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Iceland: Now Finish The Job
Market Ticker ^ | March 7. 2010 | Karl Denninger

Posted on 03/07/2010 4:16:01 PM PST by Lorianne

Iceland's voters took the first step toward the right thing:

Ninety-three percent voted against the so-called Icesave bill, according to preliminary results on national broadcaster RUV. Final results will be published today.

The next step would be to quash any talk of a "new accord."

There is exactly one accord to take: Tell the Netherlands and British to stick it.

They decided to step in on their own without the consent of the Iceland population when Iceland's version of the FDIC ran out of money. It was their decision, not the Icelandic people's to do so.

Voters rejected the bill because “ordinary people, farmers and fishermen, taxpayers, doctors, nurses, teachers, are being asked to shoulder through their taxes a burden that was created by irresponsible greedy bankers,” said President Olafur R. Grimsson, whose rejection of the bill resulted in the plebiscite, in a Bloomberg Television interview on March 5.

That's correct.

The people didn't cause the bankers to do the irresponsible things that led to this, just as the people in the US didn't cause our bankers to do so.

The bankers, with superior knowledge and all their grand mathematical models, took a bet.

The bet was that they could intentionally make bad loans and intentionally fail to disclose risks, and if the bet turned out poorly the people, who did not consent to be stooges, would bail them out.

Iceland's people have said no.

That is the beginning and end of the discussion.

If that decision is not respected, and Iceland's parliament continues to try to subjugate the people to pay for an act they were not responsible for, then the people must rise and put a stop to it, in its entirety.

By whatever means are necessary.

(Excerpt) Read more at market-ticker.org ...


TOPICS: Business/Economy; Foreign Affairs
KEYWORDS: iceland
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1 posted on 03/07/2010 4:16:01 PM PST by Lorianne
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To: Lorianne

That’s cold.


2 posted on 03/07/2010 4:16:51 PM PST by HiTech RedNeck (I am in America but not of America (per bible: am in the world but not of it))
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To: HiTech RedNeck

Well put Mr. Deninger.


3 posted on 03/07/2010 4:21:39 PM PST by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: Lorianne
The people didn't cause the bankers to do the irresponsible things that led to this, just as the people in the US didn't cause our bankers to do so.

No but their elected government did (as did ours). I agree Iceland should tell thee Brits and the Dutch to write it off. But don't hang the blame for the mess on the banks. This recession, like all recessions, was induced by government misbehavior. Who was issuing all the money the banks were lending?

4 posted on 03/07/2010 4:22:01 PM PST by SeeSharp
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To: HiTech RedNeck
The Parlimentary System does have it's advantages. One is that it is easier to replace governments ahead of schedule. Any politician looking at a 93% plebiscite vote would be a fool to continue pushing similar schemes.

It will be interesting to see if the USA sides with the big bankers by "punishing" Iceland by withholding IMF loans. As the USA dwarfs all other IMF contributors, we should have the largest say in who gets IMF money.

It would certainly be a very sad commentary if the IMF refuses to help Iceland while continuing to pump money into dozens of other third-world hell-holes, with far greater problems than Iceland.

This is where the rubber meets the road, it will be interesting to see what the Obama administration does.

5 posted on 03/07/2010 4:22:29 PM PST by Jack Black
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To: Lorianne

Absolutely awesome.

Sincerely hope this spreads around the globe.


6 posted on 03/07/2010 4:23:30 PM PST by misanthrope (Liberals just plain suck!!)
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To: SeeSharp
No but their elected government did (as did ours). I agree Iceland should tell thee Brits and the Dutch to write it off. But don't hang the blame for the mess on the banks. This recession, like all recessions, was induced by government misbehavior. Who was issuing all the money the banks were lending?

Well, in the USA "all the money the banks are lending" is created by the Fed, which is explicitly OUTSIDE the control of the Government. (Watch any Fed hearings lately? Follow the fate of the "Audit the Fed" bill? It is *not* a part of the government, like say the Treasury Dept. or the FBI.).

I am not sure how the Icelandic Fed works, but if it is at all like ours you assertion is incorrect.

7 posted on 03/07/2010 4:25:05 PM PST by Jack Black
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To: misanthrope
Sincerely hope this spreads around the globe.

Check to see if there is someone behind the curtain before you hope to much...

8 posted on 03/07/2010 4:26:37 PM PST by !1776!
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To: Jack Black
which is explicitly OUTSIDE the control of the Government

The Fed is totally a creature of the government. The government created it, appoints its leaders, and dictates its operating parameters. The facade of independence is maintained to keep the Fed's operations secret from the public.

Former Fed chairman Arthur Burns put it best when he said "Of course the Chairman of the Federal Reserve has to do whatever the President of the United States wants him to do. If he didn't the Fed would lose its independence." He said it with a straight face too.

