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.