Iceland forgives mortgage debt of its population
Is this going to start a trend? Mortgage debt to be forgiven?
It has begun...
Ron Paul: He irritates more idiots in fewer words than any American politician ever.
NO MORE LIARS! Ron Paul 2012
Iceland leading the way.
Debt jubilee around the world.
Eminent Domain is also still around.
A two edged sword. It can takith and it can restorith.
I think a while back they turned down being bailed out. I don't see that article but I did come across this one that tells some of the politicians and their people.
http://www.guardian.co.uk/commentisf...d-people-power
This article also mentions Iceland and the default...buuuut it sort of makes it sound like the IMF's idea.???
IMF says targeted debt reduction policies can work
Last edited by Carson; 04-13-2012 at 05:56 PM.
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Haven't found any real confirmation on this yet. Nothing on Icelandic news sites where one would expect to find such news if it were true.
Iceland Forgives Mortgage Debt for the Population
Sherrie Questioning All
April 13, 2012
This is awesome. It shows when the people DO STAND UP they have more power and win against the corrupt bankers and politicians of a country. Iceland is forgiving and erasing the mortgage debt of the population. They are putting the bankers and politicians on the “Bench of the Accused.” Which means I assume they are putting them on trial for corruption.
Now the rest of people of the world need to start doing the same thing. We all need to stand up and against all the corruption and fraud of the banks and politicians that are puppets of the banks and corporations.
rest of article here:
http://sherriequestioningall.blogspo...-debt-for.html
I am the spoon.
Not really. It's just a tax on people who rent (like I do)Originally Posted by John F Kennedy III
Ron Paul: "For those who have asked, I freely confess that Jesus Christ is my personal Savior, and that I seek His guidance in all that I do."
You must spread some Reputation around before giving it to WilliamC again.
I am the spoon.
This is something you will never hear about in the US mainstream media....
They want everyone to be petrified and think that it's mutally assured destruction if the banker's get what they deserve....
It isn't....and Iceland is proof of this.
Last edited by QE Is Theft; 04-14-2012 at 12:30 AM.
It's theft when bankers get bailouts at the expense of the people.
It's theft when the people get bailouts at the expense of the bankers.
"Government is not the solution to our problem; government is the problem."
Ronald Reagan, 1981
The people standing up for themselves against theft is not theft.
Great news! Now we should do the same. Then follow what ND is doing and abolish property taxes.
Everyone should watch what Iceland has done in the last year. They basically told England, IMF, EU, and all of the other globalists to $#@! OFF!
"I am, therefore I'll think" - Ayn Rand
I'm surprised and disturbed by the mindset being expressed in this thread. It's very un-libertarian. Two wrongs do not make a right. While the bank bailouts were wrong and never should have happened, a government mandate forcing debt forgiveness would be equally as wrong, because there is someone on the other end of that transaction being given the shaft. One of the most important characteristics of a free society is protection of private property. A government mandate which forces people (lenders) to give away their money to borrowers who lent it to them in good faith that it would be returned with interest is the antithesis of a freedom. Mortgage debt is a voluntary agreement between two parties. No one was pointing a gun at the head of the borrowers saying "take our money or else."
And make no mistake, if this mandated debt forgiveness really happened (which I doubt), there will be severe unintended consequences. Who in their right mind would want to lend money to the people of Iceland knowing that the government can come in at any time and prevent them from ever getting it back again? The stifling of lending that would no doubt follow would have a devastating impact on the economy.
You are assuming that the system in place is in any ways fair or representative of a free-market.
It isn't, and hasn't been in decades.
Many many individuals who are currently holding various types of debt deserve to be paid nothing for their paper, absolutely nothing.
When the global financial system is reset to more of a transparent, free-market system that isn't rigged at it's core to support a tiny minority of bankers then money lending will be placed on a more just foundation.
Now I'm not saying that everyone who goes out and willfully runs up consumer debt should be forgiven, don't think this, but when the very foundation of the monetary supply, the dollar, isn't even defined as anything other than some vague unit of accounting then it is hard to know who is taking advantage of whom.
Default would result in short term consequences to be sure, but so long as the same people running the show aren't put back in charge and the transparency of the system greatly increases (sound money is restored) then right-thinking and fair minded folks will rapidly put things to rights.
