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Iceland President Olafur 'Ragnar' Grimsson: "Why do we consider banks ... holy churches?"

[Like his middle name]
@ Davos: Olafur Ragnar Grimsson Iceland president 'Let banks go bankrupt'


How Iceland Overthrew The Banks: The Only 3 Minutes Of Any Worth From Davos
01/26/2013 21:00 -0500

"Why do we consider banks to be like holy churches?" is the rhetorical question that Iceland's President Olafur Ragnar Grimson asks (and answers) in this truly epic three minutes of truthiness from the farce that is the World Economic Forum in Davos. Amid a week of back-slapping and self-congratulatory party-outdoing, as John Aziz notes, the Icelandic President explains why his nation is growing strongly, why unemployment is negligible, and how they moved from the world's poster-child for banking crisis 5 years ago to a thriving nation once again. Simply put, he says, "we didn't follow the prevailing orthodoxies of the last 30 years in the Western world."

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Ragnar as in Ragnar Danaskjold from Atlas Shrugged

but to answer the question 'why...'?

it's because they can do magic - they can create money/credit out of thin air! No strings, no magnets, just new money out of nothing!

The high priests of finance they are...

Daily Paul cured my abibliophobia.

SteveMT's picture

Bankers have a new church. It's called prison.

that needs to happen here, too.


Iceland sounds pretty sweet right about now, and I can handle the cold. Maybe I might pay a visit.