With admiration, many have been observingIceland?s handling of the banking crisis that jolted the entire world in recent years. Now experiencing a unique economic recovery,the Icelandic public became aware in 2008 that the nation?s private banks had borrowed some $120 billion dollars, ten times the size of Iceland?s economy, creating an economic bubble which forced housing prices to double, and saddled the nation?s people with debt.
While other Western nations initiated bank bailouts in 2008, a popular uprising in Iceland led to a peaceful revolution against corrupt government and banks, and has since become the example forthe global movement for liberation from central banking and unaccountable government.
?In the duration of five months, the main bank of Iceland was nationalized, government officials were forced to resign, the old government was liquidated, and a new government was put in its place.? [Source]
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