‘If voters in the US or the UK had been
given a vote on whether their governments should inject trillions of
dollars into their banks (in the form of loans, guarantees and
investments), it is pretty likely that those referenda would have been
lost.
Most opinion polls indicated that citizens were furious with their
banks – and were not persuaded that letting them fail would wreak the
kind of economic havoc that would impoverish all of us. So most
economists, central bankers and finance ministers would probably say
that we should be grateful that in America and Britain the people
aren’t quite as sovereign (if that makes sense) as in Iceland.’
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