9 posted on 03/07/2010 4:30:16 PM PST by SeeSharp
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To: Lorianne

A man’s word is his bond. And by extention, a nation’s word is it’s bond.

Iceland first said it would honor it’s word with the bailout. Now this vote retracts their word.

Who will trust Iceland again? I wouldn’t...


10 posted on 03/07/2010 4:30:36 PM PST by gogogodzilla (Live free or die!)
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To: Lorianne
The people didn't cause the bankers to do the irresponsible things that led to this, just as the people in the US didn't cause our bankers to do so.

1) The "people" most certainly did - at least through the representatives they elected and for the most part acted according to the popular whims.

2) Bankers, as a group, have acted no less responsibly than other segments of society.

While lenders should in no wise be bailed out by the public; I see zero need for the type of demonization put on display in articles such as these. Taking a risk, with the attendant possibility of failure, lies at the heart of any free market system. Attacking the very concept of risk-taking surely lies on the road to leftism.

11 posted on 03/07/2010 4:31:58 PM PST by eclecticEel (The Most High rules in the kingdom of men ... and sets over it the basest of men.)
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To: eclecticEel
While lenders should in no wise be bailed out by the public; I see zero need for the type of demonization put on display in articles such as these. Taking a risk, with the attendant possibility of failure, lies at the heart of any free market system. Attacking the very concept of risk-taking surely lies on the road to leftism.

Who is attacking the 'very concept of risk taking'? It isn't risk taking if the government or anyone else bails you out.

The thieves who stole our money to bail out bad businesses and loans in this country should should stripped of everything they own, starting with George W. Bush.

12 posted on 03/07/2010 4:42:09 PM PST by LeGrande (The government wants to make a new Government program (Health Care) to fix Medicare and Medicaid.)
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To: Lorianne

Since when have governments cared what the people thought?? They can find a California judge to throw this out. //sarcasm

Usually they just hold a referendum every year until it passes don’t they?


13 posted on 03/07/2010 4:46:51 PM PST by GeronL (I Own Me (yep, boiled down to 6 letters))
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To: Lorianne

Coming to the USA in November. The DC bums and their banksters are about to be toast.


14 posted on 03/07/2010 4:48:22 PM PST by VRWC For Truth (Throw the bums out who vote yes on the bail out)
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To: eclecticEel
1) The "people" most certainly did - at least through the representatives they elected and for the most part acted according to the popular whims.

Not only that but the "people" likely reaped benefits in terms of greater liquidity (lending power of banks), lower borrowing rates, and higher yields on savings and associated investments.

Sure I'll give you my savings it's backup by the government - now give me a loan I can't pay back.

Fit hits shan - same person - Make my loan more favorable because I can't afford it, give me my money back plus interest, and it's your fault not mine you greedy SOB. An as for that government backing - screw it for everyone else - it's going to cost me money and I didn't sign up for this crap. I figured it was free money and it's not fair that there isn't such a thing as free money.

By the way, I'd like to buy a second car with zero down and no insurance. Preferably I'd like a loan at 2% interest. If you won't do that then you are a greedy SOB...

15 posted on 03/07/2010 4:48:48 PM PST by !1776!
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To: eclecticEel

Where does the ultimate risk lie?

Where does the buck stop?


16 posted on 03/07/2010 4:51:47 PM PST by Lorianne
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To: Lorianne

I cannot speak for Iceland but in this country, none of the fraud committed by American bankers would have been possible without the complicit involvement of the government; Barnie Frank and Chris Dodd specifically but no shortage of others.


17 posted on 03/07/2010 4:52:30 PM PST by muir_redwoods (Obama: Chauncey Gardiner without the homburg)
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To: eclecticEel
Since when is bailing-out failed banks "risky?"

Risk means suffering the consequence, not making someone else suffer for your greed.

18 posted on 03/07/2010 4:54:24 PM PST by Anti-Utopian ("Come, let's away to prison; We two alone will sing like birds I' th' cage." -King Lear [V,iii,6-8])
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To: LeGrande
It isn't risk taking if the government or anyone else bails you out.

Actually it is risk taking, but it is a shared risk.

Each person signs on when they put money into a bank (FDIC). Each person knows their money is backed with that program. In exchange for that backing they get a little interest.

Don't want to share in the risk - keep your wealth isolated from any government or institution. Land is probably the best example, other than stuffing gold coins into a matress...

19 posted on 03/07/2010 4:54:34 PM PST by !1776!
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To: !1776!

You are talking about a small percentage of the population. Because of the incest between gov’t policies and the banks, the elites think the majority who pay their bills and didn’t cause the problem are the ones to pay. Think again. The free market is going to be ruthless with the DC crowd and their partners in fraud. Iceland rejected Socialism. I expect the USA to do likewise.


20 posted on 03/07/2010 4:54:56 PM PST by VRWC For Truth (Throw the bums out who vote yes on the bail out)
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