Archive for March 7th, 2010

Iceland: Lessons for Americans

©2010 drkate

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Icelanders say "No"

The financial meltdown of Icesave, the ‘deal’ forced down Iceland’s throat by Britain and the European Union, and the rejection of that repayment arrangement by Icelanders may have significant implications for citizens of the United States.

Approximately 93% of Icelanders voted on Saturday to reject the debt re-payment program, flatly rejecting the idea that the people had to pay for the failure of the banking system and the European Union.

“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.

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