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What is actually going on in Iceland


By Patrick   Follow   Wed, 2 Jan 2013, 11:04am PST   595 views   8 comments
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http://studiotendra.com/2012/12/29/what-is-actually-going-on-in-iceland/

Since people continue to spread the factually dubious statement that Iceland “told creditors & IMF to go jump, nationalised banks, arrested the fraudsters, gave debt relief and is now growing very strongly, thanks” I find I have to write this here thing.

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mell   Wed, 2 Jan 2013, 11:24am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 1

Interesting article, needs to be verified of course. But if we assume it is mostly correct it looks like they took on a libertarian stance which I favor anyways. Still they did 10 x more than the US will ever do about this, e.g. prosecutions, some (short) nationalizations, debt forgiveness/default where foreign creditors are concerned (aka screw you) and more. I like how it is listed as a negative that they put "Important" british people (aka crooks) on hold and then later to call them back. Well done!

Bigsby   Wed, 2 Jan 2013, 10:39pm PST   Share   Quote   Permalink   Like   Dislike     Comment 2

Yeah, well done for refusing to take the call of the C of the E, who was ringing to ask what had happened to £4.5bn of his fellow citizens' savings. What a crook indeed! As for that articles repeated reference to loan shark rates, well I don't know too many loan sharks offering a fixed 3% repayment rate over 30 years.

bob2356   Wed, 2 Jan 2013, 11:15pm PST   Share   Quote   Permalink   Like   Dislike     Comment 3

"So the true story is that Iceland tried and tried and tried and tried as hard as we could to save the creditors. The only reason why we didn’t is that the Icelandic government, then and now, is completely incompetent. "

That sounds a lot more plausible than most the the stories of the Iceland.

PockyClipsNow   Thu, 3 Jan 2013, 2:06am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 4

Iceland is green but greenland is ice. They been cheating 4eva! Dont lend money to tiny foreign countries duh.

bgamall4   Thu, 3 Jan 2013, 2:07am PST   Share   Quote   Permalink   Like   Dislike     Comment 5

The biggest bankers never get arrested. But, clearly sentiment in Iceland was to not bail out the banks and to not pay the Europeans.

I would trust any OWS analysis before I would trust this one.

bgamall4   Thu, 3 Jan 2013, 2:09am PST   Share   Quote   Permalink   Like   Dislike     Comment 6

mell says

. But if we assume it is mostly correct it looks like they took on a libertarian stance which I favor anyways.

No, the libertarians would want you to pay the banks all you owe them. I don't see this as libertarian at all. The libertarians deregulated the banking industry which is why Iceland got into trouble in the first place.

This may be a libertine act, but believe me, it is not libertarian.

mell   Thu, 3 Jan 2013, 2:38am PST   Share   Quote   Permalink   Like   Dislike     Comment 7

Bigsby says

Yeah, well done for refusing to take the call of the C of the E, who was ringing to ask what had happened to £4.5bn of his fellow citizens' savings. What a crook indeed! As for that articles repeated reference to loan shark rates, well I don't know too many loan sharks offering a fixed 3% repayment rate over 30 years.

"In May 2009, The Daily Telegraph reported that Darling changed the designation of his second home four times in four years, allowing him to claim for the costs of his family home in Edinburgh, and to buy and furnish a flat in London including the cost of stamp duty and other legal fees. Darling said that "the claims were made within House of Commons rules".[26][27][28]
On 1 June 2009, Darling apologised "unreservedly" about a mistaken claim for £700, and had agreed to repay the money. He was supported by the Prime Minister, who referred to the incident as an inadvertent mistake.[29]"

- crook.

mell   Thu, 3 Jan 2013, 2:41am PST   Share   Quote   Permalink   Like   Dislike     Comment 8

bgamall4 says

mell says

. But if we assume it is mostly correct it looks like they took on a libertarian stance which I favor anyways.

No, the libertarians would want you to pay the banks all you owe them. I don't see this as libertarian at all. The libertarians deregulated the banking industry which is why Iceland got into trouble in the first place.

This may be a libertine act, but believe me, it is not libertarian.

That is simply not true. The libertarian approach would go through bankruptcy for everybody who cannot pay, be it individual or corporation. The banks would have gotten far far less with that approach. But the regulations point is definitely debatable, some regulations are usually necessary. I prefer them few and concise so that there is no wiggle room and that they are easy to understand for everyone.

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