More Clear Thinking from Tiny Iceland

From the U.K. Telegraph, this wonderful example of how to solve a debt crisis: let the banks fail. As you read this, please understand the "recovery" model that is being put forward, and supported by politicians of all stripes, for the U.S. That model is this: endless free money and bonuses for the banks, and [...]

By |2010-12-13T17:49:28-05:00December 13th, 2010|Uncategorized|0 Comments

Iceland’s politicians forced to flee from angry protesters. The bankers’ flag reads: “Slavery”

Our coverage of the Iceland meltdown continues. As you'll recall, the three major banks in tiny Iceland (Glitnir, Kaupthing, Landsbanki) went on a borrowing and derivative-fueled lending spree. Icelandic banks opened bank branches in the EU and took deposits from mostly Britain and Netherlands. The deposits were used to fuel a real estate lending boom. [...]

By |2010-10-03T14:43:51-04:00October 3rd, 2010|Economy|0 Comments

Iceland Leads The Way

From Huffpo: REYKJAVIK, Iceland — Iceland's former Prime Minister Geir Haarde has been referred to a special court in a move that could make him the first world leader to be charged in connection with the global financial crisis. After a heated debate Tuesday, lawmakers voted 33-30 to refer charges to the court against Haarde [...]

By |2010-09-30T09:26:30-04:00September 30th, 2010|Federal Reserve, Taxes|0 Comments

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