Why the US Cannot Be SavedSubmitted by gptnomoney on Sat, 01/25/2014 - 19:06
The people of Iceland have more courage in their little finger than America has in its entire being. Iceland’s financial failure forced its government to resign or be removed, and it also caused citizens to re-evaluate the merits of their reckless spending, borrowing and consumption. Just how did Iceland do it?
Iceland’s President Olafur Ragnar Grimmson was interviewed earlier this year at the World Economic Forum in Davos on why Iceland has enjoyed such a strong recovery after it’s complete financial collapse in 2008, while the rest of the West is still mired in debt, poverty and hopelessness to go with empty promises of an economic recovery.
When asked whether Iceland’s policy of letting the banks fail would have worked in the rest of Europe, Grimsson stated: