Iceland’s national referendum was the first opportunity for the people of any nation to vote directly on who pays when the financial elite fail.
Michael Collins:
Who cleans up the mess when ignorant, greedy bankers rack up massive debt then go broke? The people of Iceland made a strong statement Saturday. The sins of big bankers and government regulators shouldn’t fall on the citizens. By a 93% to 2% margin, they voted down a proposal requiring them to cover bad debt incurred by one of the nation’s oldest and largest banks.
Covering the debt would have cost Iceland’s 317,000 citizens around $17,000 each.