When the world crashed financially in 2007, Iceland was one of the nations to be hardest hit. It was a total meltdown for their financial system. But they took a very different view of how to handle it–they let their banking system go belly up and no big bank or financial firm was “too big to fail.” Their big banks and stock firms crashed and burned.
In the USA, the government told citizens that American bank and financial institutions were too big to fail. Taxpayers took on TRILLIONS of dollars in worthless debt to bail out the very institutions that had criminally screwed over the American people. Generations of USA taxpayers still yet to be born will pay over their lifetimes to prop up the rich fat cats.
In Iceland today, the banking system rose from the ashes despite having been figuratively burned to the ground. Employment that once threatened to swallow the small nations’ workers, is now 6.2 and trending downward each month as Icelanders are again finding full-time work.
The difference you ask? Iceland’s citizens aren’t straddled with debt. The banks and financial institutions failed and the fat cat speculators failed, but the average citizen is better off and mountains of debt isn’t going to be passed along to Iceland’s unborn future taxpayers.
Politicians in the USA got it wrong. Very wrong.
It is time for a change.