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Banks, Iceland, Cuba and Haiti

Updated on October 30, 2011
Coat of Arms, Iceland
Coat of Arms, Iceland | Source


Faced with dire financial and economical crisis, Iceland stood up to the big banks.

Even though the people of Iceland, were threatened to be cut off from IMF assistance and pressured by the UK and Holland, basically being told that they would become the Cuba of the North. Icelanders held out believing that if they followed the route being advised by bankers they would become the Haiti of the north.

In a referendum the Icelanders voted not to bail out the banks, even though they were told it would be economic suicide not to. They voted to let the big banks pay off their own debts.

US Bailout
US Bailout | Source

United States

In the United States the big banks were the recipients of a big bail out package from the government, yet at the same time international news agencies were alive with the news from Iceland, no US news agencies seemed to pick up on it and report it to the US people through any media source: amazing!

Well I suppose it is not really amazing considering that the same people that own the banks also own the media.

After all, if all the countries stood up to the banks, where would that leave the banks?

It seems like the banks and their owners wish to play under their own rules and this is what results in, they say, a crisis and the only way out of the crisis, they say, is to play by their rules again.

The banks are using our money; they are playing with our ball. We should pick up our ball and let the banks find their own.


Cuba | Source
Haiti | Source


In a March 2010 referendum the Icelandic people voted 93% not to repay the banks.

The government then, acting as true representatives of the people, started criminal investigations in order to find the culprits for the economic collapse.

This has already resulted in some bankers and politicians going to jail and others being sought via Interpol.

Iceland has now changed its constitution, to ensure that this cannot happen again.

Yes, it is true that through their actions the Icelanders are now struggling with their economic situation but so is everybody else.

In fact the only difference seems to be that in Iceland unemployment is dropping and their economy is starting to grow, whilst in those countries that played under the banker’s rules they are still waiting for it to happen.

This is not really surprising as obviously the banks will have to take out their percentages before allowing any wealth to seep back to the people.

So, Iceland made its choice. A difficult choice, of either becoming politically and financially isolated like Cuba or have the full international banking support like Haiti, one of the poorest countries in the world.

I believe that the Icelandic people made a good choice and are now holding up a beacon for the rest of the world to see. When will the light be seen?


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    • Credence2 profile image

      Credence2 6 years ago from Florida (Space Coast)

      The tenacles of the global finance system has got everyone in its stranglehold. I am glad that Iceland stood firm as it could serve as an example to the other nations facing similar pressure

    • North Wind profile image

      North Wind 6 years ago from The World (for now)

      Very interesting hub! I am always amazed at the way the bank acts when you try to get your money from them. I was not aware of the stand that Iceland took. Very interesting indeed.

    • profile image

      gogogo 6 years ago

      I first heard about the group of powerful people tghat are the true rulers, about 30 years ago, think bavk how many times has this country and others had a recess in the last 30 years - many times. Seems like someones likes to play god with our lives.