Icelands economic recovery.
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10-01-2014, 06:06 PM
Icelands economic recovery.
In light of the current financial crisis one cannot help but notice that Icelands economy has recovered very well.

The article I post here mentions various economic transformations taking place on the Island from the boom in the fishing industry to the boom in the green energy sector. It also mentions the young demographics of the island and various other social factors.

What it does not mention, but what was essential to Icelands economic recovery was the policy with which they did it, pritty much the opposite to what everyone else did:

They left their big failed banks without a bailout to go bust, devaluated their currency and didn`t pay back any debts.

It scared away foreign investments and angerd people who lost their savings investing there, but to some extent it worked.

What do you think?

http://www.spiegel.de/international/euro...42387.html

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10-01-2014, 06:14 PM
RE: Icelands economic recovery.
It has been done elsewhere, whereby the people's debt has been wiped clean, without them needing to worry about paying it off, and the economy thrived as a result afterwards.

That will most likely never happen in 'Murica, because one should know by now that 'Murica basically equates to stupid, among other not so pleasing attributes, and 'Murica is always the last to follow in the footsteps of progress that other countries have experienced first.
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10-01-2014, 06:17 PM
RE: Icelands economic recovery.
Well, Iceland is a country which can survive without foreign investment.

The US cant.

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14-01-2014, 07:29 PM
RE: Icelands economic recovery.
Most important of all, the bankers in Iceland were declared personas non grata and exiled. Some of them were even arrested and imprisoned for several years. Does wonders for morale.

It is so difficult to understand that dollar and financial speculative economy is a big scam.

Ayn Rand, not being a fan of her at all, said one important thing. We need separation of market and state as much as we need separation of Church and state - and for the same reason.
We currently live in an economical equivalent of the worst medieval theocracy. The state takes by force more than half of what we earn, and it squanders it left and right, on the worst things imaginable. Mass murder, drugs, brainwashing, beating up peaceful protesters on streets and so on. Prisons are full of non-violent "criminals" who never hurt anyone.

I'm against Capitalism, but I often I think I understand Capitalism better than capitalists themselves. And I'd prefer a proper Capitalism before this pseudo-Capitalism, with extremely deformed market. Market carries signals, if we don't get proper signals, we buy wrongly, sell wrongly, and few get advantages at the expense of many than they otherwise wouldn't. So we can't have the government taking 60 % people's money as various sales and income taxes and we can't have government defend this legal fiction of limited liability called corporation. A true capitalism must have an unlimited personal liability, or bust. There's no freedom without responsibility. Government takes away 60 % of our freedom (money) and it also takes away the responsibility and power to change things.

If you claim there are nuances to principles, there are no nuances to getting arrested or shot for disobeying the power.
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