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July 29, 2014

Breaking News:

BREAKING: New Coal Disaster In West Virginia -

Tuesday, February 11, 2014

U.S. Hostage Freed by Colombia’s FARC Rebels (Video) -

Monday, October 28, 2013

Here’s Why The Zimmerman Verdict Matters -

Sunday, July 14, 2013

BREAKING! UK Government Spied On Allies At TWO G20 Summits (Video) -

Sunday, June 16, 2013

Swiss Support Tougher Asylum Legislation as Refugee Numbers Spike -

Monday, June 10, 2013

American Woman Killed in Syria Fighting for Terrorists, Syrian TV Claims (Video) -

Friday, May 31, 2013

CO2 in the Air Reached its Highest Level in Human History -

Friday, May 10, 2013

Terms of the New Abortion Bill Agreed by Irish Cabinet -

Wednesday, May 1, 2013

Boston In Lockdown As Manhunt Intensifies -

Friday, April 19, 2013

2 Dead, Dozens Injured After Boston Marathon Bombing -

Monday, April 15, 2013

Fast Food Workers in New York Stage Surprise Strike -

Saturday, April 6, 2013

N. Korean Rhetoric Provokes Missile Shield Deployment -

Wednesday, April 3, 2013

Eyewitness Accounts from Meiktila Massacre -

Wednesday, April 3, 2013

Sudan to Free All Political Prisoners -

Monday, April 1, 2013

A New Free Press In Burma Juxtaposed With Genocide: The World Will Be Watching -

Friday, March 29, 2013

Pressure Builds to End Ethnic Violence in Myanmar -

Friday, March 29, 2013

Activists Demand Action As Further Genocide Looms -

Tuesday, March 26, 2013

Cyprus Reaches Last-Minute Bailout Deal With EU -

Monday, March 25, 2013

Myanmar Muslims Brace for Possible Genocide -

Sunday, March 24, 2013

IMF Chief Lagarde’s Home Searched over Tapie Scandal -

Wednesday, March 20, 2013

‘Let the Banks Fail’ Says Iceland President

Iceland is in economic recovery with lower unemployment rates than Europe, and its President says “let the banks go bankrupt”, speaking at the annual World Economic Forum in Davos, Switzerland (23-27 January, 2013.)

In an impromptu interview with the Al Jazeera News Network’s Stephen Cole, Iceland’s President Olafur Ragnar Grimsson explains that his country was able to rebound from the worldwide financial crisis better than all other countries that faced the same problems, by doing just that, allowing the failing banks to go bankrupt.

He says “we did not follow the traditional, prevailing orthodoxies. We introduced currency control. We let the banks fail. We provided support for the poor. We did not introduce austerity measures on a scale you see in Europe. And the end result 4 years later, Iceland is enjoying progress and recovery very different from the other European countries that suffered from the financial crisis.”

He added “why do they consider banks to be the holly churches of the modern economy? People in enlightened democracies are not going to accept that in the long run.”

At the start of the world wide 2008 economic collapse, Iceland was in worse shape than almost any other country in the world. Its three major lenders collapsed under $85 billion in debt, and the country was facing a full economic crash.

However, instead of following the prevailing neoliberal economical wisdom, Iceland did the opposite. Instead of bailing out the banks, it brought charges against many involved. The banks were nationalized.

The government implemented capital controls to prevent the flight of money from the country and paid all domestic depositors. It instituted a private debt forgiveness program along with paying welfare payments as much as possible, controversially, refusing to repay (mostly UK and Dutch) foreign creditors.

The government also has been diversifying the economy by shifting its economic focus from banking to more traditional pursuits such as fishing and tourism, also seeking out new areas to develop.

Iceland’s Economy is now growing faster than the U.S. and EU as one of the fastest growing economies in the world.

Emine Dilek (161 Posts)

Publisher/Managing Editor: Progressive Press. Contributing Editor: WVoN-Women's Views on News. Columnist: Palm Beach Woman Magazine. Former executive producer and radio host: WVR -Women's Voice Radio, Human Rights/Peace Activist, Aspiring Author/ Journalist/ Poet/ Blogger. Emine also appears as a revolving guest on PNN radio show -international political analyst-, and had been a guest on Liberal Fix and Brian Hammer Jackson Show. Her articles have been published in various publications such as The Vibe UK, The New Agenda, W.E.A Women @ Work, Amazing Women Rock and ICAHK.