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Thread: Iceland declares independence from international banks

  1. #1
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    Iceland declares independence from international banks

    Quote Originally Posted by http://netrightdaily.com/2011/04/iceland-declares-independence-from-international-banks/
    Iceland is free. And it will remain so, so long as her people wish to remain autonomous of the foreign domination of her would-be masters — in this case, international bankers.

    On April 9, the fiercely independent people of island-nation defeated a referendum that would have bailed out the UK and the Netherlands who had covered the deposits of British and Dutch investors who had lost funds in Icesave bank in 2008.

    At the time of the bank’s failure, Iceland refused to cover the losses. But the UK and Netherlands nonetheless have demanded that Iceland repay them for the “loan” as a condition for admission into the European Union.

    In response, the Icelandic people have told Europe to go pound sand. The final vote was 103,207 to 69,462, or 58.9 percent to 39.7 percent. “Taxpayers should not be responsible for paying the debts of a private institution,” said Sigriur Andersen, a spokeswoman for the Advice group that opposed the bailout.

    A similar referendum in 2009 on the issue, although with harsher terms, found 93.2 percent of the Icelandic electorate rejecting a proposal to guarantee the deposits of foreign investors who had funds in the Icelandic bank. The referendum was invoked when President Olafur Ragnur Grimmson vetoed legislation the Althingi, Iceland’s parliament, had passed to pay back the British and Dutch.
    Funny how there isn't a peep about this in mainstream news sources. Not surprising... if this trend were to spread, the banks would be doomed.

    If only the peoples of more nations would do this. Problem is, our governments will never let us have a vote on this issue as they did in Iceland. The banks continue to engage in seedy business practices and the public is charged with bailing them out.

    I say no more.

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    Re: Iceland declares independence from international banks

    Honestly Iceland probably did the right thing by telling the EU to **** off. There was never an explicit or implicit guarantee that the Icelandic government would protect the deposits of foreigners, and they were always investing at their own risk. I support some FDIC-equivalent program for all nations; I think they're necessary for banking stability. But the burden should be on the investor's country, not the bank's country. If the British/Dutch governments felt that it was in their best interests to encourage their citizens to invest in Iceland's banks, they could have guaranteed the deposits themselves. But they chose not to.

    There's simply no way that a tiny country like Iceland can be expected to guarantee the deposits of foreigners.
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    Re: Iceland declares independence from international banks

    Cudo's to Iceland and for the U.S. it will have to happen state by state and I get a feeling South Carolina may lead this charge.

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    Re: Iceland declares independence from international banks

    Quote Originally Posted by Kandahar View Post
    Honestly Iceland probably did the right thing by telling the EU to **** off. There was never an explicit or implicit guarantee that the Icelandic government would protect the deposits of foreigners, and they were always investing at their own risk. I support some FDIC-equivalent program for all nations; I think they're necessary for banking stability. But the burden should be on the investor's country, not the bank's country. If the British/Dutch governments felt that it was in their best interests to encourage their citizens to invest in Iceland's banks, they could have guaranteed the deposits themselves. But they chose not to.

    There's simply no way that a tiny country like Iceland can be expected to guarantee the deposits of foreigners.
    Agreed! The bankers should have had an insurance fund that they all contributed to or were charged a fee to participate in these types of loans. If you put this up for vote in the USA, you know that the big banks and investment houses and especially AIG would have the opportunity to "pound salt", and that is a lovely choice of words. Don't hold your hand over your bunghole waiting for this to happen. You'll be a handful of yourself. It's OK, name it after someone you voted for.

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