How Democracy Prevailed to Save Iceland

Iceland is on a steady run of seven quarters of growth averaging at 2.5% per annum, unemployment has fallen to just below 5% and confidence has returned. Healthcare and Education remain free.

If we are to believe a recent article by the BBC (linked below), Iceland was saved primarily by a diligent nation of hard workers, spawned by a rugged environment --  but a quick look at global data and this theory falls apart, it is certainly not the primary reason for Iceland's recovery.

The inconvenient truth is far more replicable.. Democracy prevailed to support the People and to enable justice via the punishment of Big Business. The opposite of what has happened in North America and elsewhere in Europe.

Arguably this model may not have worked so well elsewhere, but we should never forget that it did work for Iceland, despite being told it would definitely not. We would do well to remember the truth. Democracy prevailed, then expanded, with fantastic results.

The bankers who ran the economy (naturally) told Iceland that it needed to bail out the Big Banks, at taxpayer expense (they were Too Big To Fail). Iceland gave the banksters nothing - then flipped the discussion. 

Financial CEO's were punished, interpol warrants issued, bankers jailed, the government forced to resign, banks nationalised, taxes raised on rich - all through peaceful means.

Embolden Icelanders then went on to cancel a large amount of debt via a public referendum. Later it would approve the world's first ‘crowdsourced constitution’.

"Every Icelander was given a vote and got a new sense of self-worth; it made society stronger, this democratic thing helped give people empowerment." - President Grimsson

CEO Jan Siggursson has a message for countries which still have a dominant banking sector:

"Don't depend on a phoney economy. It was not real and we understand that now. This was complete bubble. The financial business is necessary, don't get me wrong, but it is a very dangerous business because it sucks the best and it's not real. And the longevity of the financial business is not there. It's very easy to copy and it is not long term."

Never forget how Democracy saved Iceland.
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