Wednesday, September 16, 2009

Bubbi Morthens musician owes 100 million in Iceland

Economics professor Michael Hudson said in DV today that Icelandic households are among the most in debt of the entire world and the situation getting worse with each month.
The average home in Iceland owes more than three times its income per month.
Nothing much can prevent people from moving to other countries.

Bubbi Morthens, a popular musician in Iceland, is one of those that used his savings to buy a property.
Now he a lost it all,and owes 100 millions kronas today ( 1 USD = 126 kronas )
His loans are now frozen at the bank ,but he pays 190 thousand kronas per month ,and that is just intrests.
Bubbi says that he will not move to other countries, but how long can he let this injustice roll over him.
Last winter he took part in the protests against the central Bank .
He came with his band - EGO - and played in front of the Central Bank early in the morning ,and it was freezing weather.
Here you can see the video i took of that protest

Bubbi can be seen and heard in the last part of this video

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