Iceland citizens vote no on government bailout of failed bank

I don't get it: why don't those Icelanders take on the extra $3.5 billion in debt that would have been incurred by their politicians bailing out the British and Dutch for the failure of Landsbanki, by borrowing more money and creating massive inflation of the currency?

I mean, that's what we do here in the United States, ain't it?!

Seriously though: nice to see some fiscal sanity in this world. Maybe our Icelandic friends could consider exporting some of that here.

Mash down here for more of the story. Worth keeping an eye on as no doubt the European Community is going to be looking to retaliate against Iceland for its gumption.