The Icelandic Debt Relief The hottest story coming from Iceland now is the one about the government-initiated debt relief to households. [One woman] remembers getting these statements saying she owed more and more. They wish the government had spent the jubilee money on health care or education - something that would benefit a broader group of people.Is there something silly about the idea of thinking we could go back and fix something like this?JONSDOTTIR: We should correct the future and not the past, right?HEDINSON: Yeah, create an environment that's good for the future.KESTENBAUM: There you go.

That's the feeling.KESTENBAUM: After the crisis, people were stuck with much larger mortgages than they'd started with. A lot of people were really into the proposal. So last year, when Iceland’s Progressive Party found itself with very low poll numbers, it proposed the [debt forgiveness] jubilee, though it didn’t call it that.The party promised to go back and correct everyone’s mortgages — basically, forgive the additional debt everyone had built up in 2008 and 2009. If you Google “ICELAND FORGIVES ENTIRE POPULATION OF MORTGAGE DEBT” you will get ‘About 359,000 Results’. It’s, like, if you’d borrowed $100,000 for your house, all of the sudden, you owed a $130,000.After the crisis, people were stuck with much larger mortgages than they’d started with. And I don’t mean she just owed more that month. Visit our website Attempting to search Iceland’s mortgage debt forgiveness only leads to about 359,000 search results with none of them being from the United States. Help preserve this vital resource. It was quite cute somehow.KESTENBAUM: Her friend Baldur Hedinson - same story. You can't forgive all debt, so what debt exactly are you going to forgive? Here is my take on it, focused only on handful of all the questions and issues related to the act itself and, perhaps more importantly, the potential economic development in the future. It's a beautiful idea that you could go back in time and try to undo this one very painful part of the financial crisis, make it like it had never happened. Her friend Baldur also has a mortgage - that apartment where he can kind of see the ocean - but he bought it just after the cut-off for the jubilee. Most mortgages are indexed either to a foreign currency or inflation, so the former doubled when the krona crashed and the latter, well, inflated when inflation subsequently took off. The past has already happened. I don't see why they - if they're doing this for mortgages, why don't they do this for student loans, as well? And when the financial crisis happened, there was a lot of inflation in Iceland. The Progressive Party ran on the jubilee idea and won.KESTENBAUM: This was the scene at a hotel in Rejkavik last April - everyone celebrating. And whatever you pick, there are going to be people who benefit from the jubilee living next to people who get nothing.Baldur, how does it feel not to be getting any money?HEDINSON: It doesn't feel great. Then you had some different people pay off the difference. Thanks in good part to this tempered approach to debt write-down Iceland's economy is now growing faster than most countries in Europe, and unemployment is … It let its banks fail, slashed household debt, let its currency collapse, put capital controls in place — and now it’s doing better than those countries that did austerity! That’s just making up for the fact — and maybe not even then — that Iceland’s bizarre borrowing laws have pushed up their households’ debt burdens so much.Iceland’s recovery has become a myth wrapped in a legend inside a legend. The total amount she owed to the bank went up by 30 percent. It was about $12,000. A jubilee is an idea that dates back to Biblical times. The IceSafe issue was an attempt spearheaded by the british and dutch crowns to illegally put a debt on the icelandic state (and therefore I mean, I had a student loan during that period, and that went up like crazy. You've got to pick. A lot of people were really into the proposal. Iceland forgave the entire mortgage debt of its population, and a "media blackout" prevented Americans from learning about it.The US Rothschild Controlled Media (RCM) has completely BLACKED OUT/CENSORED any news about Iceland’s DEBT FORGIVENESS. So, I mean, I'm happy for Heida that she's getting it, but the overall thing - it feels very unfair.KESTENBAUM: Once you get over the thrill of the idea of a jubilee, you realize it's just a government policy. One problem with the jubilee idea of forgiving debt is that there's always someone on the other side, someone who lent the money.But there is a plan to make even this part feel painless. His place has a view, kind of.BALDUR HEDINSON: There are, like, two little holes in between the big houses where I can see the ocean.KESTENBAUM: In Iceland, a lot of people have these odd mortgages that adjust with inflation. But several scientists he cites told Snopes he misunderstands — or mischaracterizes — their research.If you were a Google Plus user between 2015 and early 2019, you could receive compensation from this class action lawsuit.Rumors about masks are getting more creative, but health experts still recommend wearing cloth face coverings to help slow the spread of COVID-19.The question of past arrests often surfaces among people who want to rationalize police officers' actions when Black men are killed in custody.U.S. First, Iceland did not forgive the debt of its entire population. It's an easier sell. Second, there was no media blackout imposed on U.S. news outlets about covering the financial crisis in Iceland. The idea was that every 50 years or so there would be this moment where debts would be forgiven. The Progressive Party ran on the jubilee idea and won.As Bloomberg noted, the mortgage debt forgiveness program reportedly only affected about a Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association. But Planet Money's David Kestenbaum has this story about one country giving it a try - Iceland.DAVID KESTENBAUM, BYLINE: Heida Dora Jonsdottir got into debt the way most people do.

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