Saturday, February 7, 2009

Iceland Can Bank on Canada

Letter to the Toronto Star. Published October 24, 2008.

Iceland's financial deep freeze has rendered its banks incapable of meeting international obligations, and its reserves unable to cover demand for cash withdrawals. Among angry depositors are 120 British municipalities, hospitals and charities, including Cambridge University. The government hopes the nationalization of its banks will solve the problem.

There is but one solution to Iceland's problem. The banks must renege on all foreign obligations, absolutely and totally. Indeed, the nation itself must declare bankruptcy. This unilateral action will render nugatory threatened European legal action.

Once the ice chips have settled, Iceland need only apply to Canada for provincial status. We can readily absorb its 300,000 inhabitants constituting less than one per cent of our population. We will have a debt-free province, a stepping stone to Europe, and another spectacular place to visit within our boundaries.

Another stage of Canada's manifest destiny entails reviving the plan to add the Turks and Caicos Islands to our domain. Taking its 30,000 sun worshipers into our fold poses no problem. Britain has found the colony's lawmakers to be corrupt. We can easily depose them, using our strong police presence in nearby Haiti.

Canada and the European Union have begun serious trade talks. With Iceland in our fold, we will already have a foot in the door.

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