What is so difficult for many to imagine is just how much better things could be if it weren't for a very small number of powerful psychopathic parasites who honestly think they deserve to rule the world and work very hard to accomplish this. Remove them and the future can get better real fast.
Ron Paul: He irritates more idiots in fewer words than any American politician ever.
NO MORE LIARS! Ron Paul 2012
I agree with you here. But the default should be to those holding government debt, because that is an involuntary contract. The government promises lenders money at the expense of future taxpayers, who do not explicitly consent to the arrangement. People who hold government debt know this and are acting immorally. They deserve to get stiffed.
Mortgages, on the other hand, are voluntary. And defaulting on them is theft.
Last edited by enoch150; 04-14-2012 at 10:17 AM.
"Government is not the solution to our problem; government is the problem."
Ronald Reagan, 1981
//
Last edited by specsaregood; 04-14-2012 at 10:34 PM.
Any other sources on this besides a video in Spanish and some ladies blog?
I want more freedom and I cannot lie. No other brothers can deny. When the Fed marches in with a itty-bitty rate and the IRS takes your cake, it's no FUN!
Confirmation it is a socialist country
So we'll be at war with Iceland then in the near future? I hear it's a hotbed of terrorists these days!
+1
I see people dancing in the aisles for they think it's the bankers who got screwed but wait...........it's NOT JUST the bankers........it's also the SAVERS that get screwed
The people who worked, produced goods & services, & SAVED, did NOT go into debt -
The capital & economic resources that were spent on building those houses, which now these UNSOUND BORROWERS are going to get for below par prices; that capital, those economic resources would've been used more fruitfully to produce other goods/services which would've enhanced the lives of the SAVERS.......but instead they were spent on building these houses & now the borrowers aren't willing to pay up, they SHOULD pay up, those resources didn't fall from the sky, they were expended at the expense of SAVERS
And as usually happens, it's another thing where the productive people get the shaft for the sake of unproductive & less productive
There is enormous inertia — a tyranny of the status quo — in private and especially governmental arrangements. Only a crisis — actual or perceived — produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes politically inevitable
- Milton Friedman
Irresponsible behavior isn't "standing up", they've essentially taken purchasing-power from the SAVERS; when they borrowed & spent, it increased moneysupply & they took purchasing-power at the expense of others so it's incumbent upon them to repay & extinguish the increase in moneysupply they caused, by being productive & producing goods/services
Banks can't lend if borrowers don't borrow, it's pretty simple! So why did they take on debt in the first place? Where's personal responsibility?
It doesn't matter whether there is a "free market" or not, there may never be but that doesn't mean people act irresponsibly & then not take responsibility for their actions! This is what's wrong with most people, they don't want to take on responsibility for themselves & blame everything on others
They made a CHOICE to borrow so they should take responsibility, if such irresponsible behavior is rewarded then it only sets bad precedents; just as banks shouldn't be bailed out, neither should the borrowers, they're just as much responsible for themselves; it's only going to cost the savers!
Well, they consumed & caused misallocation of capital & economic resources, they must pay, otherwise it's just indirect socialism at the expense of the savers
Sorry but that's EXACTLY what you're proposing, look at these TBTF, once the precedent was set that they'll get bailed out every time, they cost the savers & productive people, & pardoning loans on such a massive scale will only set further bad precedents; & who gets more bills - as usual the honest & productive savers
Oh, so they consumed all the stuff facilitated by their socialist systems & now they're going to make people in other countries pay for it, be it England or anyone? Again, this will just set precedent for more irresponsible borrowing & more socialism at the expense of the savers in the future
They borrowed, they should pay, nobody forced them, it was a CHOICE & they should take responsibility for it!
+1
You bet it is!
There is enormous inertia — a tyranny of the status quo — in private and especially governmental arrangements. Only a crisis — actual or perceived — produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes politically inevitable
- Milton Friedman
True, but if the banks have already been bailed out, then it is a double standard to not bail out the people too. This is just making the playing field somewhat even again.
My understanding is that the 26 trillion that the FED has created in the last several years could have actually paid off all of the outstanding single family private residence real estate in the USA. I'm not saying mortgage holders deserve free money, but it would have been better to actually pay off the mortgages than for the FED to give that money away to the already uber wealthy, which they did.
