Iceland Gets it right~ Why No media coverage?

[mojowork_n]

34. More on "more cronyism and smoke and mirrors"

The point I remembered from an article written last year:

http://www.counterpunch.org/2011/11/14/vulture-funds-gorge-on-stricken-economies/

..was that after it looked like the reasonable people were again in charge, with a clear
line of separation between the 'failed banks' and the 'still-good bank' the banksters
made huge speculative investments in the 'failed banks.' They went on a buying spree,
buying debt, in hopes of turning every bit of 'bad paper' in to profit, for themselves.

From the link, above:

The vultures became owners of two out of three new Icelandic banks. On IMF advice the government negotiated an agreement so loose as to give them a hunting license on Icelandic households and businesses. The new banks acted much as U.S. collection agencies do when they buy bad credit-card debts, bank loans or unpaid bills from retailers at 30 per cent of face value and then hound the debtors to squeeze out as much as they can, by hook or by crook.

These scavengers of the financial system are the bane of many states. But there is now a danger of their rising to the top of the international legal pyramid, to a point where they are in a position to oppress entire national economies.

Iceland’s case has a special twist. By law Icelandic mortgages and many other consumer loans are linked to the country’s soaring consumer price index. Owners of these loans not only can demand 100 per cent of face value, but also can add on the increase in debt principal from the indexing.

And that's where we are, again. Big (BIG) money investors buying up future profits (current debt), on the cheap, expecting to be
"paid back" -- to the last aurar. (1 Krona = 100 Aurar)