3 Cheers For Iceland! Will vote no to neo-capitalism today

[MulaMan]

http://news.bbc.co.uk/2/hi/business/8552971.stm

On behalf of planet earth, thanks to each Icelander that votes NO today to de-regulated finance, corrupt central banking, globalization, and no to the IMF.

and I hope Greece gets to vote. Followed by many other countries.

and I wonder if Monday market speculators will be in for some fun.

and CNBC, Fox News will report the "no" vote as "Iceland goes communist"

If I was running Iceland, then I would place a temporary $1 billion dollar export tarrif on each 10oz jar of Icelandic Herring. Then I would send UK 1 jar of herring and 1 to the IMF, and call it even. Heck, I'd even send one to Bernake as a $1 billion loan to America.

[Master Shake]

Re: 3 Cheers For Iceland! Will vote no to neo-capitalism today

The Icelandic version of the Tea Party movement is sending a message to the FIRE barons. Good for them.

[D-Mack]

Re: 3 Cheers For Iceland! Will vote no to neo-capitalism today

But Iceland Finance Minister Steingrimur Sigfusson said: "We want to be perfectly clear that a 'no' vote does not mean we are refusing to pay. We will honor our obligations. To maintain anything else is highly dangerous for the economy of this country."

http://www.upi.com/Top_News/Internat...6341267898911/

politicians doing what the majority wants, lol

[krakknisse]

Re: 3 Cheers For Iceland! Will vote no to neo-capitalism today

As expected, an overwhelming majority voted no. 93% voted no according to a preliminary release:
http://www.icenews.is/index.php/2010...ults-released/

[Yaowarat]

Re: 3 Cheers For Iceland! Will vote no to neo-capitalism today

Iceland is a geothermal energy bonanza, imagine smelting aluminum or other ores for a fraction of the cost.

I'm sure the Anglo Dutch kleptocrats were salivating at the chance to get it cheap.

Well, who knows... they may win yet, but at least the good guys won today.

[cjppjc]

Re: 3 Cheers For Iceland! Will vote no to neo-capitalism today

But Iceland Finance Minister Steingrimur Sigfusson said: "We want to be perfectly clear that a 'no' vote does not mean we are refusing to pay. We will honor our obligations. To maintain anything else is highly dangerous for the economy of this country."

politicians doing what the majority wants, lol

What was the vote for then?

[GRG55]

Re: 3 Cheers For Iceland! Will vote no to neo-capitalism today

Iceland is a geothermal energy bonanza, imagine smelting aluminum or other ores for a fraction of the cost...

Not sure about the "fraction of the cost" part, but Iceland is doing this already...






And from a news release from a small Canadian geothermal company, Magma Energy Corp. from last December:

Magma Energy Completes Purchase of a Further 32% Interest in Icelandic Geothermal Energy Producer and Establishes Geothermal Reserves and Resources Totalling 815 MW at HS Orka's Properties


Vancouver, B.C., Canada, December 14, 2009 -- Magma Energy Corp. (TSX:MXY) Magma Energy Corp. announces that it has closed a previously announced agreement to acquire 32.32% of Iceland geothermal company HS Orka for 3.7 billion ISK (approximately $29.5 million) and three bonds totaling approximately $70 million repayable in a single installment in 7 years with interest at 1.52% per annum. Magma now holds a 40.94% direct interest in HS Orka and an option to acquire an additional stake in HS Orka by making a capital infusion of $15 million into HS Orka prior to November, 2011. A further agreement to purchase a 2.16% stake in HS Orka is expected to close in March, 2010...

...Iceland has one of the world's largest and best developed geothermal industries, supported by substantial geothermal resources and a highly skilled domestic workforce. Geothermal energy accounts for 23% of Iceland's electricity demand and powers many of Iceland's homes and businesses, including Iceland's large aluminum industry. Over 50% of Iceland's total energy consumption is provided by geothermal through electricity and direct use...

[jpatter666]

Re: 3 Cheers For Iceland! Will vote no to neo-capitalism today

Iceland is a geothermal energy bonanza, imagine smelting aluminum or other ores for a fraction of the cost.

I'm sure the Anglo Dutch kleptocrats were salivating at the chance to get it cheap.

Well, who knows... they may win yet, but at least the good guys won today.

Actually, it already started. Disclaimer: I own shares in Magma Energy (oops! Didn't see the details of GRG55's post. Should have known our energy guru would have been on top of it....)

http://www.magmaenergycorp.com/s/New...andic-Geoth...

[Aetius Romulous]

Re: 3 Cheers For Iceland! Will vote no to neo-capitalism today

But Iceland Finance Minister Steingrimur Sigfusson said: "We want to be perfectly clear that a 'no' vote does not mean we are refusing to pay. We will honor our obligations. To maintain anything else is highly dangerous for the economy of this country."





What was the vote for then?

My understanding is that after the vote was scheduled negotiations continued and there is now some kind of frame work for an agreement. So the vote is largely symbolic.

I say "largely symbolic" because it has given the population of Iceland a venue to express a common voice, a voice which I would guess most average citizens everywhere wish they had. If policy makers are on the ball (hehehehe) they should not ignore what has happened in Iceland today. I believe it is significant and may have some legs ...and unintended consequences.

Who the hell were the 7% that voted to enslave themselves forever ? Somebody is going to dig into that - it would be fascinating.

[D-Mack]

Re: 3 Cheers For Iceland! Will vote no to neo-capitalism today

My understanding is that after the vote was scheduled negotiations continued and there is now some kind of frame work for an agreement. So the vote is largely symbolic.

I say "largely symbolic" because it has given the population of Iceland a venue to express a common voice, a voice which I would guess most average citizens everywhere wish they had. If policy makers are on the ball (hehehehe) they should not ignore what has happened in Iceland today. I believe it is significant and may have some legs ...and unintended consequences.

Who the hell were the 7% that voted to enslave themselves forever ? Somebody is going to dig into that - it would be fascinating.

There were some blank ballots out of protest, and also some yes votes.

[Chris]

Re: 3 Cheers For Iceland! Will vote no to neo-capitalism today

the vote was about the interest terms not about a decision on whether to pay the debt or not.

[iyamwutiam]

Re: 3 Cheers For Iceland! Will vote no to neo-capitalism today

the vote was about the interest terms not about a decision on whether to pay the debt or not.

Yes- indeed. I think we will be 'shown' the wisdom of going along and being part of a 'team'. Apparently this lesson is for all of us. We will watch salaries and benefits rolled back for a generation of taxpayer citizens who played by the rules -so that the few can continue to be masters of the universe with greater and greater proportion of their wealth coming from the taxpayers themselves!

Ahh the conundrum.