The public is angry. Why should the public pay for the bankers mistakes. Iceland blogger Halldor Sigurdsson
Who cleans up the mess when ignorant, greedy bankers rack up massive debt then go broke? The people of Iceland made a strong statement Saturday. The sins of big bankers and government regulators shouldn’t fall on the citizens. By a 93% to 2% margin, they voted down a proposal requiring them to cover bad debt incurred by one of the nation’s oldest and largest banks. Covering the debt would have cost Iceland’s 317,000 citizens around $17,000 each.
Iceland’s national referendum was the first opportunity for the people of any nation to vote directly on who pays when the financial elite fail.
As citizens voted, Iceland’s Prime Minister was dismissing the importance of the vote and promising to negotiate a payment scheme obligating citizen subsidies for bad debt created by Iceland’s beyond-bad bankers.
By Prof. Michael Hudson
Can Iceland and Latvia pay the foreign debts run up by a fairly narrow layer of their population?
The European Union and International Monetary Fund have told them to replace private debts with public obligations, and to pay by raising taxes, slashing public spending and obliging citizens to deplete their savings.
Posted in Economy Economics, Human Rights Civil Liberties, Land Grab, Neoliberalism, NWO
Tagged class war, ecofin, european union, finance restructuring, free trade, global finance, icesave, imf, kleptocracy, Neoliberalism, privatization, Region: Iceland, resource grab, serious fund
By Eva Joly
The irresponsible attitude of certain countries, the EU and the IMF to Iceland’s economic collapse demonstrates their inability to learn that excessive deregulation of markets, particularly financial markets, which they engineered, fails, writes the advisor for the criminal investigation into Iceland’s failed banks.
Posted in Economy Economics, Neoliberalism
Tagged britain, class war, economic meltdown, european union, financial scam artists, g20, g8, global debt, imf, johanna sigurdardottir, Neoliberalism, netherlands, Region: Iceland, usury, world bank