Iceland tells the UK & Dutch to swivel - Again.......

asbokid

IronWolf wrote: »

You do know that the British taxpayer is the one that has paid for the Icelandic banks screwing up, thats why we want Iceland to pay us back!

But but but... who is "we" ?!

It would be magnificent if the Iceland taxpayer did not pay "us" back.

An act of defiance would send an important message to the slime mould in the City that dictates the policy of HMG.

The Icelandic taxpayer has no responsibility for the debts of a nominally Icelandic bank.

Furthermore, according to a 2009 article in the Financial Times, three unnamed City institutions lent the Treasury the money needed to reimburse British investors in the collapsed Icelandic banks. Those banks should be told to sing for their money.

Even today we do not know the identity of those institutions, nor do we know the terms of their loans, including the rate of interest, which were made to "us", the British taxpayer.

We can suspect that those City institutions were party to the earlier conspiracy that caused the collapse of the Icelandic banking system.

There are the major currency speculators who caused the crash of the Krona in the days before the collapse of the banks.

And there are the corrupt goons in the corporate and state medias in the UK who created the public hysteria and panic which led to the run on the Icelandic banks.

And then there was the unprecedented abuse by HMG of anti-terror laws to fuel the crisis by closing down the UK operations of Landsbankii.

StevieJ

leveller2911 wrote: »

Theres always conkers.........Sort it out like real men........;)

Or Cod

http://www.youtube.com/watch?v=-wssjwoQc00&feature=related

ChiefGrasscutter

ILW wrote: »

Still don,t get your point, surely HMG has no responsibilty for investments in foreign institutions.

Having savings in Icesave/Kauphthing was in general not greatly different to having them in the Alliance and Leicester for example.
Icesave was a UK subsidiary of a foreign owned institution - the parent company being Landsbankii in Iceland.
Alliance & leicester is a UK subsidiary of a foreign owned institution - the parent company being Santander in Spain.
In both cases depositors are/were putting their money in UK based institutions.

Actually the ICEsave/Kauphing and not forgetting our own Bradford and bingley bailout is in the end paid for by a levy on the other financial savings institutions to fund the FSCS.

In any event my point in my post was that regardless of the lack of a legal requirement to bail out those having more than £50K, the possible consequences or side effects on the UK's own financial system of NOT bailing them out was too high a risk for HMG to take.

Generali

ILW wrote: »

Still don,t get your point, surely HMG has no responsibilty for investments in foreign institutions.

I think that's HMG's point too!

Running_Horse

There has been a lot of talk about banks not being allowed to fail.

Let the Icelandic banks fail. I believe this site was recommending them right until they went bust. If depositors and shareholders lose their money, then so be it. Perhaps next time local authorities and greedy individuals will be a little more careful.

I believe it is called capitalism.

Degenerate

Running_Horse wrote: »

There has been a lot of talk about banks not being allowed to fail.

Let the Icelandic banks fail.

They did. Statements like that don't inspire confidence in your understanding of the situation.

If depositors and shareholders lose their money, then so be it.

Neither does equating shareholders who choose risk-bearing investments with depositors in guaranteed accounts. The shareholders did indeed lose their money and no-one proposed to bail them out.

Perhaps next time local authorities and greedy individuals will be a little more careful.

Choosing the best rate amongst competing products that are supposed to be risk-free is greedy? Who in their right mind wouldn't unless they had other information?

I believe it is called capitalism.

I believe you haven't a clue what you're talking about.

pqrdef

ILW wrote: »

We should invade iceland and take what we are owed in my opinion.

Is there anything there worth having?

In the good old days, we could have deported the population into slavery.