Here's an interesting idea I'm still trying to get my head around, in the realm of "if you can't beat 'em, join 'em". The people of Iceland have now twice voted not to repay international debts incurred by banks, and bankers, for which the whole island is being held responsible. With the present turmoil in European capitals, could this be the way forward for other economies? Unlike America, the people of Iceland got a vote on how they felt about being taxed into subsistence until the end of the world (not that long according to AGW alarmists). And they decided that they would act like fat cat company directors and simply declare limited liability - make it some-one else's job to pick up the pieces. This is a more democratic approach than simply paying the bills, or perhaps nationalizing all foreign ownership. So why exactly does the New Zealand government have to bail out so many companies? Why do tax payers always ultimately guarantee debts...