On Sat, 11 Sep 2010 14:37:54 -0500, F. George McDuffee
wrote:
snip
FWIW -- Iceland had hallucinations that it was a global
economic power and is now paying the price.
http://en.wikipedia.org/wiki/2008%E2...nancial_crisis
The citizens of Iceland, having far more say in how the
country is run than the citizens do in many of the larger
nations, refused to allow their government to bail-out the
banks and their foreign creditors, with tax money.
http://www.csmonitor.com/World/Europ...repayment-plan
snip
=========
As a follow-up to this observation see
http://www.telegraph.co.uk/news/worl...-collapse.html
and
http://www.ft.com/cms/s/0/4eb1076c-b...44feab49a.html

Iceland MPs call for trial of ex-ministers

By Andrew Ward in Stockholm

Published: September 12 2010 18:18 | Last updated: September
12 2010 18:18

Icelandic lawmakers are expected to decide within days
whether to charge the ex-premier and three other former
ministers with negligence for their role in the 2008 banking
crisis after a parliamentary committee recommended criminal
action.

A majority of the committee voted at the weekend to bring
charges against Geir Haarde, the prime minister at the time
of the banking crash, and the three others.

A move by parliament to accept the recommendation would mark
the first concrete step towards holding politicians
accountable for leading the island nation into financial
turmoil.

snip

First time this special Icelandic court, established in 1906
will be used. A shame that the U.S. does not have similar
legal provisions...


-- Unka George (George McDuffee)
...............................
The past is a foreign country;
they do things differently there.
L. P. Hartley (1895-1972), British author.
The Go-Between, Prologue (1953).