Originally Posted by alkemical
IMF urges authorities to consider debt forgiveness to restore growth
The International Monetary Fund (IMF) has urged governments to consider “bold” interventions to reduce household debt levels and stimulate growth.
Finally serious economists are considering a position I have been maintaining and writing about since the 2008 financial meltdown. Whatever its name— erasure, repudiation, abolishment, cancellation, jubilee—debt forgiveness, will have to eventually emerge forefront in global efforts to solve an ongoing systemic financial crisis.
The US Rothschild Controlled Media (RCM) has completely BLACKED OUT/CENSORED any news about Iceland’s DEBT FORGIVENESS.
If you Google “ICELAND FORGIVES ENTIRE POPULATION OF MORTGAGE DEBT” you will get ‘About 359,000 Results’. Not one of them is a Media Outlet in the US. Not one single Major or Minor news outlet in America has mentioned a single word about this story.
People Vs Markets
Iceland’s approach to dealing with the meltdown has put the needs of its population ahead of the markets at every turn.
Once it became clear back in October 2008 that the island’s banks were beyond saving, the government stepped in, ring-fenced the domestic accounts, and left international creditors in the lurch. The central bank imposed capital controls to halt the ensuing sell-off of the krona and new state-controlled banks were created from the remnants of the lenders that failed.
Activists say the banks should go even further in their debt relief. Andrea J. Olafsdottir, chairman of the Icelandic Homes Coalition, said she doubts the numbers provided by the banks are reliable.
“There are indications that some of the financial institutions in question haven’t lost a penny with the measures that they’ve undertaken,” she said.
Ody has made a major point that Americans need to care more about Americans...maybe we should really look to see what's going on.