What Iceland Did Differently From the United States and Europe.
Iceland’s economic recovery is unusual in that instead of bailing out the banks and investment leaders, they indited and arrested the CEO’s of the banks, and bailed out the citizens. How did this radical plan work out? In 2009 the economy continued to shrink 6.7% with the rest of the world, but in 2010 the economy grew 2.9%, and in 2011 it grew another 2.4%. Now Iceland is ahead of Europe in economic recovery and has no interest in joining the European union which continues to struggle under the policy of bailing out the bankers and leaving the citizens to struggle on their own.
Europe and the United States have shown that taxing the citizens, cutting programs, and bailing out the banks has not worked. Both continue to ignore the alternate options while Iceland’s economic recovery forges ahead with a radical policy that has proven its worth, now leading the world in economic reform and recovery. Why was this option not considered in the U.S. and Europe? Banks and investment firms have a stranglehold on government through lobbying, and campaign donations creating a situation where government no longer represents the will of the people, but the special interests of banks and corporations. In other words “corruption”.