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What is really happening in Iceland

I keep seeing posts on many sites concerning the "revolution" in Iceland and why it isn't being reported in the US news.  There is much speculation that the happenings are being suppressed in the US to keep the public in the dark about what could happen if the population takes to the streets.


If you do a little digging into the actualities of this situation you find a few interesting things.  


The government did resign.  Iceland operates a parlimentary type of government.  Since there are a multitude of different political parties, the "majority" party (it is very rarely a real majority) forms a coalition government.  As with any parlimentary government, there are no regularly scheduled elections, there are no real set terms of office.  When the constituency looses confidence in the government or the coalition collapses, the prime minister generally resigns and new elections are called.  At that time a new coalition government is formed with the majority party selecting the new prime minister.  


After massive public demonstrations in 2008 following the global economic meltdown, the government did resign and new elections were called, a new prime minister was named and a new government formed.  


As a result of the economic collapse which did hit Iceland harder than most of the EU, a detailed and exhaustive study of the economy and the banking system was conducted.  Out of this came a whole plethora of new banking and investment regulations, an overhaul of the banking system which basically brought the entire banking industry under the control of three national banks.  In the process many investment and banking officials were charged with financial malfeasance.


An offshoot of the banking changes and the political upheaval that continued after the 2008 parlimentary elections, a popluar movement was started to rewrite the Icelandic constitution.  A non-binding referendum vote was held and app. 66% of those voting were in favor of re-writing the constitution to institute a system of checks and balances to prevent the kind of economic collapse that occurred in 2008.


There has been little reported about this in the US news services but this is mainly due to the fact that this has happened in a systematic and normal political process in what is the oldest parlimentary democracy in the european theatre.


To my mind, there is nothing nefarius or unusual about what has happened in Iceland.  To me, it sounds like the way a healthy parlimentary system should work.  


What I do find disturbing is how many people simply repost misleading information and news without doing a little fact checking.  This is widespread across the social media sites and is one of the dangerous trends in the use of internet social media sites.

Katheryn Hasara
Iceland- a very interesting concept. One that Obama will do his best to suppress here.
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