Tag Archives: Western world

How Iceland Overthrew the Banks – the only 3 Mins of any Worth from Davos

DAVOS/SWITZERLAND, 30JAN10 - Olafur Ragnar Gri...

DAVOS/SWITZERLAND, 30JAN10 – Olafur Ragnar Grimsson, President of Iceland captured in the session ‘Financial Risk Management 2.0?’ of the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 30, 2010. (Photo credit: Wikipedia)

The Only 3 Minutes Of Any Worth From Davos

Submitted by Tyler Durden – Zero Hedge

How Iceland Overthrew The Banks

“Why do we consider banks to be like holy churches?” is the rhetorical question that Iceland’s President Olafur Ragnar Grimson asks (and answers) in this truly epic three minutes of truthiness from the farce that is the World Economic Forum in Davos. Amid a week of back-slapping and self-congratulatory party-outdoing, as John Aziz notes , the Icelandic President explains why his nation is growing strongly, why unemployment is negligible, and how they moved from the world’s poster-child for banking crisis 5 years ago to a thriving nation once again. Simply put, he says, “we didn’t follow the prevailing orthodoxies of the last 30 years in the Western world.” There are lessons here for everyone – as Grimson explains the process of creative destruction that remains much needed in Western economies – though we suspect his holographic pass for next year’s Swiss fun will be reneged…

URL of the video (iceland president interview at davos):

http://www.zerohedge.com/news/2013-01-26/only-3-minutes-worth-listening-davos

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A massive financial con trick foisted on the voters – by the dictators of the West

Robert Fisk would call a spade a spade in his article The bankers are the dictators of the West:

  • he asks his collegues in Wall Street why they don’t report ‘properly’
  • he blames Western governments for giving their power to banks, derivatives traders and rating agencies
  • he points to the “slovenly and dishonest coterie of experts from America’s top universities and think tanks”.

Maybe 2012 will become the year of enlightenment when enough people will realise the con tricks in operation, ever since the first central banks were created in Sweden and the UK:

  • the creation of “credit” from thin air that is being sold as “money” – but at interest
  • the deadly embrace between central banks and national treasuries
  • the complete con and illusion that governments are entitled to take “taxpayers’ money” in order to spend it.

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