Posts Tagged ‘Geir Haarde’

Iceland fixed the banking crisis by letting them fail.

February 4, 2019
Image result for Iceland banking crisis

 

The idea that in Australia the banks will get punished for their appalling behaviour will not eventuate. It will be business as usual. It might be worth looking how Iceland got out of a similar crisis.

“The 2008 global financial crisis hit Iceland hard. The currency crashed, unemployment soared and the stock market was more or less wiped out.

But unlike other Western economies, the Icelandic government let its three major banks – Kaupthing, Glitnir and Landsbankinn – fail and went after reckless bankers. Many senior executives have been jailed and the country’s ex-prime minister Geir Haarde was also put on trial, becoming the first world leader to face criminal prosecution arising from the turmoil. although he was subsequently cleared of negligence.

So what can – or should – other countries learn from how Iceland responded?”

Seeing that the LNP refused a royal commission 26 times in Parliament, the question arises if our present, Scott Morrison and the former PM Malcolm Turnbull, should also be put under scrutiny and prosecuted if shown to have failed in their duty to protect the citizens from the banking rorts. Dead people were sold insurances and financial packages! It has been a national ‘free for all’ rip off. An orgy of terminal capitalism.

The rich getting richer, the poor poorer.

Have a look at how things can be turned around. https://www.bbc.com/news/business-35485876

 

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