Iceland overthrows government, banks; media suppresses news

Discussion in 'Politics and News' started by Duder1no, Aug 27, 2011.

  1. Duder1no

    Duder1no Senior member

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    This should be making headlines worldwide yet it isn't.

    The revolution will not be televised.

    http://pressenza.com/npermalink/ice...punish-the-bankers-responsible-for-the-crisis
     
  2. RbSX

    RbSX Diamond Member

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    Iceland better not need to borrow any money for the next hundred years, because I don't think these people understand that no one will give it to them.
     
  3. MovingTarget

    MovingTarget Diamond Member

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    Don't worry, true Ferengi never pass up an opportunity for profit. Iceland will be able to get loans if they truly want them. Whoever fulfills that role will have to think twice before being anything less than honest and/or transparent about it.
     
  4. Thump553

    Thump553 Diamond Member

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    With all due respect, your so-called revolution is just a bunch of people electing to take the deadbeat route. Iceland benefited enormously from it's liberatarian style basically unregulated banking system, then when it failed -taking down enormous amounts of money from the citizens of Great Britain, among others, the people of Iceland refused to step up and pay off the debts their government guaranteed.

    IMO Iceland should be thrown out of the EU and left to be the tiny nation of poor alcoholic suicides it was before.

    Get enough Icelands together and the EU will collapse. Only an idiot would want that.
     
  5. Duder1no

    Duder1no Senior member

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    You may be right but when I said "Revolution" it was alluding the fact that people can create change if they really want to.
     
  6. Infohawk

    Infohawk Lifer

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    It's hard to get excited about what amounts to the politics of a city in demographic terms.

    When private enterprises fail there's no reason the population of the country its in should enslave themselves. Do you think corporate shareholders should be responsible for the debts of a corporation?
     
  7. MovingTarget

    MovingTarget Diamond Member

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    Isn't the mantra over here "Privatize profits, socialize losses"? I for one think that is quite lopsided. If the shareholders reap the profits, they should be held responsible for the losses. Thats capitalism, right?
     
  8. tweaker2

    tweaker2 Diamond Member

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    The start of a western (or USA) version of the Arab Spring Revolution? It seems like the Tea Party is pushing us there more and more, only not in the way they want it where the rich gets richer and the middle class evaporates.
     
  9. Greenman

    Greenman Diamond Member

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    It's an interesting story, I'd like to see the part that's missing.
     
  10. Doppel

    Doppel Lifer

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    This is not breaking news, it's been an ongoing process but an exceptionally tiny country. It is interesting, though.
     
  11. Infohawk

    Infohawk Lifer

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    I don't think anyone actually likes that. Many conservatives would have been fine with the 2008 banks failing.

    No, maybe people are missing that corporations exist to shelter shareholders from liability. All you lose is your investment. You don't take on personal debt. That is the raison d'etre of corporations.
     
  12. JSt0rm

    JSt0rm Lifer

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    So then why should an entire nation be responsible for the losses of a few? (serious question)
     
  13. Infohawk

    Infohawk Lifer

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    Maybe you missed the part where I said:

     
  14. JSt0rm

    JSt0rm Lifer

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    I was just asking why under the law this was happening. I wasn't trying to say you personally were for.
     
  15. Nebor

    Nebor Lifer

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    Because the government of Iceland borrowed that money from the IMF & other nations in order to bail out a few corporations. The IMF and other nations wouldn't have bailed out those corporations directly, but the nation of Iceland put their credit on the line to make it happen.
     
  16. sandorski

    sandorski No Lifer

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    Interesting developments.
     
  17. Infohawk

    Infohawk Lifer

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    As Doppel said, this is not exactly breaking news. The article is from March. Do you get all your news from blogs and P&N?
     
  18. sandorski

    sandorski No Lifer

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    I just am now hearing about it, sorry.
     
  19. randomrogue

    randomrogue Diamond Member

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    They are probably the only smart western country out there.

    I wish we would have let all these banks fail. All of them.
     
  20. Infohawk

    Infohawk Lifer

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    They didn't really let them fail. They stepped in and nationalized the banks.
     
  21. CPA

    CPA Elite Member

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    surely they'll get them, and then not repay them again.
     
  22. matt0611

    matt0611 Golden Member

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    If the government guaranteed them then how is that libertarian? That was their mistake.

    Good for the Icelanders, better to start over with nothing than with bankers debt on your back.
     
    #22 matt0611, Aug 27, 2011
    Last edited: Aug 27, 2011
  23. Craig234

    Craig234 Lifer

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    What we need to do is not let the banks fail, it's to shrink and regulate them.

    The fact we didn't let them have a real blackmail power over the economy.
     
  24. Craig234

    Craig234 Lifer

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    No, the mistake was 'Libertarian' policies allowing the banks to become 'too big to fail' and pursue corrupt and excessively risky policies endangering the economy.

    Bailing them out wasn't a 'mistake', it was simply the ransom the banks could demand because of the errors allowing them to get to the point they had.
     
  25. matt0611

    matt0611 Golden Member

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    Wrong, government guaranteeing anything always creates a moral hazard.
    And if these banks were indeed "corrupt" and committing illegal acts then the government failed at stopping them.