October 28, 2011
Too Big, They Failed

Read Krugman today. And copy your Congressperson if he, she or it is a Republican. In a nutshell:

…But 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.

So how’s it going? Iceland hasn’t avoided major economic damage or a significant drop in living standards. But it has managed to limit both the rise in unemployment and the suffering of the most vulnerable; the social safety net has survived intact, as has the basic decency of its society…



Posted by Jerome Doolittle at October 28, 2011 11:49 AM
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So how is Switzerland doing?

Why don't we hire the real pros to run the banks, the economy and design a full military that costs less than .05 percent of the GDP and a complete cradle to grave economic safety net and medical care?

Posted by: Evil is evil on October 28, 2011 2:54 PM
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