Iceland Voters Reject Bank Bailouts in Crushing Electoral Defeat; Neo-Liberalism In Context

[Joanne98]

"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."

It is interesting that the government of Iceland had already declared the vote of the people as 'obsolete.' One has to wonder when the voters will declare their current government and their representatives as obsolete. One would give them credit for at least allowing a vote on a referendum.

Iceland is a victim of the neo-liberal economic deregulation of the 1990's, in which a few bankers can buy the government, and rack up enormous profits for themselves in Ponzi like leverage, and then attempt to socialize the debt back to the people when their schemes collapse.

Neo-Liberalism is a system of economic thought embracing the efficient markets hypothesis, the inherent good of deregulation and the natural impediment of government regulation, the necessity of free trade and globalization, the supremacy of the corporation over the individual person in the social economy, and supply side economics. It most likely favors a one world currency and consolidation of production into large corporate combinations or 'trusts' under the principle of laissez-faire.

http://jessescrossroadscafe.blogspot.com/2010/03/iceland-voters-reject-bank-bailouts-in.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+JessesCafeAmericain+%28Jesse%27s+Café+Américain%29&utm_content=Google+Reader

[Turbineguy]

1. And then there were all those others

who flocked to Iceland with their money because the bank interest was so high.

Reaganomics only works in the movies where the special effects people can fix the bad acting.

[northernlights]

2. +1 and they didn'tnotice the fine print that said the deposits WEREN'T INSURED

so why, again, should the citizens of Iceland be forced to pay for other people's losses when they didn't read the contracts?

[Turbineguy]

3. Ok, so they didn't read the contract

the salesman promised them a free lunch.

[notesdev]

4. Caveat Emptor

It's pretty much impossible under any laws to prevent a fool and his money from being parted.