Sunday, June 7, 2009

Icesave - paying for other people's mistakes



Frankly, the UK does not come out of the Icesave collapse terribly well.

It used anti-terrorism laws to pressurize a small country to pay up on the debts of one of its bankrupt banks.

When these laws were passed, did anyone think that they would be used to settle a financial dispute? If New Labour are prepared to misuse this law in such a scandalous manner, how far would they go if they were really threatened?

It was classic Gordon Brown: "by any means necessary."

3 comments:

  1. Serves 'em right for nicking our cod.

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  2. One thing our state media channel omitted is that Iceland wont have to make any repayments for 7 years.

    This tiny nation's ability to repay this huge sum is doubtful

    This is just a stunt by our government to dupe us into thinking the the taxpayer isnt another £2bn out of pocket thanks to Brown's unfit for purpose FSA.

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  3. When these laws were passed, did anyone think that they would be used to settle a financial dispute?

    No, I personally didn't - but only because this is a dispute between countries.

    The normal behavior is that: Any power we give to government will eventually be abused by government (until the buggers are violently overthrown, a new lot settles in and history repeats itself).

    The exception to this circle of violence is still Switzerland - but I bet the EU is plotting already; cant have the plebes running around and deciding for themselves now, can we? Way above their station that!

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