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No money invested in Businesses....yet, they get taxpayer handouts from the Taxpayers.

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[QUOTE=coalition;494767][LEFT][COLOR=#000000][FONT=arial]I guess that the Icelandic President and I, have been on the same Journey..will this be the beginning of a new and stupid, Tory.... COD-OLOGY WAR.

As everybody knows now, we did not pump public money into the failed banks. We treated them like private companies that went bankrupt, and we let them fail. Some people say we did it because we didnt have any other option, there is clearly something in that argument, but it does not change the fact that it turned out to be a wise move or whatever reason. Whereas in many other countries, the prevailing orthodoxy is you pump public money into banks and you make taxpayers responsible for the banks in the long run, and somehow treat the banks as if they are holier institutions in the economy than manufacturing companies, commercial companies, IT companies, or whatever. And I have never really understood the argument: why a private bank or financial fund is somehow holier for the well being and future of the economy than the industrial sector, the IT sector, the creative sector, or the manufacturing sector.[/FONT][/COLOR][COLOR=#000000][FONT=arial]So if you add all of this together and throw in the devaluation of the currency as well, its clear that what some people have called the Icelandic model includes a number of measures and approaches that have not been adopted in other countries. On the contrary, it includes some methods in the process that go directly against what has been adopted in other countries. But the outcome is the Icelandic economy is recovering faster and more effectively than any other economy, including the British and the American that suffered from a big financial crisis in 2008.

Read more: [URL=""]Iceland's President Explains Why The World Needs To Rethink Its Addiction To Finance - Business Insider[/URL][/FONT][/COLOR][COLOR=#000000][FONT=arial]
Read more: [URL=""]Iceland's President Explains Why The World Needs To Rethink Its Addiction To Finance - Business Insider[/URL][/FONT][/COLOR][/LEFT]