‘If only we could be more like Iceland’

ICELAND has a population of about 300,000 people. After last week’s events, Iceland’s banks now owe the rest of the world £35 billion, or £116,000 for every man woman and child in the country.

Scotland had a lucky escape. Has HBOS and RBS needed bailing out by an independent Scottish government, it obviously couldn’t have happened. And instead of the British prime minister demanding that British investors’ money is returned from Icelandic institutions in full, we would have had an English prime minister demanding that English investors’ money in Scottish institutions be returned.

And no Scottish government could afford to comply without bankrupting the country.

That’s just commons sense. It’s not so much a Unionist perspective (though I am a Unionist) as the perspective of anyone who can add one and one together and see things as they are. That the nationalists in Perth this weekend are unable – not just unwilling – to understand this reality, says a great deal about them.

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8 Comments

Filed under Economy, Scottish Government, SNP

8 responses to “‘If only we could be more like Iceland’

  1. The anti-EU foamers are always keen to quote Norway and Iceland as examples of successful countries that remained out of the union. It’s always been easy to find the flaw in the argument for Norway (tiny population, huge oil revenues, big fishing economy etc (they also have the highest per capita suicide rate in Europe so it can’t be that much of a paradise)) but now the one in the Iceland argument is also clear!

    Unions = good, petty nationalism = bad. Mind you there are still quite a lot of people in the US who dream of their states ceding from the wicked union which daily grinds them down. They tend to live way out in the wilds, remote from other humans and they tend to be mighty suspicious even of the folk who live the other side of the hill. What’s Mr Salmond’s excuse?

  2. davidc

    ‘ The anti-EU foamers are always keen to quote Norway and Iceland as examples of successful countries that remained out of the union.’

    If this is so, then the Irish Republic is presumably an example of a unsuccessful country that is part of the EU.

    And in what way is Norway’s position re world banking turmoil one to be pitied ?

  3. Martin Bond

    On the other hand the SNP seems a fairly left wing sort of organisation. What makes you think they wouldn’t have regulated their banks more closely, avoiding the stupid money go round that England was on? I’m not pro or anti union (its up to the Scots); I’m just supposing.

  4. Johnny Norfolk

    But Tom how can you say that. Scotland would not have let the banks do what Brown has let them get away with. So you are doing what all Labour people do, just picking out the bits that suit you.

    I thought more of you than that.

  5. No you didn’t, Johnny, admit it.

  6. davidc

    Three hundred years after the Darien fiasco Alec Salmond wants an independent Scotland (at the heart of Europe of course) so he can rerun Scotland risking national bankrupcy presumably in the hope that this time his EU friends will bail the country out. NOT !!!!

  7. Let me think: has that ever happened before? You know: the Scottish government guaranteeing private enterprise and leading it to bankruptcy…?

    Oh yes

    DK

  8. Yes good post. I see Alex Salmond is all over the press trying to justify his “independence” schtick, and conveniently doesn’t mention that RBS caused it’s own demise by paying £49bn in cash for ABN Amro, after the credit crunch had started. And Salmond is an RBS man isn’t he? You could make a campaign leaflet about it… “Fred the Shred, hubristic and arrogant, brought RBS to it’s knees, Alex Salmond, hubristic and arrogant wants to bring Scotland to it’s knees…”

    I also agree with Brian Hughes about the anti-EU foamers. The Independent has an article entitled “Is Switzerland the next Iceland”.

    http://www.independent.co.uk/news/business/analysis-and-features/is-switzerland-the-next-iceland-964325.html

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