When the world economy melted down Iceland was hit very hard. But unlike most of Europe they did the New New Deal and now Iceland is back to booming while the countries that cut spending are still mired in schleretic growth with meh results.
But repeat after me: THEY’RE SO SMALL AND WHITE, AMERICA COULD NEVER DO WHAT THEY DID AND SUCCEED!!
Unless you count America in the 30s. But I guess we were much smaller and whiter then.
“Why are the banks considered to be the holy churches of the modern economy? Why are private banks not like airlines and telecommunication companies and allowed to go bankrupt if they have been run in an irresponsible way? The theory that you have to bail out banks is a theory that you allow bankers enjoy for their own profit, their success, and then let ordinary people bear their failure through taxes and austerity. People in enlightened democracies are not going to accept that in the long run.”
Is that so tough?
The people who lead us, well intended as they might be (cough, cough) are, as Bugs Bunny would say, a bunch of maroons!