Karl Denninger, "Iceland: Now Finish The Job"
"Iceland: Now Finish The Job"by Karl Denninger
"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 should be the end of the discussion. The Netherlands and British should bear the costs - all of them - of their own decision to bail out their citizens. That decision was uniquely theirs and did not come with the consent of the Icelandic population - a consent that was belatedly sought and now has been overwhelmingly rejected.
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.
To the people of Iceland: You have my full and unwavering support. Do not knuckle under. These banksters - these criminals - attempted to steal your economic futures, dreams and hopes. They intentionally and with malice aforethought put together financial programs they knew could not succeed in the long term, believing they could saddle you with the costs while keeping the benefits to themselves.
You have repudiated that belief. You are a beacon of light in a world of darkness. Now finish the job and send these jackals - these robber barons, brigands and thieves - packing. Eject them, and the ruin they bring, from your nation now and evermore, replacing them with sound, local, and accountable financial institutions that are not run for the sake of bubbles and cute mathematical models but rather on sound principles such as ONE DOLLAR OF CAPITAL.
May this vote be the start of an international citizen revolt - peaceful revolt - against the brigand-style fraud rained down upon the word by the pinstripe-wearing scam-meisters known as "banksters."
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 should be the end of the discussion. The Netherlands and British should bear the costs - all of them - of their own decision to bail out their citizens. That decision was uniquely theirs and did not come with the consent of the Icelandic population - a consent that was belatedly sought and now has been overwhelmingly rejected.
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.
To the people of Iceland: You have my full and unwavering support. Do not knuckle under. These banksters - these criminals - attempted to steal your economic futures, dreams and hopes. They intentionally and with malice aforethought put together financial programs they knew could not succeed in the long term, believing they could saddle you with the costs while keeping the benefits to themselves.
You have repudiated that belief. You are a beacon of light in a world of darkness. Now finish the job and send these jackals - these robber barons, brigands and thieves - packing. Eject them, and the ruin they bring, from your nation now and evermore, replacing them with sound, local, and accountable financial institutions that are not run for the sake of bubbles and cute mathematical models but rather on sound principles such as ONE DOLLAR OF CAPITAL.
May this vote be the start of an international citizen revolt - peaceful revolt - against the brigand-style fraud rained down upon the word by the pinstripe-wearing scam-meisters known as "banksters."
- http://market-ticker.denninger.net/
Amazing. Little Iceland does what we Americans, all 309 million of us, didn't have the guts to do- tell the banksters to go straight to hell. "Too big to fail"? Too damned bad, go out of business! What good have they been to US, the people of this country? What have CitiBank, Wells Fargo, JPMorgan Chase done to improve YOUR life, Good Citizen? Have they been reasonable and cooperative in helping YOU through this tough time? What have they done to you except foreclose your home, raise credit card interest rates to 29.9% or higher, reduce your credit lines, charge every imaginable fee to steal what little you have left? Why should we, the people, pay for their criminal, psychotic greed? Who says WE the people are responsible for their crimes, totaling at least $23 TRILLION of your tax dollars? Do you remember that 90% of the people opposed the TARP "rescue?" Yet it was passed by Wall Street's whores in Congress and the Senate, and we did nothing about it. Hat's off to Iceland, for showing us how to be men and women again, instead of the pathetic cowards we are. Maybe there's hope, after all... -CP
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