Wednesday, 4 December 2013
Iceland Gives Home Owners £24,000 Boost.
The International Monetary Fund (IMF) is up in arms over Iceland's decision to give every person with a mortgage in their country £24,000 in debt relief. Standard & Poor, however, have actually upgraded Iceland's credit-rating. Of course the IMF, despite their claim of promoting "global economic growth and stability, and raise living standards and employment", are only interested in keeping the world safe for bankers, whereas Standard & Poor simply report on what they see. The American CIA would seem to agree with Standard & Poor, pointing out in their report on Iceland that the country had completely reversed by 2012 the shrinkage of its economy after the banking crisis of 2008, while cutting unemployment by half during the same period. As an aside the CIA also mentions the fact that Iceland, formally negotiating entry into the EU, has now decided not to join because of that organisation's "economic instability". Iceland's policy compares favourably with Britain which has been down-graded by Standard & Poor and where the only real growth industry is in food banks for the increasing number of poor people who can no longer afford even the most basic needs. The report of the CIA with regard to Britain in 2012 makes for sober reading; "weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase." The message is clear - strip out all the Tory ideological claptrap and the pro-banking propaganda and the comparison between Britain and Iceland couldn't be more stark. Iceland, after prosecuting it's bankers and politicians, is recovering strongly whereas Britain, still in thrall to the bankers and their corrupt political allies, is still bumping along the bottom.