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Iceland Was Right, We Were Wrong: The IMF

August 15th, 2012

Jeff Nielson: For approximately three years; our governments, the banking cabal, and the Corporate Media have assured us that they knew the appropriate approach for fixing the economies that they had previously crippled with their own mismanagement. We were told that the key was to stomp on the Little People with “austerity” in order to continue making full interest payments to the Bond Parasites – at any/all costs.

Following three years of this continuous, uninterrupted failure; Greece has already defaulted on 75% of its debts, and its economy is totally destroyed. The UK, Spain, and Italy are all plummeting downward in suicide-spirals, where the more austerity these sadistic governments inflict upon their own people the worse their debt/deficit problems get. Ireland and Portugal are nearly in the same position.

Now in what may be the greatest economic “mea culpa” in history, we have the media admitting that this government/banking/propaganda-machine Troika has been wrong all along. They have been forced to acknowledge that Iceland’s approach to economic triage was the correct approach right from the beginning.


What was Iceland’s approach? To do the exact opposite of everything the bankers running our own economies told us to do. The bankers (naturally) told us that we needed to bail-out the criminal Big Banks – at taxpayer expense (they were Too Big To Fail). Iceland gave the banksters nothing. GET A FREE TREND ANALYSIS FOR ANY STOCK HERE!

The bankers told us that no amount of suffering (for the Little People) was too great in order to make sure that the Bond Parasites got paid at 100 cents on the dollar. Iceland told the Bond Parasites they would get what was left over, after the people had been taken care of (by their own government).

The bankers told us that our governments “could no longer afford” the same education, health-care and pension systems which our parents had taken for granted. Iceland told the bankers that what the country “could no longer afford” was to continue to be blood-sucked by the worst financial criminals in the history of our species. Now, after 3+ years of this absolute dichotomy in economic policy-making a clear picture has emerged (despite the best efforts of the propaganda machine to hide the Truth).

In typical fashion, the moment that the Corporate Media is forced to admit that it has been serially misinforming us for the past several years; the Revisionists are immediately deployed torewrite history:

the island’s approach to its rescue led to a “surprisingly” strong recovery, the International Monetary Fund’s mission chief to the country said. [emphasis mine]

In fact, from the moment the Crash of ’08 was orchestrated and our morally-bankrupt governments began executing the plans of the bankers I have written that the only rational strategy was to put People before Parasites. While I wouldn’t expect national policy-makers to take their cues from my own writing, when I wrote out my economic prescriptions for our economies I didn’t base my views on compassion, or simply “doing the right thing.”

Rather, I have consistently argued that it was a matter of simple arithmetic and the most-elementary principles of economics that “the Iceland approach” was the only strategy which could possibly succeed. When Plutarch wrote 2,000 years ago that “an imbalance between rich and poor is the oldest and most fatal ailment of all Republics” he was not parroting socialist dogma (1500 years before the birth of Socialism).

Plutarch was simply expressing the First Principle of economics; something which all of the modern capitalist economists who followed in his footsteps have based their own theories upon. When modern economists produce their own jargon, such as the Marginal Propensity to Consume; it is squarely based upon the wisdom of Plutarch: that an economy will always behealthier with its wealth in the hands of the poor and the Middle Class instead of being hoarded by rich misers (and gamblers).

So when Bloomberg’s Revisionists attempt to convince us that Iceland’s strong (and real) economic recovery was a “surprise”; this could only be true if none of our governments, none of the bankers, and none of the media’s precious “experts” understood the most-elementary principles of arithmetic and economics. Is this the message Bloomberg wants to convey? GET A FREE TREND ANALYSIS FOR ANY STOCK HERE!

What is even more disingenuous here is the congratulatory tone in this exercise in Revisionism, since nothing could be further from the truth. As I detailed in a four-part series one year ago, the campaign of “economic rape” perpetrated against the governments of Europe over the past 2 ½ years (in particular) has been expressly designed to take away “the Iceland option” for Europe’s other governments.

One of the reasons for Iceland being able to escape the choke-hold of the Western banking cabal is that it’s economy (and its people) still retained enough residual prosperity to tough it out — as the banking cabal tried to strangle Iceland’s economy as retribution for rejecting their Debt Slavery. Thus Austerity has been nothing less than a deliberate campaign to destroy these European economies so that the Slaves would be too economically weak to be able to sever their own choke-holds. Mission accomplished!

One can only assume that neither the Corporate Media nor their Banker Masters would have allowed this clear acknowledgment that Iceland was right and we were wrong to appear within its own pages, unless it felt secure in the knowledge that all the remaining Debt Slaves had been crippled beyond their capacity to ever escape this economic oppression.

Indeed, for evidence of this we need only look to Greece: the one other European nation where there had been “rumblings” (i.e. riots) aimed at toppling the Traitor Government which served the banking cabal. After two elections, the combination of fear and propaganda bullied the long-suffering Greek people into choosing another Traitor Government – which had expressly pledged itself to reinforcing the bonds of economic slavery. When the Slaves vote for slavery, the Slave Masters can afford to gloat.

Here, the purpose of this Bloomberg propaganda was not to praise Iceland’s government (when both the bankers and Corporate Media despise Iceland with all of their considerable malice). Rather, the goal of this disinformation was to manufacture a new Big Lie.

Instead of the Truth: that from Day 1 Iceland’s approach was the only possible strategy which could have succeeded, while our own governments chose a strategy intended to fail; we get the Big Lie. Our Traitor Governments were acting honestly and honourably; and Iceland’s success and our failure was yet another “surprise which no one could have predicted.”

We saw precisely the same Revisionism following the Crash of ’08 itself, where the mainstream media trotted out all their expert-shills to tell us they had been “surprised” by this economic event; while those within the precious metals sector had been predicting precisely such a cataclysm, in ever more-assertive terms, for several years.

The real message here for readers is that when an economic strategy of People before Parasites succeeds that there is nothing the least-bit “surprising” about this. As with all the remainder of the world around us, promoting the health of Parasites is only good for the Parasites themselves.

Written By Jeff Nielson From Bullion Bulls Canada

Jeff Nielson is from Canada and is a writer/editor for Bullion Bulls Canada www.bullionbullscanada.com. He has a personal background in law and economics. Bullion Bulls  Canada provides general macro-economic and political commentary,  since the precious metals markets are among the most complex (and  misunderstood) in the world.

Bullion Bulls Canada also provides basic coverage of Canadian precious metals mining companies. Canada is the global leader in mining exploration, and Canadian-listed mining companies (on the Toronto Stock Exchange and Venture Exchange) are responsible for the majority of the world’s most-promising discoveries.


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  1. Digby Geen
    August 16th, 2012 at 16:48 | #1

    Great article!
    Yes its the banks, they caused the crisis, and they are still being found out (Libor).
    They need to be broken up.
    Greece and Italy and Spain will never get out of their problem while they keep cutting back. Less jobs, less tax, etc etc.
    Here in NZ we were lucky that our Australian owned banks were not allowed to get into low doc loans etc.

  2. DragonLogos
    August 15th, 2012 at 18:54 | #2

    The problem is such foolish behavior will be the parasite’s undoing, they sadly have not grown up enough to realise that their predatory ways are self defeating, if they had a proper understanding of maths and paid attention to people like John Forbes Nash (Jnr) then who knows. But if they think that they can make their grand plans without any form or need for balance, then they are also just dreamers

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