Saturday, 24 January 2009

Icelandic People 1 Political Establishment 0

None of this is being reported here for obvious reasons, but the civil unrest that was reported here has claimed its first scalps.Despite the riot squads, the Icelandic people protesting outside of the Parliament house have forced the Prime Minister and the Head of the National Bank to resign, and new elections to be called in May.

Here with exhortations to call for the Euthanasia of Government here, we need dramatic and speedy change.

Brown, Darling and Mervyn King are not proposing to go anytime soon and we face the prospect of another eighteen months of misery until the next election. Nobody has any confidence in these jokers, and trade is all about confidence. Don't believe anything they are telling you about it being a worldwide recession, it is not, there are whole areas of the planet not exposed to the Banking meltdown. The Central Bank of Lebanon saw this coming two years ago.

They are not listening, we overthrew the MP's expenses, we now need to clamour for them to go.

Link to Indie article

OH may have to bring his walk forward a little


no longer anonymous said...

Are we sure these are normal Icelandic people and not the sort of rent-a-mob left wing demonstrators that always protest? If it's the former then good for them, if it's the latter they can burn for all I care.

Ampers said...

Interesting... The government control the BBC by an implicit threat that if the BBC don't obey, the TV Licensing will come to an end.

Then ITV are probably also threatened for the same reason as, if the TV Lincence came to an end, then the BBC would be yet another mouth to feed out of the "advertising revenue" pot.

The newspapers? Not sure how they are controlled but I have known about the rioting for a couple of days and the resignation earlier this morning.


K. McEgan. said...

Just after I was there in '89 they had their first armed robbery.For descendents of Vikings and Celts they are pretty peaceful.Iceland must have changed in the last 20 yrs but losing ones life savings is a pisser.Will the sheeple of Britain rise up?Nah,Emmerdale is on at 7.

Anonymous said...

Recession wish it was, more like depression from this report in today's papers:

Families must brace themselves for a slump of far greater severity and longevity than the recessions of the 1980s and 1990s, they warned. They said the current crisis will be of a scale to rival the biggest peace-time crisis in modern history — the Great Depression.

The warning was delivered by economists and politicians after the Office for National Statistics revealed that the economy shrank by 1.5 per cent in the final three months of 2008 alone.

The contraction follows a 0.6 per cent fall in gross domestic product (GDP) — the most comprehensive measure of Britain’s wealth generation — during the previous three months. This means Britain fulfils the criteria for a technical recession — two successive quarters of negative output.

The news sent the pound sliding to its lowest level since 1985. Sterling dropped more than three quarters of a cent to $1.3688 as investors speculated that the Bank of England may be forced to cut interest rates towards zero in response to the recession.

John McFall, the Labour chairman of the Treasury select committee, sounded a more optimistic note. He said: "We know that 2009 is going to be really tough for many people. There is a determination in Britain and across Europe to keep people in work, to avoid unemployment, so people’s contribution will not be lost."

Confirmation that the economy has entered recession capped a week in which Gordon Brown was forced to announce a new £350 billion bank rescue plan. Unemployment has almost reached two million. President Barack Obama discussed the financial crisis with the Prime Minister on the telephone yesterday, his first call to a European leader.

The fall in GDP is the sharpest since 1980, when Britain was mired in its most severe post-war recession. The news is an embarrassment for Mr Brown, who pledged as Chancellor not to return Britain to "boom and bust".

Britain is likely to suffer more than other economies due to its heavy reliance on the financial services sector, which has all but imploded in the wake of the economic crisis, experts said.

Others raised the spectre of an outright economic depression, often defined by experts as a peak-to-trough economic contraction of 10 per cent. Aside from the demobilisation periods following the First and Second World Wars, this kind of contraction has never taken place — not even in the 1930s’ Great Depression.

Roger Bootle, the managing director of Capital Economics, said: "I think there’s a very good chance this recession will be the worst since the 1930s. I suspect the economy could shrink by 6 per cent from last year to the end of next year — and that might not be the end.

