Monday, January 11, 2010

Catching up: five snippets

Posting has been slow for a number of reasons, so in an attempt to catch up here are five things that I reckon;

  • Iceland: why should the government pay back the money lost in the financial crash and thereby immiserate it's population?

    The previous government mismanaged the economy and that's why it was chucked out and replaced with a left green coalition who oppose the policies of the neo-liberals that got us into this mess in the first place. Now the UK and Dutch government are whinging that a country with a population the size of Wigan should bail them out of the consequences of their greedy investment decisions.

  • Islam4UK: I'm going to say it again. The media encourage the most anti-social ways of making your point. A tiny organisation pretends it's going to march through Wooton Bassett and become a national talking point for more than a week.

    If you represent a point of view that actually has support in this country you have to move Heaven and Earth to get your point in the papers.

  • Rod Liddle: will he become the editor of the Independent? Dear God this country's depressing when this is even a possibility.

  • Brighton: good article in the Independent today showing the Greens on course for their first MP. This sort of thing makes me worried!

  • US: Lastly I thought this article of feminism and the US health care system was interesting.


David Cox said...

Problem is Jim Is that instead of Her Majesties Government doing the ‘standard operating procedure’ of guaranteeing only the first £35,000, the British government lent the Icelandic government the cash to pay out greedy British investors who invested, sorry laid a bet in Icesave. So if Iceland doesn’t pay, British taxpayers will foot the bill – once again a transfer of wealth from the poorest to the richest. If Iceland doesn’t pay Britain will be beastly to Iceland, and as a result Iceland’s economy will contract further, so yet more British jobs in the fishing industry will be lost.

Left-Green government are the one’s who want to honour the debt, they didn’t cause the problem, but they are taking the flak; whilst shamefully one of the parties who caused the problem are cynically playing the ‘can’t pay, won’t pay line’.

The bill agreeing to pay the debt had some interesting amendments, including a clause that allowed Iceland to renegotiate terms if it had not repaid the full sum by 2024. In other words it was “we’ll try to pay you back, it might take some time” whilst the British and Dutch governments weren’t exactly ecstatic about this it did ensure some economic stability.

And now for some trivia Teignmouth man Pike Ward is a national hero in Iceland, Pike Ward is still the name of shipping agents in the town.

Jim Jepps said...

For some reason I'm having problems commenting (don't know if that's me or blogger) but I'm in at last!

I agree that the current government is getting the stick for the actions of the previous one - but the key point is that if someone cannot afford to pay back the money then they can't afford it - all the more important because it's a nation.

It's not in the international interest to press for the crushing of the Icelandic economy.

David Cox said...

I agree Jim, if they can't afford it, they can't afford it. The Left-Green government were very crafty; in effect they have said we’ll pay it back if we can. That was the best solution, keeping the money markets happy (yer.. I know, but that’s the world we live in now), and the British and Dutch on side and having a vested interest in Iceland’s economic success. Threatening to default on the debt might be great popularism, it's also bloody irresponsible in terms of the Icelandic economy – but of course the Left-Green government will get the blame and the rascals who caused the problem in the first place will doubtless be returned to power, in a few years.
Your right; it's not in anyone's interest to crush of the Icelandic economy. That dosen't mean it won't happen. I think Iceland won't default, nevertheless the ecomomy and gvernment has been damaged by the events.
Money is the root of all un-intentioned evil!

Strategist said...

This is a good site if you're interested in Iceland

I made my debut in Icelandic cyberspace at the weekend, and the natives have been friendly!