just a thought if that were to happen in north america what would be the fallout? considering the banks own the government

Originally posted by milkyway12
Hmmm. People are excited to get out of an Agreement they willfully signed ... sounds about right. GIMME GIMME GIMME.

Dont make an agreement if you dont intend to keep it.

If you read the court documents and subsequent stories about the cases in Iceland you wouldn't make such an asinine ignorant comment.

1st. The courts determined that banks willingly encouraged inflated home values to encourage larger lending (and thus higher profits). So someone lists a home for $200,000 and it's only really worth $150,000 .. the banks inspectors determine that the homes value is in fact $200,000. Then within a year the property is worth $100,000.

The courts determined this is illegal. It's also illegal in the United States! So the courts say anything over 110% is void .. meaning the entire principle ballance in excess of, in my example, $110,000 is void. Or $90,000 in debt relief.

2nd. Courts determined that since the Krona is the currency of Iceland the Krona is the only currency legally allowed to settle debts. So if someone buys a house for $100,000 Krona/Euros ... and then the Icelandic economy collapses.. and the Krona falls 25% in relation to the Euro .. the homeowner now has a new debt of $125,000Krona/Euro. Which if their income did not expand rapidly they would have been foreclosed. The courts determined this is illegal. All debts are settled in the Krona.

One problem I see with this, it actually punishes those who live or lived within their means. I do not have anew, or even a fancy car, I do own 2 vehicles, both older. I bought my home with money I saved, nobody else's money. I do not owe any debts save for my utility bills, month to month, and that is it.

If everyone who has lived beyond their means, borrowing my money that I have in the bank is forgiven their loans for being irresponsible (I am trying not to generalize), they get off scott free, I will likely lose my savings, all because I chose to live WITHIN my means, not beyond them, yeah, I don't have ALL the toys, but I wholly own everything I have.

I do realize that not everyone that is in financial trouble is in that position because of their own mistakes or fault. But if you have mounds of bank debt or credit card debt from vacations, electronic toys, the new quad, new car, renovations, concerts, and other "fun" activities, you have been living beyond your means.

If you bought a house you could not afford to pay for, it may or may not be your fault, the problem is, too many people bought homes they could barely pay for with a low interest rate, never mind when rates jumped. Yes I know, banks and big business, politicos played a big part in the financial collapse, and much of it is not the fault of Joe Public, but lack of regulation and dishonest, but a lot of that came from the mentality common the general public, "oh, we will just pay for it later, but for now, just charge it honey!

Yeah, I may be a Lib, but I am also fiscally conservative!

Just out of curiosity, how can it be reconciled that some people have received forgiveness and hence ownership on large modern homes, while others on small older homes? Kind of rewards over buying, and what about those who actually paid their houses off previously, do they get a rebate check?

Iceland's population is 300,000 and their diversity is "93% Icelandic/white, 7% other (and probably also white)".

It's not very difficult to manage a stable economy or have the government do something like this, under those simple conditions.

I'm wondering when this will be mentioned on the news here, if at all.

Originally posted by RyanFromCan
One problem I see with this, it actually punishes those who live or lived within their means. I do not have anew, or even a fancy car, I do own 2 vehicles, both older. I bought my home with money I saved, nobody else's money. I do not owe any debts save for my utility bills, month to month, and that is it.

I get where you are coming from- I'm much the same way with my house almost paid for, just paid off student debts Yea! and while we are unemployed, we work our tails off. No doubt if such a plan hit the US, it would not help us at all- immediately.

BUT- a GROWING economy helps everyone!
So it WOULD help folks like you and me- it WOULD! A LOT!!

How do they decide who get's the relief and who doesn't????

Not an easy one!

I know everyone loves to see people "sticking it" to "the Man." In many ways, I do as well. However, I feel for all the Icelandic citizens that honored their debts. The ones that stayed within their means, made sacrifice, worked hard, and held true to their word in paying their debts on time. When a Man asks to borrow money, agrees to terms of repayment, gives his word and name that he will honor said terms...I believe he should. These banks did not con them into borrowing. I'm sorry but it sickens me when people welch on their debts, yet feel they deserve luxory. Have some self respect and honor thy name.

If this is true, then...
HELL TO THE YEAH ICELAND!!!!!!

Unfortunately this will never happen in the U.S. because we have been subdued beyond belief. Most folks here can't afford to take even a day off of work to protest.

Good news its a start, but those ppl running the courts are no better than the banksters many off them are also doing the same as the banks collecting rent and interest so all landlords( yes a bank is a landlord as well not just a money lender) they are collectors of rent and every landlord should also be put on trial and every insurance company they are all the same thievies the only diff is they make the law and call it profit....

how many of those judges do you think collect rent 99% if not all.. Since when has a judge ruled against himself as a moneylender/landlord NONE.. so its all talk just one way as an excuse to shut banks and bring in another way of collecting greed.

thank you




thank you



thank you




power to the people!


thank you

where will those in law get their money to buy more houses to collect greed? I dont mind having banks.. loan money out after all its not their money they are lending its other ppls and they are charging interest to loan out other ppls money when in fact those who have accounts in the bank should be given money for lending out their money not those who own the bank its not the banks money its those who have accounts their money plus invisable money the banks and landlords invented interest. those with shares it still not their money to give out and make money from they are strealing the money from those who have money in the bank.. yeah right as if any judge would disagree even the most holy (well some say) the pope is the number one landlord on earth all tax free and yet he still cant agree with jesus then the crown.. they all make the laws be it banks moneylenders or landlords to fix this planet we have to make it illegal to collect any type of rent/interest.

why should other ppl have to pay to take care and look after someone else house after all they might of bought the house to sell later in life but should we pay their morgage for them and their kids private schooling and hoildays while those paying the morgage are stuck in a hole.. every house just like every used car should go down in price over the years

if iceland gonna put the banks on trial well they also have to put every buisness who charges interest .. you can import but dont ask the buyer to give you 95% profit on an item...shops have to charge high prices they only charge that much cos they have to cover the rent/loan another landlords/moneylender/bank make the profit.. a loaf of bread 99.9999% of that loaf goes to moneylenders/landords go do your own sums. yeah start with the farmer who has a morgage/rent 99.99% = rent/morgage on his house/farm then do ya sums that loaf of bread how many moneylenders/lanlords had their hands out collecting greedy from his house/seeds/machines/workers/workers rent morgage/store/shop etc every item we buy how many moneylenders/landords stole money well the law calls it profit.. you think If i robbed a bank for my own profit and gain I would not end up in jail cos those who make the law make laws to feed themself.