93% Of Icelanders Reject "Icesave" Bill In Historic Referendum

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Morpheus's picture
Morpheus
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93% Of Icelanders Reject "Icesave" Bill In Historic Referendum

Another European country is about to be cut to junk by the rating agencies, after a whopping 93% of Iceland voters turned down the ironically named Icesave bill in a historic referendum, which would have saddled citizens with an additional $16k in debt to compensate the UK and Holland with a $5.3 billion note for the failure of Landsbanki. The vote failure, which has already prompted Fitch to downgrade the country to junk, and is now sure to see Moody's and S&P follow suit, has left many to believe that a government crisis is now imminent. Another implication is that an IMF-led loan is now in limbo, demonstrating that the international bailout watchdog is truly powerless when the people of the bailout recipient nation want to have nothing to do with the international rescue circuit.

What is amusing is that the disconnect between what governments think their people want and what people actually want has become unprecedented:

http://www.zerohedge.com/article/93-icelanders-reject-icesave-bill-historic-referendum#comment-256587

Wow. I have to say, I'm damn proud of the common man in Iceland. Better to be poor and free...

land2341's picture
land2341
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Re: 93% Of Icelanders Reject "Icesave" Bill In Historic ...

Agreed!  My friend in Iceland was livid over this proposal.  That their citizens should be forced to pay back another country that invested in their banks when the bank failed is utterly bizarre thinking.  Esp when the UK played a huge role in Iceland's collapse.  "Here let us destroy your economy and then force you to pay us for the privilege....."

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Johnny Oxygen
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Re: 93% Of Icelanders Reject "Icesave" Bill In Historic ...

The people of Iceland are my new hero's.

I wish I could say the same for the US

EndGamePlayer's picture
EndGamePlayer
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Re: 93% Of Icelanders Reject "Icesave" Bill In Historic ...

Guess the best way to support the Icelandic people is to find their products and buy from them. Then be patient - my guess is things will stop running in/out of the country. IDEAS anyone?

rowmat's picture
rowmat
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I sympathise with their decision however...

... it is now inevitable that the people of Iceland will be made examples of for the rest of the world to take notice of.

The banksters will not want to see Iceland as setting an example of standing up to financial tyranny.

That could potentially undermine the bankers current agenda of global debt serfdom

Unfortunately the people of Iceland will be unfairly punished for their decision.

Now that they have voted the true battle will begin. ie trade sanctions, financial sanctions etc.

So it is now more than ever they need our support.

 

rowmat's picture
rowmat
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Re: 93% Of Icelanders Reject "Icesave" Bill In Historic ...
EndGamePlayer wrote:

Guess the best way to support the Icelandic people is to find their products and buy from them. Then be patient - my guess is things will stop running in/out of the country. IDEAS anyone?

For starters attempt to find out which companies, banks, governments etc institute boycotts and trade sancations against Iceland and then publicise those and and then boycott them in turn.

In others words play them at their own game.

DrKrbyLuv's picture
DrKrbyLuv
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Re: 93% Of Icelanders Reject "Icesave" Bill In Historic ...

It was a pleasant surprise that the vote was overwhelming in favor of the common sense rights of the people to avoid nationalizing the debt of private concerns.  In a representative government this should be a mandate.

Ireland may not be far behind:

Bailout 'would spark revolution'

A revolution will erupt if billions of euro more in taxpayers' money is handed over to Anglo Irish Bank, Enda Kenny has warned.  The Fine Gael leader said people can no longer tolerate massive public funding of the nationalised bank as it stands.

Expected record losses at the bank, to be announced later this month, have fuelled speculation it will seek another six billion euro from the Government, on top of the four billion it has already pumped in.  "There'll be revolution on the streets if you do that," he insisted.  "This is effectively a dead bank which will not lend any further monies."

A warning has been issued over a possible further bailout of Anglo Irish Bank

What can we do to help?

We should take on the banking cartel here in the U.S.  where they can be beaten but it will take a unified effort.  I don't think the people have been hurt enough yet to get off the couch and hit the streets but that day is coming. 

Larry

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rowmat
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Re: 93% Of Icelanders Reject "Icesave" Bill In Historic ...
DrKrbyLuv wrote:

... We should take on the banking cartel here in the U.S.  where they can be beaten but it will take a unified effort.  I don't think the people have been hurt enough yet to get off the couch and hit the streets but that day is coming. 

Larry

Yes indeed.

Take on the unconstitutional and illegal Federal Reserve in their subsiduary, the IRS... Interest Retrieval Service

Morpheus's picture
Morpheus
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Posts: 1200
Re: 93% Of Icelanders Reject "Icesave" Bill In Historic ...
rowmat wrote:
DrKrbyLuv wrote:

... We should take on the banking cartel here in the U.S.  where they can be beaten but it will take a unified effort.  I don't think the people have been hurt enough yet to get off the couch and hit the streets but that day is coming. 

Larry

Yes indeed.

Take on the unconstitutional and illegal Federal Reserve in their subsiduary, the IRS... Interest Retrieval Service

Also need to tear up the Syndicate Encouraging Corruption. 

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