Iceland Parliament’s Economics and Trade Committee unanimously passes resolution.
The Icelandic parliament, called Althingi, on 18 March was presented with a unanimous motion from its Economics and Trade Committee, calling for a Glass-Steagall-style banking separation. Iceland has led the way in successfully defying the diktats of the IMF in responding to the global financial crisis, and this is the latest example. The motion, number 239, reads in part: “The minister shall set up a committee to explore whether and in what way the separation shall be conducted in order to minimize the risk of the banking system to the economy of the nation.”
A statement from The Schiller Institute in Denmark and Sweden, which included the international Glass-Steagall legislative fact sheet, and a section from a recent article by Helga Zepp-LaRouche dispelling three lies against Glass-Steagall, were sent to all members of the committee, and were also posted on the parliament’s homepage. The SI statement urged the members to pass the motion, and let them know that the world was watching their actions.
“The Schiller Institute, and the international political campaign associated with the American economist Lyndon LaRouche, urge you to pass the bank separation motion no. 239 on your agenda tomorrow.
“This will not only be important for Iceland, but also for many other countries which are considering bank separation legislation.…
“Iceland has chosen to follow a different path than austerity and maintenance of the speculative financial values, as is being done in too many other countries.
“Therefore, we hope that the Icelandic Althingi can also show the way towards full bank separation—the most important first step for a recovery of the general welfare and the production-based, not speculation-based, economy.”
The website entry was in the form of an opinion about bank separation motion #239, the only statement in favor of the resolution, the rest arguing against from the Icelandic banking establishment.
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I cannot believe how stupid the rest of the world is!
The global financial system is bankrupt and is destroying country after country. It is quite clear that the big banking empires are quite ok with this, in fact it’s what they want.
But it is clearly wrong and unworkable. If civilization is to have a future that supports workers and families, and of course, the remainder of the populations that have worked so hard in the past to create the economic stability that is now vanishing because of greed and in-sensitiveness, there has to be a balance within a country and a degree of stability.
The current path we are following does the opposite and supports only the rich and powerful. It is obvious that the heart of a country’s viability lies in the well-being of the masses. The only alternative end result is for the public to become slaves. That already exists to a large degree but the difference will be that the ‘new’ slaves will not have any freedoms and comfortable life-styles. In America for example, much worse.
Countries must have their own banking systems to support the citizens and be free of merchant bankers hell bent on profit and no regard for customers. A separation of housing and small business finance from the financiers makes good sense. Also a separation of a country’s economy from overseas control. Too late in a lot of cases but if the cause of the problems is understood, at least there is some chance of reversing this disastrous trend.
I do not blindly follow the La Rouche doctrine but in regard to the banking situation, it seems that he is the only person lobbying for a workable future solution. Nobody else has any idea how to stop the rot and turn around the decline.
- LaRouche ~ Webcast: Glass Steagall Now Or Else Hyperinflationary Bust! [Video] (shiftfrequency.com)
- Positive Money’s Ben Dyson in Iceland (positivemoney.org)
- Hyperinflation: A Graphic Presentation by Dennis Small (sgtreport.com)
- Dope Inc., Glass-Steagal and pain. (lunaticoutpost.com)
- Busted Billionaires: How Iceland Recovered by Defaulting (teapartyeconomist.com)
- Iceland: Showing Us All the Possibilities of Nova Earth (aquariusparadigm.com)