Olafur Ragnar Grimsson Iceland President ‘Let banks go bankrupt’

Aljazeera.com • January 25, 2013

Iceland President Olafur Ragnar Grimsson tells Al Jazeera’s Stephen Cole that Europe should let banks that are ran “irresponsibly” go bankrupt. Speaking at the annual World Economic Forum in Davos, Grimsson also held his country as a model of economic recovery after its near-collapse four years ago. “We didn’t follow the traditional prevailing orthodoxies. And the end result four years later is that Iceland is enjoying progress and recovery.”

 

See the video here.

Bookmark and Share

School districts pay dearly for bonds…A MAJOR reason for state-owned banks!

The Real News • TheRealNews @ youtube.com • January 26, 2013

The Napa Valley Unified School District had a quandary: The district needed a new high school in American Canyon, but taxpayers appeared unwilling to take the financial hit required to build it.

So in 2009, the district took out an unusual loan: $22 million with no payments due for 21 years. By 2049, when the debt is paid, it will have cost taxpayers $154 million – seven times the amount borrowed.

…In California, where rules governing the loans are among the loosest, more than 400 school districts and other agencies have racked up greater capital appreciation bond debt in the past six years than agencies in any other state.

They have borrowed $9 billion that will cost taxpayers $36 billion to repay over the next 40 years, according to data compiled by California Treasurer Bill Lockyer. He called it “debt for the next generation.”

Read the article here.

Bookmark and Share
Follow

Get every new post delivered to your Inbox.

Join 203 other followers