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Guest UK Debt Slave

Iceland Says No To Perpetual Debt Slavery

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http://wikileaks.org/wiki/Iceland_says_NO_to_Debt-Slavery

Michael Hudson, economic professor, researcher and economic adviser to the Icelandic government calls the Parliament´s agreement a quantum leap, which might, if it succeeds to be implemented, change the world’s financial environment. He explains in his article

http://notsylvia.wordpress.com/about/about...ocrats-ripoffs/

This political pressure came to a head over the weekend in Reykjavik’s Parliament. The Althing agreed a deal, expected to be formalized today, which would severely restrict payments to the UK and Netherlands in compensation for their cost in bailing out their domestic Icesave depositors.

This agreement is, so far as I am aware, the first since the 1920s to subordinate foreign debt to the country’s ability to pay. Iceland’s payments will be limited to 6 per cent of growth in gross domestic product as of 2008. If creditors take actions that stifle the Icelandic economy with austerity and if emigration continues at current rates to escape from the debt-ridden economy, there will be no growth and they will not get paid.

Interesting stuff

I always keep an eye on events in Iceland. It has been utterly decimated ny the Neo-Liberalist economic model, deliberately I believe.

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Interesting stuff

I always keep an eye on events in Iceland. It has been utterly decimated ny the Neo-Liberalist economic model, deliberately I believe.

Hmmm, so what's a definition of "Neo-Liberalist"?

For the free market to do any such thing deliberately would of course be a complete contradiction in terms. A malevolant player in the market could actively seek to damage another (think, Soros vs UK), but the market itself remains disinterested.

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Worth a read - the comparison to Germany in the 30s is interesting but, somehow, I don't think the Icelanders are about to man the long boats and turn up on the Yorkshire coast for a spot of raping and pillaging any time soon. The fundamental point that they might just say 'f*ck you, we're not paying' makes sense though. If I was them, I wouldn't pay. Not getting into the UK seems like a small price - some may say no price at all - for keeping your country intact.

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http://wikileaks.org/wiki/Iceland_says_NO_to_Debt-Slavery

Michael Hudson, economic professor, researcher and economic adviser to the Icelandic government calls the Parliament´s agreement a quantum leap, which might, if it succeeds to be implemented, change the world’s financial environment. He explains in his article

http://notsylvia.wordpress.com/about/about...ocrats-ripoffs/

Interesting stuff

I always keep an eye on events in Iceland. It has been utterly decimated ny the Neo-Liberalist economic model, deliberately I believe.

Deliberately? Do tell...I would love to hear who has such a huge grudge against Iceland that they would be prepared to engineer a financial bubble so as to bring about a really bad recession.

Personally, I could not care if Iceland defaults on its debt. It has an economy the size of Bristol and should not be expected to guarantee the debts of its private banks.

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Deliberately? Do tell...I would love to hear who has such a huge grudge against Iceland that they would be prepared to engineer a financial bubble so as to bring about a really bad recession.

Northerners. They're still p1ssed off about being invaded.

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Iceland will join the EU and we will end up sharing their debt. ;)

Nope it's never gonna happen..

The most resent poll on EU membership showes that 62% of Icelanders are against membership ;)

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