A Third and Final Offer to Iceland

Following my two earlier offers (24/10/2008, 19/10/2009) for Iceland to become a debt-free province of Canada, comes the January 6, 2010 news the nation is unable to repay a$5.7 billion debt. The problem stems from the collapse of a privately owned bank. The island economy is in such dire straits that MacDonald's has left the island. (Of course, that may have been as a result of improved Icelandic taste.)

Iceland's parliament last month voted to pay off the debt. President Olafur Ragnar Grimsson vetoed the legislation after receiving a petition from a quarter of the population not to pay it. "The people are the supreme judge," the he said. A presidential veto automatically triggers a national referendum.

The referendum should also assess national feeling toward joining Canada.

Iceland in the Canadian Fold

A renewal of an earlier offer.

Iceland's financial deep freeze has rendered its banks incapable of meeting international obligations, and its reserves unable to cover demand for cash withdrawals. Three of the nation's biggest banks have collapsed racking up debts 16 times the nation's economic production.

A decade ago, the banks were sold to private investors. Is the collapse any surprise? The stock market has lost 97 per cent of its value since September 2008. McDonald's hamburger joints have fled the island. Another economic implosion is feared. The situation gets worse, but the point is made.

The question remains: Why should Icelandic taxpayers be held responsible for the failure of high-risk investments made by private corporations? Another question: In the absence of criminal action by these corporations, why should there be compensation at all?

There is but one solution to Iceland's problem. The banks must renege on all foreign obligations, absolutely and totally. The nation must declare bankruptcy.

Iceland must forget about joining the European Union. Europe which  is on the path of self-destruction. The island nation need only look west, and apply for provincial status in Canada. 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.

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.