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Michael Hudson’s analysis of the financial crisis
What’s true for Iceland holds everywhere, including the developed world, the idea being to enrich finance capitalism through state-sponsored debt bondage and neo-feudal impoverishment. The global economic crisis was no accident. It was long ago hatched, and has been brewing for years, gestating, percolating, then bubbling into the 2000 tech crash, a mere prelude for today’s greater one spreading everywhere like a cancer but hitting the developing world and most indebted nations hardest.
Hudson: “Iceland is under attack - not militarily but financially.”
Like many others, “It owes more than it can pay” and is bankrupt. It was planned that way, and the idea is to strip-mine the nation and its people of their resources, enterprises, assets, land, homes, jobs and futures through perpetual debt bondage. Bankers get enriched. Nations and people, however, are discarded like trash, with the IMF as enforcer, to be reinvigorated with an additional (G 20-pledged) $750 billion, quadrupling its resources to $1 trillion if fulfilled.
Wall Street and Western European bankers planned it and now ordered the government “to sell off the nation’s public domain, its natural resources and public enterprises to pay (its) financial gambling debts.” Also, raise permanent taxes at the worst possible time, then suck the maximum wealth from the country leaving behind an empty hulk and impoverished, desparate population. It’s called dystopia Merriam-Webster defines as: “an imaginary place where people lead dehumanized and often fearful lives,” the opposite of utopia under conditions of deprivation, poverty, disease, violence, oppression, and terror, much like in Orwell’s Nineteen Eighty-Four.
Permanent debt bondage “is as deadly as outright military” defeat. Loss of livelihoods and assets leave people vulnerable to sickness, despair, and early deaths, much like what happened to post-Soviet Russia under Washington-imposed “shock therapy:”
— 80% of farmers went bankrupt;
— around 70,000 state factories closed;
— unemployment became epidemic;
— a permanent underclass was created;
— poverty rose from two million in 1989 to 74 million by the mid-1990s, and in half the cases it was desperate;
— alcoholism and drug abuse soared;
— so did HIV/AIDS 20-fold;
— suicides also and violent crime four-fold; and
— the population declined by 700,000 a year; by 2007 it was 10% lower than in 1989 because of sharply reduced life expectancies.
Originally posted by bubbabuddha
Amazing how Iceland went from one of the best places with the most happiest people on the planet to being robbed and looted by globalist banking groups.
[edit on 11-4-2009 by bubbabuddha]