Why should we have a part of our society that is not being policed or without responsibility?
The above is a quote from the prosecutor in the case against the 26 bankers who were recently sentenced. As most people who’ve been paying attention know, it was market manipulation and deceitful credit ratings that caused the global financial crash, from which most countries have not yet recovered.
In the US, the banks were considered “too big to fail” and were, instead of being prosecuted, rewarded by being “bailed out” by the taxpayers. And instead of being prosecuted, they have been allowed to get even bigger.
Only two 2016 presidential candidates are calling for the banks to be broken up and strictly regulated. Bernie Sanders, a long time independent and self-described Democratic Socialist, is running as a Democrat. Jill Stein is a Green, and as such, gets practically no media coverage and has no opportunity to be seen or heard by most US citizens.
Tellingly, the army of Republican candidates are all deeply embedded with Wall Street and the Big Banks, as is obvious by checking out the donors at opensecrets.org. Hillary Clinton, a center/right Democrat, is also cozy with Wall Street.
Iceland is one of the many Democratic Socialist countries in Europe, and like the other Democratic Socialist nations, enjoys a high standard of living, complete with Universal Health Care and Free Education. As a nation of healthy and well-educated people, they chose to reject “austerity” and instead hold bankers accountable.
Iceland is “the first 2008-10 crisis country in Europe to surpass its pre-crisis peak of economic output.”
You can read a more thorough examination of the sentencing of bankers in Iceland, here.