The people of Iceland have now twice voted not to repay international debts incurred by banks, and bankers, for which the whole island is being held responsible. With the present turmoil in European capitals, could this be the way forward for other economies?
Why, yes, it could.
The referendum was significant since European governments, pressured by speculators, the IMF and the European Commission, are imposing austerity policies on which their citizens have not voted. Even devotees of deregulation are worried by the degree of the western world’s servitude to unconstrained financial institutions. After the Icelandic referendum, even the liberal Financial Times noted with approval on 13 April that it had been possible to “put citizens before banks”, an idea which does not resonate among European political leaders.
The "liberal" Financial Times?
Visitors to this blog will note that I am an advocate of democracy. That is direct democracy, not this representative nonsense, but real decision-making power in the hands of the people. Look at how Ireland, Greece, Spain etc. have fared compared to Iceland where the people have some measure of control over their government.
http://mondediplo.com/2011/08/02iceland
