Iceland shows the way: reject austerity

When, in September 2008, the economic and financial crisis hit Iceland – a small island in the Atlantic with 320 000 inhabitants – the impact was disastrous, as in the rest of the continent. Financial speculation bankrupted the top three banks, whose total assets were ten times higher than the country’s GDP.

They refused IMF prescriptions, let banks fail and sentenced those responsible for crisis by Salim Lamrani.

When, in September 2008, the economic and financial crisis hit Iceland – a small island in the Atlantic with 320 000 inhabitants – the impact was disastrous, as in the rest of the continent. Financial speculation bankrupted the top three banks, whose total assets were ten times higher than the country’s GDP. The net loss was 85 billion dollars. The unemployment rate increased nine times between 2008 and 2010, while before the country enjoyed full employment.

Iceland’s debt represented 900% of GDP and the national currency depreciated by 80% against the euro. The country fell into a deep recession, with a decline in GDP of 11% in two years.

Find out more at full article

IdleNoMore indigenous protest at US and Canada

Indigenous people and supporters from Minneapolis protested at the Canadian Consulate in downtown Minneapolis, as the first protest in the United States supporting “Idle No More”, the political mobilization of indigenous First Nation communities in Canada.

The crowd in Churchill Square in Edmonton for Idle No More, a rally and march protesting Bill C-45. December 8, 2012.

Community members from the 4 First nations Samson Erminskin Montana Louis Bull gather to raise awareness on the new legislation that is the “white paper” in disquise

Everyone Has a Voice! Saskatoon you demonstrated your voice loud and clear! This video is ment to inspire other youth and people to take the power back.
Use your own skills to promote awarness, I dont have a education in editing, however i do know that a little bit of time and effort does great things.

Thanks HongPong, Paula E. Kirman, HongPong and Harmonie King for the video

LIBOR Scandal One of the Largest Bank Orchestrated Frauds in History

Judge Napolitano: “LIBOR Scandal One of the Largest Bank Orchestrated Frauds in History”

The Department of Justice is reportedly deciding whether to charge banks over growing LIBOR interest rate fixes. The international investment bank Barclays Capital has already paid $450 million in fines for illegally manipulating the rates that banks charge each other to borrow money. That rate affects everything from credit cards to car loans and mortgage rates. Shepard Smith reported that it remains to be seen whether Treasury Secretary Timothy Geithner knew about the rate manipulation when he was head of the Federal Reserve Bank of New York.

Judge Andrew Napolitano explained the importance of the LIBOR interest rate, saying, “Think of it this way, the biggest banks in London each morning announce what they’re going to charge each other for money and that number is averaged … Whatever that rate is, is the baseline for millions of other loans and mortgages around the country.”

Thanks TheLeakSource for the video

Connecticut school shooter killer link to LIBOR scandal

The father of Newtown Connecticut school shooter Adam Lanza is Peter Lanza who is a VP and Tax Director at GE Financial. The father of Aurora Colorado movie theater shooter James Holmes is Robert Holmes, the lead scientist for the credit score company FICO. Both men were to testify before the US Sentate in the ongoing LIBOR scandal. The London Interbank Offered Rate, known as Libor, is the average interest rate at which banks can borrow from each other. 16 international banks have been implicated in this ongoing scandal, accused of rigging contracts worth trillions of dollars. HSBC has already been fined $1.9 billion and three of their low level traders arrested.

Thanks Fabian4Liberty for the video

Thanks TheKimrob for the video

Protesters breach barricades at palace amid mass demos in Cairo

In Egypt, thousands of pro and anti-Morsi demonstrators have gathered in Cairo – ahead of Saturday’s referendum on the new constitution. Protesters opposed to the president have breached the barricades of the Presidential Palace, amid fears that the proposed draft would lead the country towards an Islamic dictatorship. For more on this RT talks to journalist Bel Trew, who’s in Cairo.

Thanks RussiaToday for the video