Saturday, March 6, 2010

Icelandic ‘Screw you’

Hopefully, and most likely the Icelandic people will today vote NO to the poor-to-bail-out-banksters suggestion following the collapse of the Icesave bank.

Somehow Sweden, IMF and several others have said that impending loans are contingent on the Icelandic government putting up tax money to pay for a private bank’s mistakes abroad.

Firstly, why do a country need take loans at all? Despite having two degrees in economics and having spent most of my life checking, reading, arguing and writing about finance and economics I’ve still not got why governments (all of them) need to take loans. Well, I do understand the fundamentals and the fractional-banking system as well as the inflationary and GDP scams, but it still remains a mystery of sort.

A country that needs to borrow money from abroad or in need of extra help from neighboring states when no natural disaster have struck is insolvent. Something is seriously wrong and if it were a company bankruptcy would be the next step, not borrowing.

And secondly, why the hell should any potential lending country refuse to “help” just because an Icelandic referendum or sovereign decision means no money to a private bank?

And why should the Icelandic nation should pay for other people's mistakes? If we had a free market economy this wouldn’t even be discussed. Well, the situation wouldn’t arise in the first case.

If you take the risk; you take the winnings as well as the losses.

If a bunch of people went belly-up that’s their problem, and if certain governments bail out idiotic bankers and stupid customers, why should others, who had nothing to do with it, pay for it? Is it so the banksters can get their bonuses?

And the Gorgon of UK and his marry band of thugs haven’t made things better. UK, one of the countries showing anger towards Iceland and demanding remuneration, has used anti-terrorist legislation to freeze Icesave assets in the country.

Terrorism? Really? And if NueLabour can just pick a private company and hold it ransom like this, what’s next? Of course Britain should officially apologise for this sort of actions and not a single penny should go from Icelandic taxpayers to bail out idiots that apparently believed in both Santa and the Ester-bunny.


  1. Jag börjar fundera om inte konspirationsgänget börjar få rätt till slut?
    Så mycket fel som Mr Brown har gjort kan man ju inte göra ens om man gissar.

  2. Why doesn't Iceland issue its own commodities-based currency and opt out of the global fiat system?

    America did, and after having done so, proceeded to enjoy growing wealth and productivity.

    No doubt, Iceland would be accused of being a financial terrorist, were it to do so, even though that label would more aptly apply to its accusers.

  3. There is an international treaty regarding government responsibility for bank failures. Iceland signed it, elected incompetent politicans and will now have to pay the price. There is nothing odd or strange about this.

    The UK and the Netherlands decided to graciously lend the people of Iceland the money they needed to make good on their comitments and are now being accused becaus of this.

    The only solution for Iceland is to shift out the debts, making them personal liabilities of the citizens. If not, the brain drain will make a recovery almost impossible.

  4. Your point is entirely theoretical and has got no bearing at all on the actual situation. Moaning about the lack of a "proper" free market system neither helps the Icelandic people or indeed the Dutch and British taxpayers that are currently footing the bill. Frederic summarises it neatly.

  5. @Frederic:
    Firstly I don’t care what any treaty says; I care about what is right or wrong. Secondly the people have been against any of the sort all a long, so it is not hard to argue that the government had no right signing it.

    But whatever your take on this is, you later come to a very strange conclusion. British people and Dutch people graciously lended to the Icelandic people? When did this happen?

    This sort of fictional made-up crap has nothing to do with this story. None whatsoever. And if you base any conclusion on such nonsense you need shake the head a bit, maybe runt into a wall and see if anything comes out.

    The solution is of course to refuse to pay any of it. It was private companies that people voluntary was in league with. The persons who weren’t a members, lenders, borrowers etc. have nothing to do with it. That is how a market economy should work.

    Finally the banksters and tricksters of our current financial system should be stringed up or locked away for the rest of their lives. Anything that hurts the banking-cartels is a good thing. If the British idiots or the Dutch idiots want to pay for banking scams, that’s their problem, neither the Icelandic, Swedish or any other people should be that dumb.

  6. Hear, hear, Apocalypse.

  7. @ Daniel:
    Nothing theoretical about it. However any particular government wants to fuck their citizens is their problem. Why should Icelandic citizens pay for British nationals losses? Does that seem right? And if so, have you ever considered what implication that would have to our way of life? You should do so before you shame yourself further.

    And Frederic is arguing about a made-up story. Quite frankly both of you seem kind of insane to me. Maybe you should start blaming trolls for this mess? Maybe a unicorn can save us all…