Why Iceland Should Be in the News, But Is Not

“Unfortunately, I doubt Americans would ever be able to pull this off. We’re just too apathetic, and too ready to start hollering capitalism vs socialism dogma.

“So what if the capitalist markets are so broken and our government so corrupt that the so-called American Dream is now out of reach? At least it’s not *shudder* SOCIALISM…”

****What we have here is a corporate oligarchy masquerading as a republic. Your votes are worth exactly zero. Sorry to break that to you.” G.E. & D.D.

Here’s an excerpt from an interesting article about how Iceland handled its financial crisis and why the U.S. should adopt similar strategies:

Five years of a pure neo-liberal regime had made Iceland, (population 320 thousand, no army), one of the richest countries in the world. In 2003 all the country’s banks were privatized, and in an effort to attract foreign investors, they offered on-line banking whose minimal costs allowed them to offer relatively high rates of return. The accounts, called IceSave, attracted many English and Dutch small investors. But as investments grew, so did the banks’ foreign debt. In 2003 Iceland’s debt was equal to 200 times its GNP, but in 2007, it was 900 percent. The 2008 world financial crisis was the coup de grace. The three main Icelandic banks, Landbanki, Kapthing and Glitnir, went belly up and were nationalized, while the Kroner lost 85% of its value with respect to the Euro. At the end of the year Iceland declared bankruptcy.

Contrary to what could be expected, the crisis resulted in Icelanders recovering their sovereign rights, through a process of direct participatory democracy that eventually led to a new Constitution. But only after much pain.

Geir Haarde, the Prime Minister of a Social Democratic coalition government, negotiated a two million one hundred thousand dollar loan, to which the Nordic countries added another two and a half million. But the foreign financial community pressured Iceland to impose drastic measures. The FMI and the European Union wanted to take over its debt, claiming this was the only way for the country to pay back Holland and Great Britain, who had promised to reimburse their citizens.

Protests and riots continued, eventually forcing the government to resign. Elections were brought forward to April 2009, resulting in a left-wing coalition which condemned the neoliberal economic system, but immediately gave in to its demands that Iceland pay off a total of three and a half million Euros. This required each Icelandic citizen to pay 100 Euros a month (or about $130) for fifteen years, at 5.5% interest, to pay off a debt incurred by private parties vis a vis other private parties. It was the straw that broke the reindeer’s back.

Here’s the whole article:
Why Iceland Should Be in the News, But Is Not

Love …. the French Way

“A quoi ca sert l’amour” — What is it for love? (Edith Piaf, lyrics)

Here is a beautiful cartoon set to “A quoi ca sert l’amour”.

Mark McKenzie’s “The Greatest Miracle” soundtrack

Dear gentle blog reader,
Isn’t it wonderful when the hard-working underdog finally gets recognized? That’s what’s happening right now with composer Mark McKenzie.

Variety has the following about the gifted composer:

Utility player orchestrates ‘Miracle’

Eye on the Oscars: Song & Score

By Iain Blair

‘The Greatest Miracle’

McKenzie

For the past 20 years, accomplished orchestrator Mark McKenzie has been the go-to guy behind-the-scenes for such top film composers as Jerry Goldsmith, Hans Zimmer and Danny Elfman. But now the guy who’s orchestrated such hits as “Spider-Man,” “Ice Age: The Meltdown” and “Star Trek: Nemesis,” and a talented composer in his own right, is finally grabbing the limelight thanks to an obscure indie Mexican 3D animated spiritual film titled “The Greatest Miracle,” which recently won him the indie/documentary/short film score award at the Hollywood Music In Media Awards.

“The whole thing is a miracle,” says McKenzie of the faith-based family film directed by Bruce Morris and produced by Mexico City-based Pablo Barosso and Claudia Nemer, “as they had no money, and were also throwing out a previous score when I met them. And they thought I’d come in and save them with a relatively cheap synthesizer score.”

You can read the rest of the article here: 

Utility player orchestrates ‘Miracle’

Here’s a link to Track 1:
The Greatest Miracle: Prelude

I hope Mark McKenzie wins an Oscar this year — he deserves it!