KenTheLandlord
Well-Known Member
- Joined
- 10 Mar 2009
- Messages
- 4,256
Remember social Iceland and their anti austerity answer to the financial crises of 2008 brought about by the money men and bankers?
Nobel prize winning economist Joe Stiglitz notes:
What Iceland did was right. It would have been wrong to burden future generations with the mistakes of the financial system.
Nobel prize winning economist Paul Krugman writes:
What [Iceland's recovery] demonstrated was the … case for letting creditors of private banks gone wild eat the losses.
Krugman also says:
A funny thing happened on the way to economic Armageddon: Iceland’s very desperation made conventional behavior impossible, freeing the nation to break the rules. Where everyone else bailed out the bankers and made the public pay the price, Iceland let the banks go bust and actually expanded its social safety net. Where everyone else was fixated on trying to placate international investors, Iceland imposed temporary controls on the movement of capital to give itself room to maneuver.
Krugman is right. Letting the banks go bust – instead of perpetually bailing them out – is the right way to go.
http://www.zerohedge.com/contribute...d-it-right-…-and-everyone-else-doing-it-wrong
Now, Iceland Sentences 26 Corrupt Bankers To 74 Years In Prison (where they should be)
Iceland just sentenced their 26th banker to prison for his part in the 2008 economic collapse*. The charges ranged from breach of fiduciary duties to market manipulation to embezzlement.
When most people think of Iceland, they envision fire and ice. Major volcanoes and vast ice fields are abundant due to its position on the northern part of the Mid-Atlantic Ridge. (A hot July day in Reykjavik is around 55 degrees.)
However, Iceland is also noted for being one of the Nordic Socialist countries, complete with universal health care, free education and a lot other Tea Potty nightmares. Therefore, as you might imagine, they tend to view and react to economic situations slightly differently than the U.S.
http://americannewsx.com/crooks-crime/iceland-sentences-26-corrupt-bankers-to-74-years-in-prison/
* For the melons on here, read Labour
Nobel prize winning economist Joe Stiglitz notes:
What Iceland did was right. It would have been wrong to burden future generations with the mistakes of the financial system.
Nobel prize winning economist Paul Krugman writes:
What [Iceland's recovery] demonstrated was the … case for letting creditors of private banks gone wild eat the losses.
Krugman also says:
A funny thing happened on the way to economic Armageddon: Iceland’s very desperation made conventional behavior impossible, freeing the nation to break the rules. Where everyone else bailed out the bankers and made the public pay the price, Iceland let the banks go bust and actually expanded its social safety net. Where everyone else was fixated on trying to placate international investors, Iceland imposed temporary controls on the movement of capital to give itself room to maneuver.
Krugman is right. Letting the banks go bust – instead of perpetually bailing them out – is the right way to go.
http://www.zerohedge.com/contribute...d-it-right-…-and-everyone-else-doing-it-wrong
Now, Iceland Sentences 26 Corrupt Bankers To 74 Years In Prison (where they should be)
Iceland just sentenced their 26th banker to prison for his part in the 2008 economic collapse*. The charges ranged from breach of fiduciary duties to market manipulation to embezzlement.
When most people think of Iceland, they envision fire and ice. Major volcanoes and vast ice fields are abundant due to its position on the northern part of the Mid-Atlantic Ridge. (A hot July day in Reykjavik is around 55 degrees.)
However, Iceland is also noted for being one of the Nordic Socialist countries, complete with universal health care, free education and a lot other Tea Potty nightmares. Therefore, as you might imagine, they tend to view and react to economic situations slightly differently than the U.S.
http://americannewsx.com/crooks-crime/iceland-sentences-26-corrupt-bankers-to-74-years-in-prison/
* For the melons on here, read Labour