ICELAND SENTENCES 26 CORRUPT BANKERS TO 74 YEARS IN PRISON
By Grouch E. Geezr
January 16 2016
Why should we have a part of our society that is not being policed or without responsibility?In the U.S., we simply tapped a few wrists with small fines, that ended up being paid by their respective banks. (Can you say “got off scot free?”)
Iceland has rebounded after the 2008/9 crisis and will soon surpass pre-crisis output levels with strong performance in tourism and fisheries. Debt ratios are on a downward path and balance sheets have broadly been restored. The financial sector is back on track though with some important items remaining on the docket.
We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the poor, and we didn’t introduce austerity measures like you’re seeing in Europe.
Why are the banks considered to be the holy churches of the modern economy? Why are private banks not like airlines and telecommunication companies and allowed to go bankrupt if they have been run in an irresponsible way? The theory that you have to bail out banks is a theory that you allow bankers enjoy for their own profit, their success, and then let ordinary people bear their failure through taxes and austerity. People in enlightened democracies are not going to accept that in the long run.https://www.popularresistance.org/iceland-sentences-26-corrupt-bankers-to-74-years-in-prison/