community-nations will have to act in self interest for themselves and their citizens.
(There is more to the world community than trade after

all.)

Iceland will be fine-it will be good to see less silly consumption and reckless financial trading-being on the outside of the gloabl

money madness might be the best thing they-and the rest of us-can do right now.
Governments govern and regulate-lets’ see more governing from

other countries
Loans have been forgiven before now-post war Germany for one.
Thanks Ann

bankers.” (link to article). [...]

Thank you for your explanation of the Iceland situation, both here and at the Huffington Post. I

am no expert on financial matters or economics, but the way in which The Times is reporting this issue is a bit different – it says that Britain

and The Netherlands issued a loan to Iceland when the IceSave bank collapsed, so that savers did not lose their money. What they say is now

happening is that Iceland is defaulting on that loan, owing to the Presidential veto.

I don’t know enough to “take sides” on this issue,

but it seems to me that there is a difference between the US and the Iceland actions in that the US actions involved their own financial system

whatever one may think of that, whereas the Iceland situation is refusal to repay a loan made to them by two other countries, which is rather

different. If they had refused to accept the loan, of course, then I would understand your point of view here. But surely what they are doing is

not protecting their taxpayers from paying for the bust bank directly; rather they are protecting them from repaying a country-to-country loan that

the Iceland government took out.

Either way, things look pretty bad for the Iceland economy, for if they reverse their decision and repay

the loan they go bust; and if they don’t repay it, they will be outside the world’s financial system and it is hard to see how they will survive

in isolation of the rest of the world. (Already the country’s financial credit has been set to “junk” status according to today’s Times.)

would start to consider some of the alternative viewpoints and not blindly follow the vast majority of economists who have got us into this mess in

the first place! It really IS time to consider the alternatives and not just do what we have done for the past few decades. I am sure that most of

the advice comes from people who have vested interests in allowing the system to continue unchanged.

the Central Bankers!