The market implosion of 2007-2008 effectively demonstrated the contempt that neo-liberal democracies have for the individual. However, in a recent referendum Icelanders rejected by a massive majority a bill that would saddle each citizen with $16,400 of debt in protest at U.K. and Dutch demands that they cover losses triggered by the failure of a private bank. Several Icelandic banks fell victim to the collateralized mortgage obligation and credit default swap fiascoes that rocked financial markets in 2007-2008. It is encouraging to see that the citizens of this democratic nation had the opportunity and the mettle to stand up to the shenanigans of the corporate elite and their politician sycophants.
Jesse's Café Américain: Iceland Voters Reject Bank Bailouts in Crushing Electoral Defeat; Neo-Liberalism In Context