Iceland!

The people of Iceland have not finished with their outrage at what they were suckered into, they are absolutely right to refuse to impoverish themselves in order to honour criminal banks’ debts. Of course the threats are coming thick and fast and expect the media to be full of negative stories of Icleandic evil but what they are doing is actually good for all of us, the free insurance we provide for banks, (keep your profits while we pay your losses) is nothing but theft. The full weight of global capital will be brought to bear on Iceland, if one country gets uppity and gets away with it the whole system might not seem so assured of its hegemony. It will not be easy and great economic violence will be done to Iceland if they hold firm and yes UK creditors will suffer (but all could be saved if instead of bailouts we had investment in the public commons) but if we let them be attacked it simply means our supine, submissive status to our own financial institutions will become even more entrenched, we may as well just open up a vein and offer them their fill. Michael Hudson has covered this over the last year, much better reading than the UK media manage, their unexamined nationalism and deference to orthodox neoliberal religion does not make for good journalism-

The Real Issue is Iceland’s Economic Independence Will Iceland be Handed Over to a New Gang of Kleptocrats?

Make Iceland Pay for Incompetent British Bank Deregulation! Gordon Brown Spills the Beans on the IMF

The Specter of Debt Revolt Is Haunting Europe Why Iceland and Latvia Won’t (and Can’t) Pay for the Kleptocrats’ Ripoffs