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View Diary: Icesave: Today Iceland Learns Whether It Gambled Right On Refusing A Repayment Deal With The British (177 comments)

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  •  I don't get your argument. (2+ / 0-)
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    Jim P, mrkvica

    It's clear the govts were simply acting as proxies of the banks--backing and trying to enforce their debts.  Just like TARP in the US means the US govt is now the proxy if the banks default on their loan obligations?

    "To recognize error, to cut losses, to alter course, is the most repugnant option in government." Historian Barbara Tuchman

    by Publius2008 on Mon Jan 28, 2013 at 07:37:26 AM PST

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    •  What banks? (3+ / 0-)
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      FG, Dogs are fuzzy, samddobermann

      No, seriously, what banks?

      Landsbankinn was in receivership.  The Icelandic government could do basically whatever they wanted with it.  The people who had money in Icesave weren't banks or banksters either.  And neither the British nor Dutch governments, who gave money to their people then tried to get it back from Iceland, are banks or banksters.

      So what banks are you talking about?

      •  The banks who tell governments what to do. (1+ / 0-)
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        isabelle hayes

        Surely you've noticed. And why did British and Dutch governments need to recover the money in the first place? Because they chose to make whole the bankers and investors from the public treasury. And why did they decide that?

        Pretty hard to separate the two in practice, though in an artificially truncated view -- the case is only the case and not embedded in a web of connections -- one might.


        Markos! Not only are the Gates Not Crashed, they've fallen on us. Actual Representatives are what we urgently need, because we have almost none.

        by Jim P on Mon Jan 28, 2013 at 10:19:42 AM PST

        [ Parent ]

        •  What banks? (2+ / 0-)
          Recommended by:
          Sparhawk, Dogs are fuzzy

          Again, I ask for specifics and you say, just "the banks".  Which banks?  What evidence?  And what do "the banks" stand to gain?

          Because they chose to make whole the bankers and investors from the public treasury
          The people paid off were not bankers.  They were pensioners and municipalities.
          •  So the demand for money is not connected (1+ / 0-)
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            isabelle hayes

            with their national deficits, which is not connected to the bankers demand that deficits be reduced?

            Really? No role whatsoever? Really? You think government Treasury ministries and banks have no truck with each other? Really? Even though they too have a revolving door between their Governments and the Big Banks?

            Really? And from whence does Britain's and the Netherland's Depositor Insurance Scheme money come? Why, either the banks directly, or from borrowing on the market!!! PDF

            How does that exclude banks? You repay your citizens with money either contributed by banks, or loaned from banks, and banks aren't involved?

            Give me a break.

            Just because you focus only on the tip of the iceberg doesn't mean there's nothing below it.

            Which banks were involved? De Nederlandse Bank, which refunded depositors up to $100,000 and sought recompense; Bank of England provided $100 million loan to Landsbanki and sought recompense; Northern Rock (are they still in business)...

            Well, you know which banks are in Britain and the Netherlands. If you don't know, go look at the government agency heads and look up their resume, that should give you a full list.


            Markos! Not only are the Gates Not Crashed, they've fallen on us. Actual Representatives are what we urgently need, because we have almost none.

            by Jim P on Mon Jan 28, 2013 at 11:52:53 AM PST

            [ Parent ]

            •  DNB is a national bank, not a private (0+ / 0-)

              entity.  It's the Dutch equivalent of the Federal Reserve.  Bank of England's loan to Landsbankinn was not connected to the Icesave case on trial (their recovery period was during the receivership period).  And what about Northern Rock?  

              Sorry, "governments have national debt" is a pretty weak line for how "banksters" are pulling the strings in the Icesave case.  You could claim that about anything a government does.

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