Not So Happy Bankruptcy Day
Iceland may have acquired a new holiday, commemorating the day its government resigned over the financial mess in their economy. The Guardian reports the details: Banking crisis brings down Iceland government
Iceland’s prime minister today announced the immediate resignation of his government because of the country’s severe financial crisis, which saw the collapse of the currency and banking system.
Geir Haarde announced as recently as Friday that his coalition administration would remain in office until early elections called for May 9 after violent protests at its handling of the economic situation. Today he said his Independence party and its Social Democrat partners were quitting immediately after a disagreement over whether he should step down as prime minister.
No doubt it will be celebrated by sleeping outside in boxes, dressing in rags or uncured sheep hides, and spraying people with red ink.
2 comments
The sad thing though, is that most people will assume that what caused Iceland to go bust was Scandanavian “socialism” when in fact it is the ultra right wing Republican idology that did them in. Phil Gramm was suggesting quite a few years ago that the US do some of the same things that Iceland did. Thom Hartmann has had some interesting discussions on this.
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Iceland was pure Wall Street greed in a totally unregulated environment. Just another variation on the classic Ponzi scheme.