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Just say no to corporate greed: The case of Iceland

Capitalism is looking pretty mean these days. No amount of profit is enough, and no level of collateral damage to get that profit is unreasonable. And when capitalism on steroids runs amok, any extremes of public pain are justified to save the butts of those who made the mess in the first place.

Corporations understand that they have a green light to punish people ruthlessly for even a modest improvement to their bottom line (ask Caterpillar workers if you want details). Whole nations may be bled dry to shield financial institutions from the consequences of their own bad behaviour. The Greek government is deliberately creating a national great depression to appease international financial interests.

From Turf Cottage to the Cover of TIME: The Dramatic Life Story of Holger Cahill, as part of Nordic Nights

Oct 27 2010 - 6:00pm
Oct 27 2010 - 9:15pm

Location

NFB Mediatheque
150 John St
Toronto, ON m5v 3c3
Canada
Phone: 416 973 3012
43° 38' 57.9264" N, 79° 23' 27.1716" W

6 p.m. Reception, 7 p.m. screening $10, $8 for students, seniors, Front Row passholders A fascinating documentary on the Icelander who moved the centre of the art world from Paris to New York...and rediscovered his Icelandic heritage and family late in life. Directed by Hans Kristján Árnason. NFB Mediatheque, 150 John St. (at Richmond St. W) 416-973-3012

Contact name: 
Tanya
Contact email: 
Columnists

All of them must go

Watching the crowds in Iceland banging pots and pans until their government fell reminded me of a chant popular in anti-capitalist circles in 2002: "You are Enron. We are Argentina."

Its message was simple enough. You -- politicians and CEOs huddled at some trade summit -- are like the reckless scamming execs at Enron (of course, we didn't know the half of it). We -- the rabble outside -- are like the people of Argentina, who, in the midst of an economic crisis eerily similar to our own, took to the street banging pots and pans. They shouted, "¡Que se vayan todos!" ("All of them must go!") and forced out a procession of four presidents in less than three weeks.

Protestors clash with police in Iceland

The global economic crisis has hit Iceland harder and faster than most countries. The small island nation's privatized banks had been growing by loaning more money than the country could afford, and when the credit crunch hit, Iceland was left with a debt bigger than its GDP. Attempts to save the situation by nationalizing the banks have only led to government bankruptcy.

Facing sudden and massive unemployment, the loss of life savings, and with no indcation whether their economy has yet to hit bottom, angry Icelanders want to get rid of the administration that mismanaged their money. A protest on November 23 that began as a peaceful rally grew into a riot, with attempts to break into a police station to free an arrested protester.

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