Iceland drops legal threat over bank

Is this a new age in protectionism?
trade tariffs are no longer fashionable but this must be considered to be the greatest threat to free trade in a long time.

"The decision to pull back from a Landsbanki lawsuit in London bolsters the Treasury’s view that it was legally entitled to intervene to protect British depositors, using the sweeping discretion that the terror act offered to combat “action to the detriment of the UK’s economy”.

I'm a bit gobsmacked at this one.

Rockyracoon is interesting here:
ttp://machinenation.forumakers.com/world-politics-and-events-f27/bankrupt-states-iceland-pakistan-hungary-argentina-who-next-t1425.htm?highlight=iceland

I hope not. Free trade is a powerful vehicle for economic growth and prosperity the world over. It is also a valuable tool for the transmission of innovation and technical know-how across the world. Free trade is also important as it increases stability of relations between nations. It would be terrible to see it rolled back. That said, world trade is due to fall for the first time since 1982. Let us hope that this will not become the trend.

Ard-Taoiseach wrote:

I hope not. Free trade is a powerful vehicle for economic growth and prosperity the world over. It is also a valuable tool for the transmission of innovation and technical know-how across the world. Free trade is also important as it increases stability of relations between nations. It would be terrible to see it rolled back. That said, world trade is due to fall for the first time since 1982. Let us hope that this will not become the trend.

I agree wholeheartedly, Ard. However, the WTO needs drastic reform and RTA's are the way forward. Also, we need a way to keep banks civilised to prevent the chronic abuses that have brought about this ghastly shambles.

Slim Buddha wrote:

Ard-Taoiseach wrote:

I hope not. Free trade is a powerful vehicle for economic growth and prosperity the world over. It is also a valuable tool for the transmission of innovation and technical know-how across the world. Free trade is also important as it increases stability of relations between nations. It would be terrible to see it rolled back. That said, world trade is due to fall for the first time since 1982. Let us hope that this will not become the trend.

I agree wholeheartedly, Ard. However, the WTO needs drastic reform and RTA's are the way forward. Also, we need a way to keep banks civilised to prevent the chronic abuses that have brought about this ghastly shambles.

Thank you very much Slim, it means a lot to hear you agreeing as you are an expert in this field. The problem with free trade is that there isn't enough of it and if more of it could be done by more nations then the whole world would benefit. On the mechanics of the WTO, I'm not so sure as I'm not exactly au fait with the full workings of that organisation, but it definitely does need a reform when it can't get a trade deal negotiated after six years of talks. Something is seriously broken at the heart of the organisation. Bankers need to have proper leaders in their organisations with the vision, integrity and sobriety to manage these organisations back to a more level and sane trading platform where less risk is taken.