Latest Posts
View the latest posts in an easy-to-read list format, with filtering options.
This is a reminder of the Tabernacles conference that we will be hosting from October 18-20 at the DoubleTree hotel on Park Place Blvd. in Minneapolis! We have held conferences there in past years. The cost for a room is $129 per night, plus appropriate taxes. Considering the inflation rate these days, this is a good price.
Keep in mind that there are two DoubleTree hotels in Minneapolis. We will be meeting at the one on Park Place just off Hwy 394 that heads west out of the downtown area.
As usual, our plan is to livestream most of the sessions. The exception is James Bruggeman, who does not want to do things live but prefers to edit the videos before making them available on his website.
Click the button below to view full details about this conference:
The contrast between the US and Iceland is huge. As a result of the 2007-2008 economic crisis, the US fined banks but did not jail any of the bankers themselves. The fines were far smaller than the amount of money the banks made on their fraud and theft.
Iceland, however, took a very different path, jailing bankers and refusing to make the taxpayers responsible to bail out the banks.
http://www.loansafe.org/iceland-sentences-26-corrupt-bankers-to-74-years-in-prison
“When the banking induced “Great Recession of ’08” struck, Iceland’s economic hit was among the hardest. However, instead of rewarding fraudulent banking procedures with tons of bailout money, they took a different path….
“When Iceland’s three major banks collapsed, it resulted in defaults totaling $114 billion in a country with a gross domestic product (GDP) of only $19 billion. In October, 2008 the parliament passed emergency legislation to take over the domestic operations of the major banks and established new banks to handle them. They did not, however, take over any of the foreign assets or obligations. Those stayed with the original banks, right into bankruptcy.
“They then brought charges against several banking executives for fraud and market manipulation, resulting in sentences ranging from four to five and a half years….
“In the U.S., we simply tapped a few wrists with small fines, that ended up being paid by their respective banks….
“As to how it has all turned out, here’s what the International Monetary Fund Survey has to say about it:
“Iceland has rebounded after the 2008/9 crisis and will soon surpass pre-crisis output levels with strong performance in tourism and fisheries. Debt ratios are on a downward path and balance sheets have broadly been restored. The financial sector is back on track though with some important items remaining on the docket.”
“As the above survey also states, Iceland is “the first 2008-10 crisis country in Europe to surpass its pre-crisis peak of economic output.”
It appears that Iceland took the best course of action. While the US economy remains stagnant except for artificial life support that has inflated the stock markets and enriched the few, Iceland’s actual economy has rebounded to its pre-crisis levels.