Iceland Gets It Right: Say NO to Bank Bail-Outs

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Iceland Rejects Deposit Repayments to British, Dutch

By CHARLES FORELLE

Wall Street Journal, 10 April 2011

For the second time, Icelanders voted down a deal to repay Britain and the Netherlands billions of euros lost in the island nation’s 2008 financial collapse—at once a bold popular rejection of the notion that taxpayers must bear the burden for bankers’ woes and a risky outcome that will complicate Iceland’s efforts to rejoin global markets.

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Phi Beta Iota: The integrity of the President of Iceland, and the common sense of the people of Iceland, is to be commended.  As with the Irish, they see the insanity of any proposal to bail-out a few speculators.  The US Government has been completely lacking in integrity and intelligence across the two-party system that fronts for Wall Street–a nation-wide tax revolt and general strike is still a possibility.  Any increase in the debt ceiling in America, in combination with refusing to drop kick Medicare prices down to 1% of what they are now while cutting the military and most other Cabinet departments in half, eliminating the Internal Revenue Service (IRS), substituting the Automated Payment Transaction Tax, eliminating the Department of Homeland Security, and eliminating at least 50-60% of all out-sourcing contracted services the federal government should not be funding, is a start.  Neither the Executive or the Congress are demonstrating any integrity or intelligence at all.  The Empire of Illusion pretends to be marching while actually in free-fall, having gone over the cliff in 2006 or so.

See Also:

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Guest Post: Analysis of the Global Insurrection Against Neo-Liberal Economic Domination and the Coming American Rebellion

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Journal: Wall Street Financial Crime Spree Spins On….

Reference: Electoral Reform–1 Page 9 Points 2.2

Reference: Empire of Lies & Secrecy

Review: Agenda for a New Economy: From Phantom Wealth to Real Wealth

Review: Simple Government

Why Isn’t Wall Street in Jail? + US Fraud RECAP