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How Iceland Overthrew The Banks: The Only 3 Minutes Of Any Worth From Davos

Posted By admin On January 27, 2013 @ 7:09 am In Money Watch | Comments Disabled

Zero Hedge [1]
Jan 27, 2013

“Why do we consider banks to be like holy churches?” is the rhetorical question that Iceland’s President Olafur Ragnar Grimson asks (and answers) in this truly epic three minutes of truthiness from the farce that is the World Economic Forum in Davos. Amid a week of back-slapping and self-congratulatory party-outdoing, as John Aziz notes [2], the Icelandic President explains why his nation is growing strongly, why unemployment is negligible, and how they moved from the world’s poster-child for banking crisis 5 years ago to a thriving nation once again. Simply put, he says, “we didn’t follow the prevailing orthodoxies of the last 30 years in the Western world.” There are lessons here for everyone – as Grimson explains the process of creative destruction [3] that remains much needed in Western economies – though we suspect his holographic pass for next year’s Swiss fun will be reneged…


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URL to article: http://www.prisonplanet.com/how-iceland-overthrew-the-banks-the-only-3-minutes-of-any-worth-from-davos.html

URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/2013-01-26/only-3-minutes-worth-listening-davos

[2] as John Aziz notes: http://azizonomics.com/2013/01/26/why-do-we-consider-banks-to-be-like-holy-churches/

[3] creative destruction: http://azizonomics.com/2011/11/15/zombie-economics/

[4] Will Greece Pull an Iceland … And Tell the Banks to Pound Sand?: http://www.prisonplanet.com/will-greece-pull-an-iceland-%e2%80%a6-and-tell-the-banks-to-pound-sand.html

[5] Iceland Better Off Than Ireland Because They Let Big Private Banks Fail, says President: http://www.prisonplanet.com/iceland-better-off-than-ireland-because-they-let-big-private-banks-fail-says-president.html

[6] Erapture! Iceland Grimsvotn Volcano Has Erupted, White Plume Ejected 18,000 Feet Into Air, Seismic Readings Across Iceland Off The Charts: http://www.prisonplanet.com/erapture-iceland-grimsvotn-volcano-has-erupted-white-plume-ejected-18000-feet-into-air-seismic-readings-across-iceland-off-the-charts.html

[7] Anti-NDAA Bills Worth — and Not Worth — Supporting: http://www.prisonplanet.com/anti-ndaa-bills-worth-%e2%80%94-and-not-worth-%e2%80%94-supporting.html

[8] The President Of Iceland Tells Us How He Had The Balls To Stand Up To Britain: http://www.prisonplanet.com/the-president-of-iceland-tells-us-how-he-had-the-balls-to-stand-up-to-britain.html

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