Saturday, February 2, 2013

Video: Iceland’s President Says “Let the Banks Fail”

It seems that President Grimsson made quite a sir at the recent Davos Conference of 1%-ers...DT th ET

Posted By Stephen Cook On Feb. 1, 2013

Stephen: Here’s the story Cosmic Vision News anchor Geoffrey West nominated as his No 1 pick for the story of 2012. This time straight from ‘the horse’s mouth’, so to speak… Thanks to Kauilapele for the lead.

The President of Iceland, Olafur Ragnar Grimsson was interviewed just a few days ago at the 2012 World Economic Forum in Davos by AlJazeera TV’s Stephen Cole. Cole began by asking Grimsson how Iceland has turned its economy around during the past four years. What evolved via the President’s answers was far more global…

“Why do they (people) consider the banks the holy churches of the modern economy ..” the President asks, before adding that banks should be treated in exactly the same way as other businesses which are ‘managed ‘irresponsibly’.

“The theory that you have to bail out banks is a theory about bankers enjoying for their own profit the success – and then letting ordinary people be the (ones to pay for the banks’)  failure through taxes and austerity. And people in enlightened democracies are not going to accept that in the long run.”

You can see why this President won a record fifth term.

And more in this short story on People’s World: Let banks fail, says Iceland’s president

By Teresa Albano, People’s World -  January 28 2013

Icelandic President Olafur Ragnar Grimsson said part of the country’s prescription to growing its economy in the wake of its terrible financial crisis was refusing to bail out the banks and rejecting austerity measures that put the burden on poor and working people.

Grimsson said one of the consequences of letting the bankrupt banks fail was it released mathematicians and technologists – previously employed by the banks – to use their talents elsewhere, thereby invigorating the country’s economy.

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