> the Icelandic people not willing to pay for the failures of the government they elected.
Why should they be? It's supposedly common knowledge that no democratic government has the power to bind the hands of a future government.
It is important to the financial stability of the world that the financial industry understand the world as it is, and not how they would like it to be. Hopefully the Iceland incident has been an a sufficiently good example that the bad lessons the US is teaching will be ignored.
Why should they be? It's supposedly common knowledge that no democratic government has the power to bind the hands of a future government.
It is important to the financial stability of the world that the financial industry understand the world as it is, and not how they would like it to be. Hopefully the Iceland incident has been an a sufficiently good example that the bad lessons the US is teaching will be ignored.