In the Wake of Economic Collapse. Iceland’s Election: It’s not about Left and Right

So now we know what they wanted from Iceland: Its rich fishing territory in exchange for a loan to pay off the scoundrels in the rest of the world who have been gambling in Derivatives.

When will the same faith befall New Zealand?What is it they will extract from us? The Black sands? Our fish? the remaining Gold in the Coromandel? Or the entire country as their luxury hideaway after the US collapses and the rabble is dusting of that good old Revolution stand by; the Guillotine?

This is what Professor M. Hudson has to say about it:

I can hardly believe the news reports on Iceland’s election on Saturday, April 25. Evidently in an attempt to interest readers in an island few know or have cared much about, the papers tried to attract reader attention by talking about the “left” unseating the “right.” No doubt this political swing is going to continue for many years to come throughout the world. But for Iceland’s voters the issues were more pragmatic. Reckless neoliberal bank privatization is indeed the main problem, but the proposed responses are not inherently left or right as such. At issue is whether voters have become so desperate in the wake of crooks wrecking the financial system that they will seek a more stable currency (the euro) by joining Europe on terms that forfeit control over Iceland’s North Atlantic fishing waters and burden taxpayers with unprecedented public debt to compensate British, Dutch and other European bank depositors and speculators for their losses?
Europe would not dare make such a demand on the United States for the bad packages of junk mortgages it bought and for its losses when Lehman Brothers went bankrupt. But Iceland is a small country and may be easier and riper for plucking. For many voters the idea of joining the European Union is an attractive fantasy – adopting the euro to solve Iceland’s financial problems. The alternative is for the country simply to change its destructive bank rules and reverse the giveaways made in times past to politically connected insiders. The victorious Social Democrats favor joining Europe, the Left-Green and formerly dominant Independence Party do not, while the centrist and largely rural Progressive Party (for many decades the second leading party) is wary but at least is willing to discuss the terms on which EU membership might benefit Iceland.
Everyone is against the oligarchy’s insiders who ran up the debts. That is why their major sponsor, the Independence Party, lost one-third of its electoral support (down to just 20 percent from its usual 33-35 percent), the lowest percentage of votes and seats in the parliament (Althing) in the 80 years since it was founded in 1930. The days of the kleptocracy are over – and there is scarcely more sympathy for the foreign lenders and savers who were the enablers of these insiders. But voters are wary of the financial stance England and the rest of Europe have taken against Iceland, and of arrangements with the International Monetary Fund. Former Independence Prime Minister (and later head of the central bank) David Oddsson is adamant that Iceland’s government and people not take responsibility for these bad debts, and shares the view I found to be unanimous among Icelanders: These crooks betrayed the country. The myth of deregulated “free” enterprise has been broken, and privatization is seen to have been a euphemism for kleptocracy.

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