big To Bail!

    The majority of Americans are too fat, too lazy, too stupid, too crazy, too drunk, too drugged, too distracted, and too apathetic to care about who runs the country.
    The World should be ready for the final Jewish takeover of….the World.
    Their goal is to crush all descent; control all wealth; genocide what ever country they want (read the Old Testament to understand their takeover plans.)

    Actually, they are quite good at destroying societies. For such a small tribe of people, they are very focused at taking the World apart piece by piece. Fiercely dedicated and unified to control everything important….they are meeting their objectives. The non-Jews are no threat because the police, Governments, militarists, and media non-Jews, are involved in helping the Jews succeed in their plans of controlling and enslaving the en-slavers, too!

    Reply
    • David   December 8, 2013 at 11:42 pm

      Well, that was pretty anti-Semitic. It is all a Jewish conspiracy. Really?! Let’s understand the situation and not blame a group of people in the Middle East for all of it, unless of course you want to blame the Muslim Brotherhood.

      Reply
  59. Yeshua1   December 8, 2013 at 1:58 pm

    Watching the reaction of the people who went shopping at Walmart in the US fighting over material possessions….I would get focused on buying tin food and storing water in a safe place at your homes because can you imagine what it would be like if there was a black out or mony collapse……people will do anything not to starve and go without water…….utter caoss….ur not going to get rid of the government its there to stay……….for a season……….

    Reply
  60. black rabbit   December 8, 2013 at 11:16 am

    rah rah rah…. do some research if you want to be a called a journalist Savastio.

    http://www.opendemocracy.net/can-europe-make-it/thorvaldur-gylfason/democracy-on-ice-post-mortem-of-icelandic-constitution

    Reply
  61. Dan Boone   December 8, 2013 at 11:16 am

    It sounds like you could Going Galt in Iceland?

    Reply
  62. Federale (@Federale86)   December 8, 2013 at 9:00 am

    The big difference being that the U.S. government forced banks to loan to people who could not afford to make payments, especially to make loans to non-whites and illegal aliens.

    Reply
    • Dave Silva   December 8, 2013 at 5:50 pm

      This is something people choose to ignore. The banks did not want to loan people money, Clinton forced the banks to make bad loans, intentionally causing the bubble. Let’s put the guilt of it where it belongs, on the evil democrats.

      Reply
  63. Fred   December 8, 2013 at 4:22 am

    Love you trolls. “Iceland smaller than Omaha”:” of no conciquence”. So I am to believe one article by CNN in 5 years and 50,000,000 on the Kardisians is acceptable?

    Reply
    • Gordon   December 8, 2013 at 9:54 am

      Lots of people are interested in the Kardashians. They spend money on checkout stand magazines to hear the latest details. CNN knows this, and allocates their airtime in hopes that some of these people will watch. If they do watch, CNN makes money from advertising.

      Not many people are interested in Iceland. Or Omaha, for that matter.

      You need to understand that CNN is not in the news business. They are in the business of selling ads. The news is there to attract eyes, so that those eyes see the ads,

      Reply
  64. Nadia Sindi   December 7, 2013 at 11:42 pm

    Hello!

    I’ve started the petition: Investigate abuse of power and criminal forgery by former Oregon A.G. David Frohnmayer and Lane County Government.” and need your help to get it off the ground.

    Will you take 30 seconds to sign it right now? Here’s the link:

    http://www.change.org/petitions/nadia-sindi-investigate-abuse-of-power-and-criminal-forgery-by-former-oregon-a-g-david-frohnmayer-and-lane-county-government

    Reply
    • Travis Jordan Devereux   December 8, 2013 at 12:29 am

      the YoungTurks did a peice on this that i really enjoyed. of course they arent allowed to talk about it much, they did also mention the fact that Hungary has made similar gains this past year by paying off all its debt to the IMF. other than that peice in 2011 by the YoungTurks absolutely nothing in the absolute lies and filth thats become our news-media

      Reply
  65. Getmeoutahere   December 7, 2013 at 10:16 pm

    We don’t need a stupid government!! Oust em all…they’re nothing but serpent crooks!

    Reply
  66. evoval   December 7, 2013 at 10:02 pm

    “No word from the US media” Of course not, their a big part of it, if not for the MSM none of this would ever be possible.
    The MSM, Americas guiding light down the path of no return!

