New York Times – Iceland’s Big Thaw

Irish Times -- Ireland's future depends on breaking free from bailout

I have a dear friend who remarked once to me that he was glad he was in the computer industry because he got his PC at a 50% discount. I thought that was great but remarked that people in investment banking had the same view about money.

Paul Krugman's article in the New York Times today kind of fits that vein (we are thankful to Gordon Smith for bringing it to our attention).

In Iceland an entire country held hostage by the fallout from the financial panic of 2007-2008.

Sympathisers would hail it as an admirable display of people power against economic injustice. To critics, it would be a shameful dereliction of international obligations.

 Pay me my money  http://www.youtube.com/watch?v=6G6yVIHvsIE

So Iceland's taxpayers have said no to a transfer of $6 billion to the United Kingdom and Holland for mistakes made by Icelandic banks. Keep an eye on this story.

In many countries, taxpayers are rightly cranky over the idea that their governments are bailing out banks and others -- including their own regulators and central bankers -- who helped create the 2008 global financial meltdown. Iceland appears to be setting a new standard of taxpayer response that politicians everywhere might want to note.