http://silfuregils.eyjan.is/2010/11/02/ ... -ad-borga/"Iceland’s debts are beyond the ability of its homeowners, families and businesses – and the government itself – to pay without bankrupting the economy and shrinking it so much that most young people entering the job market will have to emigrate in order to find work.
Trying to pay Iceland’s debts will require such high wages and costs of doing business that Iceland will be left unable to earn its way in the world. Many pension funds have indeed invested, and it is hard to admit that one has taken a self-defeating path. But it is better to stop before going even further than to pursue this path and make matters even worse.
Only tangible capital investment and a low cost of doing business can enable Icelanders to survive in a fair economy. Most of the foreign debts are not legally owed, and most of the domestic debts are to the banks and families (and foreign companies) that should not be paid.
The solution must be to restructure financially – and also fiscally, by putting in place a tax system that will not promote future debt bubbles, or permit foreign companies (or wealthy Icelanders operating out of offshore accounts) to avoid paying taxes.
Michael Hudson"
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Þórður
'99 M5 SC // '89 M3 S85 // '04 Patrol GR
Alpina wrote:
S85 er vondur mótor þó að hann sé kraftmikill...
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