Ehhh, it's a bit untrue. Iceland is dealing with hyper inflation at the same time. So much so, they're going to adopt the Canadian dollar as currency, because the kroner isn't worth the paper it's printed on =(

>> ^Bruti79:

Ehhh, it's a bit untrue. Iceland is dealing with hyper inflation at the same time. So much so, they're going to adopt the Canadian dollar as currency, because the kroner isn't worth the paper it's printed on =(


Well that's half-true. A few people were considering it, but it looks to not be going through (http://www.huffingtonpost.ca/2012/03/21/iceland-canadian-dollar_n_1369897.html).

Bankers are hoarders who wear suits.

Gotta ask, but can it be concluded that Iceland's actions with the banks and debt forgiveness is a direct correlation to their increase in GDP? Or are there other factors that this video is not including?

>> ^brycewi19:

Gotta ask, but can it be concluded that Iceland's actions with the banks and debt forgiveness is a direct correlation to their increase in GDP? Or are there other factors that this video is not including?


Well look at it this way, if the drop in GDP was a direct correlation of the bankers screwups then logically the fix would hopefully bring it back up. That being said, there could very well be other factors, but they are only possible because of the actions taken against the banks... -shrug-

>> ^brycewi19:

Gotta ask, but can it be concluded that Iceland's actions with the banks and debt forgiveness is a direct correlation to their increase in GDP? Or are there other factors that this video is not including?


What other factors?

Iceland's biggest exports are aluminum and fish, which accounts for the majority of their GDP. Not exactly two dynamic growth powerhouses traditionally.

Some sifter's like to take shots at TYT (some not undeserved) but rarely back up the rhetoric with facts. All evidence points to the pulling the banks in to line and relieving the populace of massive debt burdens (freeing up cash to keep, for example, small businesses running employing people etc) as the major cause of a return to growth after the initial contraction.

You want to see a sort of pre-emptive version of this policy, look at Australia. We have a highly regulated and controlled banking environment and the government provided stimulus during the GFC. Our banks are not allowed to expose themselves to nearly the same level of risk that US or other banks are in deregulated markets. Now, in 2012, banks are taking record profits and the country didn't suffer nearly as badly as most of the rest of the developed world...

Funny thing about this urge to have few/no rules or punishment for banks and their executives, if you broke in to a store, robbed it and burned it to the ground, a republican would probably call for your head and more police to enforce that it doesn't happen again. So what happens when people do the same thing to the economy of a nation? They get rewarded with more money? Doesn't make sense to me.

And a lot of the debt relief stuff in the US is designed to help a very small percentage of people. Plus you know..the whole false mortgage defaults and illegal evictions taking place more or less unchecked. Using the government to facilitate their business when it's often not legal to do so. But no one says wait a minute....maybe this shouldn't be happening. Like so many things in the finance industry and economy overall. I don't think either presidential possibility will do this, but I highly doubt R-Money is going to balk at more of it happening.

5 more comments have been lost in the ether at this killed duplicate.

ICELAND! FUCK YEAH!