Iceland: A Victim of Economic Larceny

I don’t think the little nation of Iceland entered the news much before September 2008.  When it did, it was depicted as iconic in its efforts to purchase hydrogen buses, run everything on geo-thermal energy and the home land of Bjork.

Now, it’s the victim of economic larceny .

The people of Iceland are being forced to pay 18% interest on their debts in order to stave off further meltdown in the value of their currency and their economy in general.

We are now applying IMF and World Bank rituals to ‘First world’ countries, much like we did in the 70s to Latin American, Asian and African countries.  Soon, we’ll all be fighting for clean water and bags of rice to sustain ourselves.

THIS is the cost of letting the inmates run the insane asylum.  If you’re not already worried about tax rates shooting up at various levels of governments in order to maintain the status quo, you’ll be subjected to interest rates that go well beyond the definition of usury.

We need a better and different solution to this crap or the world is going to plunge into chaos.  Throwing the neo-con book at humble little countries like Iceland are going to do nothing to boost the fate of the international economy.

This does nothing to break the yoke of debt from small economies and only ensures that they are indebted to the end of time again, much like less-developed countries in the south.

Now, what happens when it’s the US that starts defaulting on a couple of loans and they have to hike interest rates in order to attract cash (so that they can continue to print more)?  The interest rates of neighbouring countries will be driven to the stratosphere in order to ‘compete’ with this stupidity.

Ugh.