Do you remember when you were a child and your parents told you that sometimes going to the doctor meant feeling some pain, but that was the best way to get well the fastest? Iceland followed the adult path after their own financial crisis; they took the pain like adults, and now they are getting [...]
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 [...]
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. [...]
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 [...]