    Reply
  67. davie   December 7, 2013 at 9:14 pm

    There is no law in the U.S. anymore.Citizens should ignore D.C.,keep they’re powder dry,and get ready.When your gov.is as corupt as the U.S.’s,lawlessness follows.I really dread what is coming,but it’s coming none the less!

    Reply
  68. Michael   December 7, 2013 at 2:28 pm

    You’re saying the American media has reported nothing on this, yet one of your own sources is from the New York Times, which published the article in January 2009. http://www.nytimes.com/2009/01/27/world/europe/27iceland.html?_r=0

    Reply
  69. darius latrael   December 7, 2013 at 12:39 pm

    We definitely are!!

    Reply
  70. Gordon   December 7, 2013 at 11:44 am

    Iceland’s population is about that of Omaha, NE. Nearly all of them live within an hour of Rekjavik. They are all related to each other. They’re all well-educated. And Iceland’s economy is smaller than Omaha’s economy. It’s a monoculture. It’s simply not consequential.

    If Omaha is the heart of flyover country, Iceland IS a flyover country.

    Reply
  71. Patrick   December 7, 2013 at 10:45 am

    This will NOT end well.

    Reply
  72. Truth Hunter   December 7, 2013 at 10:31 am

    US is not a Democracy. It’s a representative Republic. Pure Democracy is chaos.

    Reply
    • lokd1   December 9, 2013 at 3:23 am

      Actually pure democracy isnt chaos a pure democracy is a snail in fact a pure dem is closest to a parliment everything is voted on and talked about with noone ever doing anything in the end so not chaos just nothing happening really

      Reply
  73. AJ   December 7, 2013 at 9:24 am

    We don’t need a re-write of the Constitution in the US, we just need to force the government to actually follow it. To the letter.

    Reply
  74. Zoltan Pfloog   December 7, 2013 at 8:44 am

    “In the U.S., the government bailed out the banks and arrested no one.”

    That’s because the government was the one pressuring them to make bad loans.

    Reply
  75. Chad   December 7, 2013 at 7:11 am

    If you like this idea, there is a group doing the same thing right now beginning with the original 13 states and going back to the located derailment of where the split from the “unites states” to “The United States of America”. They have even submittted papers to the hague courts and upu for absolute legal status. You can go to unionstates.org or riseupforamerica.com they have a call conference every Wed. and Fri., our forefathers were tricked!

    Reply
  76. sarai   December 6, 2013 at 11:39 pm

    In case CNN hasn’t noticed, a whole lot of people no longer care what they look into concerning news. Almost no one watches CNN News anymore. The corporate mainstream news agencies are about as popular as corporate owned newspapers.The Iceland Revolution took place in 2008. CNN in running late on the up to the minute news by about 5 years. The people there have been doing just fine for years since they ran corruption in the form of dishonest bankers and politicians out of their country.

    Reply
  77. BeeKaay   December 6, 2013 at 6:24 pm

    The US Mainstream media is run by leftwingwackos, and they fear a citizen led rewriting of the constitution, that means no more cronies can get rich off the people. Scary stuff!

    Reply
  78. poorlando   December 6, 2013 at 4:04 pm

    What the Icelandics are doing is very interesting, but to me the reason that US media are ignoring all this is that Iceland i small and what happens there is generally inconsequential to the US. You are also giving too much credit to the American people, who care more about buying cheap television sets from Walmart than rising up against the banks.

    Reply
    • hat tip iceland   December 8, 2013 at 5:25 am

      You are correct sir/ma’am in general HOWEVER, there are Americans who recognized this years ago and rejected all US media including giving up cable or satellite. It takes more time and effort to seek out real news but it is being done….
      Some of us even read news from Iceland, one report of which hailed Obama when he was first placed on the scene and cautioned that writer…
      Hat Tip to Iceland to be sure especially if they adopt and KEEP a republic which may be lost to Americans now…

      Reply
  79. WPZ   December 6, 2013 at 3:15 pm

    “Crowd sourcing” a constitution? “Social media”?
    Good heavens. What could go wrong with that?

    Reply
    • Gilligan   December 7, 2013 at 12:00 pm

      Yes. That worked so well in Egypt.

