Iceland forgives mortgage debt of its population

[InTradePro]

Iceland forgives mortgage debt of its population



Is this going to start a trend? Mortgage debt to be forgiven?

[WilliamC]

It has begun...

[John F Kennedy III]

Ron Paul: He irritates more idiots in fewer words than any American politician ever.

You must spread some Reputation around before giving it to WilliamC again.

[Seraphim]

Iceland leading the way.

Debt jubilee around the world.

[Carson]

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

[Zippyjuan]

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.

[John F Kennedy III]

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

[BlackTerrel]

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.

Not really. It's just a tax on people who rent (like I do)

[Yieu]

Not really. It's just a tax on people who rent (like I do)

Exactly. People who made decisions they might not have been able to afford would be getting free houses, while we would continue paying rent forever for being prudent.

That is a pretty heavy punishment on those who rent. Especially so when property tax raises the bar of home ownership, and thus gives encouragement to rent.

This is just the government dumping on renters, first by raising the bar for home ownership, and secondly by giving away free houses to anyone who happened to chose to get into the debt of a mortgage.

And then to top it all off, this would probably raise the bar even further for home ownership, as banks try to recoup the loss. So prudent renters could possibly from that point forward have a harder time getting a house even though they would still have to pay it off, while those who shouldered debt get free houses. The additional income the home owners would then have would just be an additional insult to the new underclass of renters.

[QE Is Theft]

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.

[enoch150]

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.

[Travlyr]

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.

The people standing up for themselves against theft is not theft.

[specsaregood]

//

[BlackTerrel]

The people standing up for themselves against theft is not theft.

So if I bust my ass to pay rent for an apartment I can afford and you have a 900K loan on a 1 million dollar home that you can't afford - you should be outright given that 1 million dollar home while I continue to pay rent on my apartment?

$#@! - I need to stop busting my ass and start taking on debt I can't afford.

[The Gold Standard]

So if I bust my ass to pay rent for an apartment I can afford and you have a 900K loan on a 1 million dollar home that you can't afford - you should be outright given that 1 million dollar home while I continue to pay rent on my apartment?

$#@! - I need to stop busting my ass and start taking on debt I can't afford.

That is the moral of the story.

[Yieu]

So if I bust my ass to pay rent for an apartment I can afford and you have a 900K loan on a 1 million dollar home that you can't afford - you should be outright given that 1 million dollar home while I continue to pay rent on my apartment?

$#@! - I need to stop busting my ass and start taking on debt I can't afford.

I think that says it more clearly than I did.

[RickyJ]

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.

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.

[Paul Or Nothing II]

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.

At the expense of whom? - THE SAVERS

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.

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?

[RickyJ]

At the expense of whom? - THE SAVERS

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.

[enoch150]

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.

Eh, not likely. How fast do you think the banks will be to make new loans?

All of the people who had no mortgage will now be unable to ever get one. What about new businesses? Would the banks trust those loans wouldn't be canceled?

[LibertyEagle]

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.

It is nothing but socialism and no, it isn't a good thing. People are not owed free houses. Not now, not ever.

If the debt is forgiven, then the people should also lose their houses.

[Yieu]

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.

No, this has made the playing field further uneven by creating a new underclass of renters over there, who continue to pay while the mortgage bearers get a free ride.

If anything, this is government manipulation to oppress a certain class of people (people who can't afford houses, and don't buy one because of that).

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.

Thing is, not everybody would be the equivalent of "out of debt". It would be true for the mortgage holders, but the renters would have to continue paying a portion of their income while the mortgage holders would not. This is just government manipulation... granting privileges (positive "rights") to some but not all based on personal life decisions.

[slamhead]

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.

It has already started in our country. Believe me the banks are being made whole on any principle they write off. In the first bailout the money for the banks was in foreclosures and short sales as the feds reimbursed the banks. The feds have now restructured it so the banks now benefit from restructuring loans. It is all smoke and mirrors.

[csu1987]

Great news! Now we should do the same. Then follow what ND is doing and abolish property taxes.

[No Free Beer]

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!

[chudrockz]

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!

So we'll be at war with Iceland then in the near future? I hear it's a hotbed of terrorists these days!

[Kelly.]

So we'll be at war with Iceland then in the near future? I hear it's a hotbed of terrorists these days!

it will more likely look like sanctions for whale fishing.

dont believe me, look it up

[Thom1776]

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!

Well said.

I have been following the Iceland situation since it all started a few years ago. I admire them immensely.

[Knighted]

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.

[WilliamC]

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.