Iceland show the world a better economic idea... Shame on us?

[Pete]

"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."

Interesting thoughts...

http://bit.ly/U0STn3

[chesterfieldchris]

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[Pete]

Sorry Chris, missed your response.

May I ask if you read the article I liked to?

[chesterfieldchris]

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[therealjr]

Chris: I've freely admitted on a number of occasions that I know stuff all about economics and get confused because there never seems to be a logical cause and effect.
However doesn't your post prove the point?
The 'high risk speculators' do what they do safe in the knowledge that they aren't going to get burnt. This then according to your theory means I get better rates on my savings (yeah right like I've got savings) and mortgage.
But it also means they take the huge bonuses.
Now if they ALL knew that they were going to be in the doo doo if they got it wrong surely they would take more prudent viable decisions. This would mean that the markets would be more stable and not subject to the swings caused by nothing more than some speculator deciding to take a punt.
Wouldn't that be a good thing?

[chesterfieldchris]

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[Pete]

Beat me to it Chris - I was just going to say that... 

[pepsiperfect]

iceland - ha, farmfoods is better

[Old Cruser]

 )  )  ) What about Fultons pepsiperfect  )
(sorry just couldn't resist it )