The IMF entered the picture in November 2008, advising the government of Iceland to reconstruct the banking system in a way that “includes measures to ensure fair valuation of assets and maximize asset recovery.” The government created three “good” new banks from the ruins of its failed banks, transferring loans from the old to the new banks at a discount of up to 70 percent to reflect their fair value, based on independent third party valuation.
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% of face value and then hound the debtors to squeeze out as much as they can, by hook or by crook.
Icelanders were furious. They had been sold out by their government and they knew it. A few years ago Icelanders held a literal “torch vigil”; the implicit threat was clear. They were fed-up. They staged a virtual torch vigil, minus the pitchforks, using flares for torches. There is a lesson to be learned here. ANGER works. Sitting passively by while despots run roughshod over entire countries is not the answer. Entire nations are being destroyed by the likes of George Soros. The Russians have given him the dubious nickname, “Destroyer of Nations,” and aptly so, for they have also issued an international arrest warrant through Interpol for his activities that have affected Russia negatively.
Russian President Vladimir Putin would like to have Soros’ head on a pike, and quite frankly we’d like to let him have it. The problem is that he knows most of the world hates him and he seems to do a good job keeping his whereabouts hidden. Several years ago, I set-out on a quest to find his location, and found an estate in upstate New York, not far from New York City. Unfortunately, that information has now been scrubbed from the Internet.
Sounds like a good project for our friends at Anonymous to figure out.