People attend a demonstration in Reykjavik on November 15, 2008. The International Monetary Fund announced Wednesday that its executive board approved a loan of 2.1 billion dollars for Iceland to help the country rebound from a dire financial crisis.(AFP/File/Halldor Kolbeins)
A Near-Riot And Parliament Besieged: Iceland
Boiling Mad At Credit Crunch -- New Scotsman
Boiling Mad At Credit Crunch -- New Scotsman
THOUSANDS of Icelanders have demonstrated in Reykjavik to demand the resignation of Prime Minister Geir Haarde and Central Bank governor David Oddsson, for failing to stop the country's financial meltdown.
It was the latest in a series of protests in the capital since October's banking collapse crippled the island's economy. At least five people were injured and Hordur Torfason, a well-known singer in Iceland and the main organiser of the protests, said the protests would continue until the government stepped down.
As crowds gathered in the drizzle before the Althing, the Icelandic parliament, on Saturday, Mr Torfason said: "They don't have our trust and they are no longer legitimate."
The value of the Icelandic krona has been cut in half since January.
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My Comment: This can easily happen in the U.S. or any other major industrial nation. Our addiction to debt is far worse than our addiction to oil, and it is coming home to roost right now.
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