The Icelandic Solution

President Olafur Ragnar Grimsson tells the simple truth on how to get out of this jam…

Since we are at it, one of the things I suggest we should also have the courage to take a look at is how a country that was on its knees militarily, industrially, economically and agriculturally was able, in six years, to not only rebuild, re-industrialize and rearm, but jump at the leading edge of technological innovation. We should have the courage to take a dispassionate look at how Hitler was able to do what he did in six years. Where did the money come from at a time when Germany was under embargo and was forbidden to trade liberally with partners?

My view is that Iceland and Lithuania today like Germany before them, successfully broke out of the central bank imposed debt cycle thereby boosting real internal growth by reinvesting profit within their economy rather than leaking it in the form of interest to a third party.

Discuss.

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3 Responses to “The Icelandic Solution”

  1. Patrick Donnelly Says:

    Some consider that the German “discovery” meant that the deals negotiated with UK and USA were off the table, in 1941, as the damage done to the banking system was likely to be too extensive were Russia to be subdued at that cost. That meant war with Japan was inevitable and that Germany would be unconditionally crushed. Germany may have learned their lesson, but did Japan? I note the Breviek incident in trade surplus Norway, which now lends but does not borrow.

    The real question is not will what Iceland did work, rather how long will it take for another bunch of Icelanders to be found who will reintroduce banking? With a pop of 350,000, this is no priority. They may escape attention if they shut up!

  2. josephbc69 Says:

    Superb presentation!

    W/yr permission, I’d like to recommend this to my friends Mary & Jeff Rense @ rense.com, one of the top 1/10th of 1% websites on the Internet, and the very first one honoured by a special Warning! from the US State Dept., as they fear that you, dear reader, were lured into a den of iniquity and conspiratorial questioning!

    All best, J & Da’Kota

    • guidoamm Says:

      Joseph, I am flattered and fear you give me much too much credit. I am nevertheless interested in people’s opinion as to how Germany did what it did in 6 years between 1933 and 1939 and MEFO Bills were a tool that enabled Germany’s economy minister to circumvent the Central Bank. In main stream information available to the public, MEFO Bills are explained as an inflationary tool. In light of Weimar monetary policy and its still now notorious outcome, that is, to say the least, a facile if not a hypocritical explanation of Hjalmar Shacht’s plan as you well know.

      If Rense can contribute to the discussion than I am happy for you to put this post forward and I thank you.

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