On one side we have ordinary citizens, voters, households and small enterprises.
On the other side we have corporations, financial institutions and business tycoons.
In the middle are these people in the photo above, the government of Iceland.
One side has an array of lobbyists and plentiful resources to influence how these people make decisions.
On important matters they flood their senses with opinions, expert advise, forecasts and promises. Sometimes even threats.
The other side has no options other than to pay and smile. Even though it has common interests, as a whole it is not an organized group.
And the tycoons and corporations have an unfair advantage which politicians allow them.
That is why there hasn’t been a single notable arrest in wake of the economic collapse.
That is why the tycoons and corporations are getting their debts relieved.
That is why Magma Energy got away with a bargain.
That is why Bjorgolfur Thor is investing in a server farm.
That is why the government pumped 200 billion into the money market funds.
And that is why there won’t be a relief of household debt.
Because when the economic ruins have been cleared, there won’t be enough left for the side that is at an unfair disadvantage.
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Bert Pachetta
2 years ago
As H.L. Mencken wrote “A professional politician is a professionally dishonorable man. In order to get anywhere near high office he has to make so many compromises and submit to so many humiliations that he becomes indistinguishable from a streetwalker.”