The plight facing Britain is uncannily similar to the 1930s, since prices of many assets —from shares to house prices — are falling at record rates, but the value of the debt against which they are held remains unchanged.

This “debt deflation” is among the most painful of all economic phenomena, since it means the amount families owe increases each year even if they borrow no more.

Albert Edwards, a strategist at Société Générale, likened the British economy to a Ponzi scheme — a fraudulent debt mountain like that allegedly used by the New York hedge fund manager Bernard Madoff.

“What I find amazing is that people aren’t really nailing Gordon Brown and [Bank of England Governor] Mervyn King for this,” he said. “At least in the US they had the excuse of the arrival of sub-prime — a new sector of the market. We didn’t really have anything similar but we ended up with a bigger national Ponzi scheme than the US.”

Guthrum said...

I think we all need to go for a walk !

expat in KL said...

OH: This may not have been reported in the UK, but it certainly was on (at least!) the Asian service of CNN - complete with interviews with extremely angry Icelanders who have been royally screwed by their bankers. I have not looked, but it probably somewhere on the CNN news site.

someday said...

I'd like to drown these bankers in a bucket of shit.

Anonymous said...

In Thailand there have been some layoffs mostly in the computer industry and tourism. Apart from that not much difference except the exchange rate. One year ago £1 bought 70 Thai baht today 46 baht.
So what you might say but many retirees here need 55,000 a month income to get their visa, no 55,000 baht no visa, no visa off you go don't come back till you have some money. In the south they have been towing illegal immigrants back out to sea saying try somewhere else just like they do in the UK.

Odin's Raven said...

Euthanasia of Government.Nice idea. Perhaps not quite impractical.Brown retreated rapidly when the internet spread news of his attempt to conceal MP's expenses.

Let's take it further, agitate for reduction in MP's allowances to fit the current economic circumstances, and censure of the loathsome Speaker, who with his cronies in all parties has tried to avoid reform.

The internet should make electronic voting and referenda relatively easy, and enable a move towards more direct democracy, with need for fewer politicians.

It should be possible to give the phrase 'we, the people' some political and legislative meaning.

See the post Electronic Ostracism and Referenda on my blog at

Serpico said...

There is a tiny paragraph about this in the Times today, in a 'and other news' column, along with cat rescue style stories, did find it odd that the forced resignation of a European PM only deserves that

That said one of the leading articles by the editor totally demolishes Broon in a way I have not seen before in it, must be on Murdochs orders, which is interesting

Max said...

Go let's pass this on then:

The deadline also goes beyond the June local govt elections (4th).

Anonymous said...

Worth noting though, The Icelandic PM has just been diagnosed with malignant throat cancer (oesophagus). What we are not being told here is that he has resigned so that he can get treatment and recover properly.

The lesson here is that no-one will tell you the whole story, especially if it will make them look good. OH (or whoever is running this now) needs to start telling us all the facts for stories like this... not just the bits which make his theories look good.

Anonymous said...

Worth noting though, The Icelandic PM has just been diagnosed with malignant throat cancer (oesophagus). What we are not being told here is that he has resigned so that he can get treatment and recover properly.

His partner in the coalition also has brain cancer, but she has not resigned.

If you believe that he has stepped down for Health reasons in the face of five days rioting and called an election you are wrong, the Head of the State Bank has also stepped down unlike the other two he is perfectly healthy

Harrithebastard said...

Guthrum said...
I think we all need to go for a walk !

24 January 2009 12:27

Precisely, and when you reach Dover ... don't stop and don't look back.

Anonymous said...

Anonymous at 24 January 2009 19:18 here...

I never said that the only reason he had stepped down was health, but, it is a legitimate reason. It should be noted however, that while the riots have had an effect, and may be responsible, insofar as the extra stress caused by them, they are not the sole reason of the resignation.

it's either banned or compulsory said...

Good for Lebanon, I was chatting with a chap from Syria yesterday, he told me that their entire construction industry has ground to a halt.

K. McEgan. said...

Odins raven are you Hugin or Mugin?

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