Free cheese for everyone!
Next, a chicken in every pot?
All liberalism is theft. This sounds like home buyers stealing from home renters.
otoh, it sound a bit like a "jubilee" year, and I guess that the prerogative of leadership.
A dream come true for mortgage holders, with economically lethal consequences.
Iceland has no intention of being rolled.
Iceland says NO to Debt-Slavery
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August 22, 2009
By Notsilvia Night (The Peoples Voice)[1]
Here in Iceland people say, that if the country´s government agrees to give in to British and Dutch blackmail to pay the debts of the private internet-subsidiary Ice-Save of the private bank Landsbanki, we all will become Ice-Slaves. So public opinion is forcing the parliament to refuse unconditional debt-payments. According to a new agreement payments are only to be made conditional as a percentage of economic growth.
Already a large group of international banks have come together to sue Iceland for full and unconditional payments. Joseph Tirado, from the British law-firm Norton Rose said that a large group of banks will be part of this law-suit. He did not want to give the names of those institutions neither would he say in what court the case would be heard. EU officials and others are threatening Iceland with international isolation.
[snip]
The problem is that every debt is someone else’s asset.
So wiping out all debt would result in a great many of the proponents losing their own assets. Not to mention crashing the entire world’s economic system.
What people really want is to wipe out their own debts while maintaining their own assets which are someone else’s debt.
Ain’t gonna happen.
Anywho, Iceland is a miniscule portion of the world economy. It can do whatever it likes without affecting the rest of us. If the USA were to do something similar, it drastically affects the entire world.
Very interesting, I’m not really sure of the long effects of this action.
Here in the United States I would be happy, nay...Delirious if the Property tax was made unconstitutional. As it stands now a property owner really doesn’t own their property. They merely rent it from the Government, because they can take it and sell it out from underneath the owner if those taxes are not paid.
In case you can’t tell, this is a major “thing” with me. Just another form of legalized theft.
I don’t foresee an avalanche of foreign investment rushing into the Icelandic financial markets anytime soon. I wonder if the Icelandic people understand that the money they won’t be paying back didn’t actually come from the bankers
So you propose this would be appropriate here?
What about people like myself who lent money in good faith to home buyers with the expectation that I would recieve money back in interest and eventually, the principal?
That money that the bankers lent to the mortgage holders came from people like myself.
Should I just eat it as one of the evil rich?
I worked hard, very hard for that money I saved. A lot harder than most people would ever work in their lifetimes.
Hope that Iceland is self sufficient in EVERYTHING. They are going to find out what happens if you lose access to credit for others:
No Letters of Credit for trade
Never again buy food without paying for it in advance
Same with oil imports
If an Icelandic tourist visits NY you better pay cash upfront or have a credit card issued outside the country
No fool would ever start a consumer finance company there. Good luck buying furniture, cars or electronics without credit.
If they do this their GDP will contract so much they won’t know what hit them. Kind of like living an Islamist dream economy from the 7th century . . .
Read the Chapter in Leviticus that talks about the once-in-a-lifetime Year of Jubilee in which all debts were forgiven in ancient Israel. Bottom line: the Almighty never intended for men to be permanently slaves to the company store.
This story seems to be fake,
You would think such a monumental event like this would be news around the world, but besides Youtube and a few blogs it's nowhere
Iceland has gone Commie.
Yeah, those “corrupt” bankers who lent $$ to people thinking that they would honor their obligations and pay it back. What a bunch of sleazebags those bankers are! [/s]
Geothermal heat for everyone!
Oh wait...never mind.
