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Forum Post: Learning from Iceland

Posted 7 years ago on Nov. 21, 2011, 3:13 p.m. EST by justanobserver (29)
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6 Comments

6 Comments


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[-] 1 points by PatriotSon01 (157) 7 years ago

Many, many people agree... if the banking system threatens to collapse again - it should fall HARD. Not letting it go in the first place was a mistake. Sure it would have been scary and tense in the days after, but it should have been allowed. Our TARP monies - our tax dollars - were used to line the pockets of the idiots that caused the issues in the first place. Often, the hardest step is the first...

[-] 1 points by MattLHolck (16833) from San Diego, CA 7 years ago

we are rushing to maintain the status quo

[-] 1 points by MattLHolck (16833) from San Diego, CA 7 years ago

It has been three years since the Iceland's banking system collapsed, which may have been the best thing that could have happened for the country.

Iceland was the first nation to fall victim to the 2008 credit crunch. It also became the first Western European nation to get a bailout from the International Monetary Fund (IMF) in more than three decades.

The nation's three largest banks went on a $100bn spending spree, financing international acqusistions and construction projects. The money spent was more than seven times the nations GDP of $14 bn.

There was a big overspend which got Iceland into trouble, and as a result the banks were nationalised, while the economy and currency, the krona, essentially collapsed.

But rather than bailing out the banks, lawmakers were pursuaded by public revolt not to takeover the debts of the banks.

This week on Counting the Cost, Olafur Ragnar Grimsson, Iceland's president, discusses his thoughts on the eurozone crisis, what countries should learn from Iceland, and how austerity measures worked for his country.


[-] 1 points by justanobserver (29) 7 years ago

and the Central Bank was truly nationalized (unlike the Bank of England which is shrouded by secrecy, although their website professes otherwise - if you read their financial statement you will recognize the facts), first step towards setting things right, maybe a fundamental lesson.

[-] 1 points by MattLHolck (16833) from San Diego, CA 7 years ago

A country needs to be in control of it's currency

[-] 1 points by justanobserver (29) 7 years ago

Amen and the people, not another sovereign power and certainly not money in control of the politicians and government,