Iceland’s failed banking system occurred due to private bankers borrowing 120 billion dollars. This debt then caused houses to double in price and allowed a small percentage of the population of Iceland to be rich enough to buy private jets and mansions overseas. Due to a failed baning system, the country was forced to pay back that debt.
A massive non-violent revolution of the working people emerged. With the help and leadership of Hörður Torfason, an activist from Iceland, in a peaceful manner the country was able to nationalize the main bank of Iceland, force government officials to resign, liquidate the old government and put in place a new government— all this took place within 5 months in 2008.
The end result to all this revolution also created new laws to avoid entrapment by debt-based currency foreign loans. At the end of the day Hörður Torfason takes credit for organizing the Icelandic “Kitchenware Revolution” beginning with a simple vigil in front of the parliament aimed to educate passersby and ridiculing the blatant crimes of the elite who worked there.
Alex Pietrowski, “Iceland’s Hördur Torfason–How to Beat the Banksters,” Waking Times, December 11, 2012. http://www.wakingtimes.com/2012/12/11/icelands-hordur-torfason-how-to-beat-the-banksters
Student Researcher: Pedro Martin Del Campo, Sonoma State University
Faculty Evaluator: Ed Beebout, Sonoma State University
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