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President of Iceland Olafur Ragnar Grimsson identifies that it is a sane choice by nations to protect their democracies by simply allowing the banks to crash and default the payment of loans due to the IMF and simply rebuild their countries from the ground up.
After suffering IMF debts that were 10 times their national GDP, when the GFC hit, unlike Australia, Iceland's banks went crashing down in tune with the EU.
Iceland is country where the will of the people is sovereign, unlike Britain and Australia where the will of Parliament is sovereign and it makes you think we may have things the wrong way around here, after all our current constitution is modeled on ancient Westminster principles.
The Icelandic "Phoenix from the Ashes" rebirth as a strong and growing independent nation is surely a strong message to us all that there is a better way of running a country democratically, as truly the will of the people was listened to by this brave man and instead of tying his country to endless debt payments to global bankers and foreign countries he told them that they are not playing the Globalisation game any longer.
President Grimsson, when asked if other small nations like Greece, Spain etc could follow this model of political, fiscal and democratic redemption and he said that whilst Iceland own their own currency, these other nations are tied to the Euro so it may not be as much of a clear road, although not impossible.
Australians enjoy owning their own currency so it is not a huge to leap to say and think that we could do this for our nation, that long held want for and independent Australia, a republic, could well be envisioned in this manner and literally we start from scratch.
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