and dropping to the bench. And rescue. And the sun rises in Antequera. Beginning to take off my hat to the Icelandic President, Mr. Grímssom, before condemning their citizens to pay a debt that did not make, and are not responsible, had the decency to ask in a referendum whether they wanted to pay. And they said no, twice, this weekend and a year and a half. So I say that most want to be Icelandic, because these public opinions anesthetized that we in Europe, we are stealing the wallet while the only thing that interests us is like the blob that is the Champions Ligue .
course, know the story. The Icelandic bank Landsbanki sells an account (Icesave) at high interest rates, which is irresistible to young British and Dutch investors, as usual, biting and invest. It must be said that Moody `s and the rest of gentucerío the rating agency had placed him the bank to the triple (AAA), again showing the least to assess risks financial, are used to what you want.
crisis arrives and the bank-to-failure is dropped by the Icelandic government, while panic among investors on the continent, forcing London and The Hague to pay their depositors, at their own risk of default. We have here a first example of socialized losses. Given that panic, these governments cover the debt with public funds. It is worth recalling now that anyone who makes an investment is at risk. More or less, but it runs. The extreme case is precisely this: the bankruptcy of the entity and total loss of invested capital. So that every investor big or small knows, or reasonably should know, should suffice for London and The Hague would not cover the debt to its citizens.
you invested, you played, you lost, and wish you better luck next time. How it works or should work. The irrational is that they pay the debt ahead of these investors with public money, socializing debt, whereas if those same investors had made profits in the operation, would have been his very own, without anyone had questioned and much less than one euro cent smelled. Now back to
Iceland, Britain and the Netherlands who claim the 4000 million have advanced to investors at the expense of public funds. We intend to bring the debt socialized by the English and Dutch, so that is shared among Icelanders. Please situation: it is now you're a guy who was in Reykjavik at -20 degrees and suddenly finds himself with it in a referendum asking if you want your family and you are 50000 euros poorer, for gentlemen who bet your money down there and lost, for-profit as well, take it back because, poor things. And I say total, which will be 37 years and 3%, translating into higher taxes, cuts in salaries and pensions, and the rest of the usual litany and all so we have seen since ZP underwent its metamorphosis, and from that it became fashionable to rescue countries (Filthy lie, of course, is who is rescued banks Teutons). And maybe you, islandesito on foot, or has heard of the damn Landsbanki, or the bloody Icesave account. There has been involved with such bank in its icy life. And you have to pay because of some financial managers who you do not know anything, but now I would like to know, if possible with the manager and a good throw boulder in each hand. Or with a borrowed for the occasion disciplines. O well-fed with a musket with the manager standing at attention. What would you do? Probably the same as Icelandic. And vote NO. A resounding no, angry and bewildered. Because you did not invest with the bank. Because the bank was, or what was supposed to, an entity of private law, accountable to their shareholders, who charged his good dividends, and to their customers, they charged their good interest. The Icelandic state was not responsible either before or at some other. You either. Now they want more pay. Not really.
course, the whole thing is short haul, as it is now frozen from Brussels negotiations for accession to the Union of Iceland, while the IMF and other highwaymen denied funding to the country, and the rating agencies will put the triple Z, being bad payers. Begin pressures from all fronts, and the final will through the hoop. Because neither Brussels nor the Fund nor any agency, nor any of the crooks we have in the various command posts, are able to tolerate that Icelanders are off the hook. Lest that sets an example, and they run the bar.
funny thing is that Britain and the Netherlands now threaten to plunge the Icelandic state to court. And some wonder, hey why do not take to the bank, who first broke? Or to the bankers responsible for the mismanagement and bankruptcy? Or "rating agencies , to give the Triple A where they had put the triple Z? Or the heartless Strauss-Kah and IMF? And ultimately, why Why not give them some basic financial education lessons to its citizens? And they explain that in a capitalist system when you bet your money on an investment, you lose. Legally. According to the rules. Does not say anywhere in these rules is that one poor guy who walked in Reykjavik you have to pay the party and take losses that are yours and nobody else. Although of course, is the first rule of capitalism: to socialize losses. Although not written.
We have screwed.
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