Iceland’s recovery continues, declared ‘impressive’

[Teamster Jeff]

http://www.icenews.is/index.php/2012/08/22/icelands-recovery-continues-declared-impressive/

Experts continue to praise Iceland’s recovery success after the country’s bank bailouts of 2008.

Unlike the US and several countries in the eurozone, Iceland allowed its banking system to fail in the global economic downturn and put the burden on the industry’s creditors rather than taxpayers.

In the following years, the Icelandic government made drastic cuts that reduced the fiscal deficit from 14 percent of GDP to just two percent. At the same time, unemployment in Iceland has shrunk to less than five percent, while analysts predict the North Atlantic economy to grow some 2.8 percent by the end of 2012, according to recent reports.

The rebound continues to wow officials, including International Monetary Fund chief Christine Lagarde, who recently referred to the Icelandic recovery as “impressive”. And experts continue to reiterate that European officials should look to Iceland for lessons regarding austerity measures and similar issues.

The Financial Times outlined a number of important points for countries in the eurozone to consider in an article published on Monday. These include Iceland’s tactic of pursing “politics of social and economic inclusion”. This includes heavier taxes on the higher brackets while cutting welfare schemes less than other areas of the budget to retain the purchasing power of lower income groups[/di

[yellerpup]

1. Let this top the news for a week.

It is an impressive solution that proves nothing is too big to fail. People are working in Iceland!

[cyclezealot]

2. It just can't be ..

it has a feminist , socialist gubermint.

[yellerpup]

3. What a great model!

Such a great inducement to reform if the final solution is nationalization.

[SunSeeker]

8. Yes, a government of the people, by the people, for the people.

Wish we had that here...oh wait.

[yellerpup]

9. Well, you know we did have democracy before Europeans

began to colonize here. Women had full autonomy, and in my tribe, the women cast the final vote yes/no on whether or not to make war. The Grandmothers were the ones who decided if loss of life was justified. So clean and sensible.

[jtuck004]

10. Did the women go fight alongside them?

Just curious, don't remember reading about it anywhere.

[yellerpup]

11. Yes, they did fight with the men when necessary.

In my tribe, women were deprived of sticks while playing lacrosse because they were far more vicious competitors. NA's didn't line up and go to war so there were no women on the 'front lines' because there were no front lines, but women fought.

Here's a link:

[Diclotican]

4. Teamster Jeff

Teamster Jeff

Sometimes the banks need to fall - to make a clean recovery.. In Norway in the early 1990, it was also a bank crisis - where the State had to get in, take over most of the bank sector - a sort of nationalizing the bank sector - and make the bank sector one of the strictest sector in the whole of Norway. It was painfully for many who lost everything - specially for the ones who had shares in the bank sector - everything was deemed to be zero valued - and in many cases the government had to take over the banks - and govern them as property of the state itself..

But it worked after a painfully "horse cure" the bank sector was more or less told healthy and well again - and the State loosen it grips on the bank sector - but even now own parts of the banks, and continue as a owner to keep an eye on the banks...

Iceland have doing much of the same - and good for them, it worked - the banks failed - but the economy of the country looks healthier than it have been for ages. Also a great thing I suspect..

I just hope other nations, who is not to blame for the Banks greed do the same.. If more nations do this, the banks would have to make a far better case for itself - maybe even reform..

Diclotican

[DeSwiss]

5. K&R

- Experts? HA! Aren't these the same experts who told everyone that crushing the ''little people'' with AUSTERITY was the way to go?

What was Iceland's approach? To do the exact opposite of everything the bankers running our own economies told us to do. The bankers (naturally) told us that we needed to bail out the criminal Big Banks, at taxpayer expense (they were Too Big To Fail). Iceland gave the banksters nothing.

http://www.thestreet.com/story/11665082/1/iceland-was-right-we-were-wrong-the-imf.html

[abelenkpe]

6. k&R nt

[SunSeeker]

7. In your face, banksters! nt