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.


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.


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


Reuters UK

Newsnet Scotland

New York Times

Pressenza International Press Agency


New York Times Blog


Pot Pans Documentary

The Guardian


New York Times

Foreclosure Nation

New York Times

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

  1. 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!

  2. 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.

    • 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!!!

  3. AURORACOIN March 6, 2014 at 7:36 am


  4. 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!!!

  5. alfred pick February 24, 2014 at 7:22 pm why does the official government of iceland website not mention their new constitution

  6. 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

  7. 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.

    • 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?

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

    List of jaile bankers?

  9. 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.

  10. 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.

  11. 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.

  12. 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!

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

      How is this stupid petition anyway relevant to this story?

  13. chris December 15, 2013 at 4:21 am

    I am going to look into this story myself

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


    • 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!

      • 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!

  15. 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.

  16. 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, 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.

  17. 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.

  18. 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 (, 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.

  19. 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.

  20. 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 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 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!

  21. Ash December 12, 2013 at 6:34 am

    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.

    • 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.

    • 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.

    • Z December 13, 2013 at 5:05 am

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


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