If the entire system is corrupt then government can reach into your fixed mortgage and change the terms if it so chooses, and there's nothing you nor I could do about it.
Not trying to argue for a fire sale scenario, but simply restoring sound money and removing the psychopathic parasites at the top of the financial pyramid will go a long way to alleviating the economic problems systemic in the world, and this could include forgiveness of some mortgage debts.
But no, people who deliberately set out to borrow more money than they can afford shouldn't be allowed to benefit at the expense of others either.
Ron Paul: He irritates more idiots in fewer words than any American politician ever.
NO MORE LIARS! Ron Paul 2012
I think most people, if not everyone, who wants to know why they have this big, bad government & all the mess it's creating, then they should just buy a damn mirror - & look closely where the problem lies; I think if they realized where the real problem is then it would be easier to solve rather than looking for scapegoats, those who want freedom must first learn to take responsibility for their own actions, otherwise there's no freedom to be had, just tyranny!
There is enormous inertia — a tyranny of the status quo — in private and especially governmental arrangements. Only a crisis — actual or perceived — produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes politically inevitable
- Milton Friedman
They aren't screwing the bankers. The bankers got their bailouts and will get them again when they are needed (which will be soon if this story is true, unless the government is just printing the money to pay off these mortgages). They are screwing everyone who does not have any mortgage debt. It is their purchasing power that will be lost to plug the holes this creates. If you want to screw the bankers, take away their printing press, eliminate deposit insurance, and let people rush to get their money out.
The free market punishes bad decisions. Government bailouts punish random groups of people who had nothing to do with the bad decisions.
At the expense of whom? - THE SAVERS
Once you set the precedent for this then you'll see more & more people doing EXACTLY that because they'd know that if enough people do it then the government will cave in & pardon the loan - at the expense of the savers
Again, how about people taking some responsibility for their own actions?
There is enormous inertia — a tyranny of the status quo — in private and especially governmental arrangements. Only a crisis — actual or perceived — produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes politically inevitable
- Milton Friedman
First, I'm not arguing that people who have deliberately borrowed more than they can afford to repay should get an automatic free ride, so don't think otherwise.
I am arguing that in an economic system where there is not even a definition for what a dollar is it is virtually impossible sometimes to assign real values to things, including real estate.
If you found out that you had paid, say, $100,000 for a property actually valued at $5,000, and took out a mortgage to do so, but then come to find that the lawyers, tax collectors, and everyone but you knew this, would you feel obligated to repay the entire loan or not?
I am not suggesting that this is how fraud occurs, but when the actual money itself if based on nothing but a ponzi scheme the same level of fraud exists in the system from the top down.
It is the central bankers and the inflationary nature of our money supply that ultimately is responsible for impoverishing savers actually.
I'm not arguing for socialism to replace fascisim, but for free-market capitalism to replace both.
No, it's time for those responsible to be charged, arrested, and brought to trial for the actual crimes they have already committed.Sorry but that's EXACTLY what you're proposing, look at these TBTF, once the precedent was set that they'll get bailed out every time, they cost the savers & productive people, & pardoning loans on such a massive scale will only set further bad precedents; & who gets more bills - as usual the honest & productive savers
At least that's what I would like to see happen.
If you think I am arguing against personal responsibility you are mistaken.
I want for those who caused, are causing, and who are proffiting from the economic crisis to be held responsible first and foremost, and except for a minority of home-buyers who deliberately set out to scam the system, mortgage holders aren't them.
Ron Paul: He irritates more idiots in fewer words than any American politician ever.
NO MORE LIARS! Ron Paul 2012
Doesn't Europe hold pretty much all their debt? This is hilarious.
Dishonest money makes for dishonest people.
Andrew Napolitano, John Stossel. FOX News Liberty Infiltrators.
NOBP ≠ ABODr. Paul is living rent-free in the minds of the neocons, and for a fiscal conservative, free rent is always a good thing
It may seem that way, but with everybody out of debt the economy would start to take off again and this would benefit everybody, including the savers. Oh, and only a fool would be saving dollar bills these days.At the expense of whom? - THE SAVERS
Last edited by RickyJ; 04-14-2012 at 12:29 PM.
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