      Reply
  80. Stephen Sweeney   December 6, 2013 at 1:22 pm

    Icelanders have more guts than all the lemmings in Canada and the US put together!

    Reply
    • Tin   December 8, 2013 at 11:14 am

      love your post how true ! Thank you !

      Reply
  81. Sena   December 6, 2013 at 11:16 am

    And the likely sad reality: the status quo majority in the US, and by extension the media it consumes, just doesn’t give a crap. If its not in their own backyard AND effecting the local price of a gallon of gas / starbucks latte — its just not important enough for the vast major of ‘merikans to pull their collective heads out of their rears and pay attention, let alone contemplate what it might be for their future.

    Reply
    • s.f.Donoho   December 9, 2013 at 9:04 am

      Why did you mispell “americans”? Your comment doesn’t help anything.you are accusing the majority of Americans of being ignorant. Prove it,
      if you can.

      Reply
  82. James Rush   December 6, 2013 at 8:20 am

    Democarcy is not perfect. Yes Hilter and the Nazi Germany was elected into power. Benjamin Franklin described democarcy as “Mob Rule”. The United States is not a democarcy, we are a Constitutional Republic. Our Constitution give specific powers to each branch of goverment. “The powers not delegated to the United States bt the Constitution, nor prohibited by it to the states, are reserverd to the states repectively, or to the people” ( Tenth Amendment). The United States goverment has been pushing the boundaries of power since 1791. It is up to us, the people, to make sure they over step there power. Franklin Also said” The price of Freedom is eternal vigilance”.

    Reply
    • Reynaldo   December 6, 2013 at 11:33 am

      We may have started out as a Constitutional Republic, but what we have now is a corporate/banking oligarchy engaged in tapeworm economics of the wrost kind. We no longer have public representation in Congress, they represent the corporations and banks in exchnage for those corporations and banks helping to keep them in power. It’s beyond being a sad situation. The oligarchy doesn’t just control Congress, they own the media and also control the judicial system. The Republic is broken and the only way to root out those who broke it is by force. Banging on pots and pans here will not do it.

      Reply
      • BeeKaay   December 6, 2013 at 6:30 pm

        “corporate/banking oligarchy”? No, we have politicians selling their power to the highest bidder. If politicians didn’t have such huge power, they couldn’t do that.

        LIMITED GOVERNMENT NOW!

        Reply
  83. denis   December 6, 2013 at 6:30 am

    we, the people of the world, have to fight back against the censored media message we are allowed to get. The internet is the only way we can get the whole truth and figure out how to restore democracy in our countries.

    Reply
  84. Chuck norris   December 5, 2013 at 9:08 pm

    Way to go Iceland!!!! I hope that all countries that have Central Banks go the same way and send the criminal banksters to jail!

    In Canada we need to re-write our Constitution and abolish the Senate. It wouldn’t hurt to send all lying, corrupt politicians to jail either.

    Things are broken! They can’t remain this way and I think everyone has had it up to here with corruption and are ready for a change!

    Reply
  85. Miguel Marques   December 5, 2013 at 1:32 pm

    Pots Pans and Other Solutions documentary with English German and Spanish subtitles is here: http://www.youtube.com/watch?v=GtzbWxb9nuQ

    Reply
  86. Clifford Sonodck   December 5, 2013 at 7:30 am

    Democracy is a poor system for Government as it does not hold the ideal of Liberty as its fundamental ideal. A free society with limited Government has proven to be the best form of Government. Democracies turn back into tyranny of the majority over the minority and result in poverty and civil unrest. Remember that NAZI Germany and the rise of Adolf Hilter occurred under Democracy. A constitution that limted the power of Government is ideal. The United States has a well designed Constitution.. It is the vigilance to abide by the Constitution that is the problem.

    Reply
  87. maria heavens   December 4, 2013 at 5:08 pm

    US main media is 0 – no thinking people use it now. Americans are waking up. That’s not reported either. Bravo, Iceland!

    Reply
  88. "Salvation Rose" aka 'Chris Diamant'   December 3, 2013 at 7:26 pm

    It seems that the revolution coming to America will be absolutely…terrifying….and long overdue….and will be here sooner than people will believe…2014, is just the start….

    Reply

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