Sunday, 21 August 2011

Iceland - doing what Moron Brown *should* have done.

I read in today's Mail On Sunday that Iceland maybe about to repay the money to their UK savers that was 'lost' when their banks collapsed.

Iceland set to pay back British debt 'in months' following massive sale of retail stakes

How are they doing this? Are the Icelandic taxpayers going to be fleeced by their government to pay back this money? After all that is how UK banks 'paid back' their debts - Gordon Brown gave them a blank cheque that UK taxpayers will be working for years and years to pay off.

Gordon Brown not only make the UK taxpayer refund these gamblers losses - but also made us pay out as if they had WON their gamble !!

No, the people of Iceland are not so stupid as to follow Moron Browns example. Their government were actually very keen to do so, but the Icelandic people refused point blank. Threats of doom were ignored, and their government were powerless to force them to pay.

Now the Icelandic government are doing what Moron Brown should have done -- they are selling off some of the failed banks assets and using the money to pay back the UK investors. So who loses? The banks *shareholders* (bondholders) the people who undertook the gamble and *LOST*.

They lose their stake and get *NO* winnings - that is what happens when you back a loser in the normal world - it is only the UK's (and EU's) mad politicians that think when rich people lose a bet they should be paid out anyway. Not only paid out, but paid out from innocent taxpayers money - the poorest taxpayer paying out winnings on a bet that was not only lost, but the taxpayer was never any part of!

We - the UK taxpayer - owe the people of Iceland a huge debt, as they are *proof* that Browns solution was not the only choice. Not only that, but that Browns solution was the *worst* choice.

First blogged at
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