Last time this happened we got Depression, World War 2 and the Cold War. Only good thing I can see is World War 3 will probably get some of the people pulling the strings behind the curtain, they are in it as much as we.
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France 24 reports that thousands of Icelanders demonstrated in Reykjavik on Saturday demanding the resignation of Prime Minister Geir Haarde and Central Bank Governor David Oddsson for failing to stop a financial meltdown in the country.
This is the latest in series of protests in Reykjavik since the financial meltdown that crippled the island's economy.
Here is the report from France 24 on the financial riots in Iceland.
Police in riot gear used pepper spray to drive back an attempt to free the protester during which several windows at the police station were shattered. The protester was later released after a fine he had been sentenced to pay was paid.
Iceland's three biggest banks -- Kaupthing, Landsbanki and Glitnir -- collapsed under the weight of billions of dollars of debts accumulated in an aggressive overseas expansion, shattering the currency and forcing Iceland to seek aid from the International Monetary Fund (IMF).
This week, the North Atlantic island nation of 320,000 secured a package of more than $10 billion in loans from the IMF and several European countries to help it rebuild its shattered financial system.
Despite the loans, Iceland faces a sharp economic contraction and surging unemployment while many Icelanders also risk losing their homes and life savings.
A young man climbed onto the balcony of the Althing building, where the president appears upon inauguration and on Iceland's national day, and hung a banner reading: "Iceland for Sale - $2.100.000.000", the amount of the loan Iceland is getting from the IMF.
The rally lasted less than one hour and as daylight began to wane, demonstrators drifted away into the nearby coffee shops where the price of a cup of coffee has shot up to 300 kronas in the last few weeks, up by about one third from before the crisis struck, as the currency has tumbled.
Posted November 25th, 2008 by Armen Hareyan
Last time this happened we got Depression, World War 2 and the Cold War. Only good thing I can see is World War 3 will probably get some of the people pulling the strings behind the curtain, they are in it as much as we.
Interest is the root cause if not the major cause of all of this,
and thos who are in control, the planners, will never be effected by this,
where does the money from the IMF come from ? Answer mega rich familys who want Super high returns on their money,
they are also the ones in power, and who maywell if started all of this in the 1st place,
Riots and financial crisis
This is why the U.S. administration is moving so fast so the riots don't take places in U.S. cities due to financial crisis.