Icelanders lived beyond their means …

Icelanders are not terrorists; they are inconsiderate big pocket- spenders (*). Just a generation ago, the most common cuisine was fish, fish, and fish together with some sheep head. Now – or at least until this year- the Icelandic people chew on golden geese. The Icelanders are now looking for someone to blame for their deteriorating economy. Well, first of all they have all to blame on their own Government that has been advocating, subsidizing, and supporting a nationalistic protectionist expansionist economy which is relying on money that doesn’t exist and banks that are owned by former politicians. It is somewhere here they should start to look for the scapegoats. Maybe I’m missing the forest through all the trees here but I think US Congressman Dr. Ron Paul puts it very sincere when he said this;

As long as we try to live beyond our means we are destined to live beneath our means.

//Dr. Ron Paul

(*) To generelize is wrong, but very, very funny.

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About tegis

This blog belongs to Carl-Mikael A. Teglund - tegis. Swedish emigrant with a heart for languages, philosophy, history, and politics (classical liberalism in the European tradition). Go ahead and look, read, or listen. I'm sure you will find it interesting.
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2 Responses to Icelanders lived beyond their means …

  1. Scavenger says:

    America is the next Iceland…. In fact, America has mostly caused these global problems.
    Dont raise taxes….just borrow abroad…….
    Americans buying mansions when they can barely afford bunglalows…..
    Everybody wants to get rich but not lift thier fingers.
    Dont get me started about the greedy irresponsible liars and pigs that run Wall Street.
    Icleanders are good earthy people and will pull together…….but watch what happens iwhen Americans have to endure what Iceland has gone through.
    I can almost see the anarchy already…

  2. tegis says:

    Right on spot, Mr. Scavenger. What we can see is (like always) we’re paying for the wrong-doings our grandfathers made in the 1920s and the 1930s. In the midst of a crisis they tried to battle it with more government spending and they formed these institutions Fannie Mae and Freddie Mac that was, with the unspoken support from the State in the back that they could and will bail out their asses if something went wrong, creating an unfair monopoly on the market. An insane interest rate, loaning to the max and knowing that the State will bail you out in times of crisis, a Fed. reserve that creates money out of thin air to be able to pay for the enormous debts caused by the welfare state and the maintenance of a Global Empire and of wars that will never end … if I really wanted to fuck up the American economy good, those are some of the ingredients I would use.
    Yea, the Icelanders will do fine. I’m not worried for them. They have been out in bad weather before.
    The Americans will do fine as well. It’s like a national religion for you guys to not ask for government hand-outs but to create your own luck and your own life. I have faith in America and in Americans. You just have to take the vacuum cleaner and clean up the mess on Capitol Hill. If we let the market vacuum cleaner clean up the mess on Wall Street by letting bad institutions fall and replace them with sound ones instead of protecting the bad institutions from falling, Main Street will, in the end, be much better off.

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