President Barack Obama Message Board

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Politics : President Barack Obama

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To: tejek who wrote (112555)	4/17/2012 8:42:24 PM
From: RetiredNow	Read Replies (1) of 149317

Krugman doesn't have it right. Massive deficit spending isn't working here in the US and it would not work in Europe. If you want to see what actually has worked, look at Iceland. In Iceland, they defaulted on their loans, put the banksters in jail, balanced their books, and now they sport one of the highest growth rates in Europe, as well as an Unemployment rate that is the envy of the developed world. The US got it wrong. Europe got it even more wrong than the US. And Iceland got it right. You see, Iceland decided to give Capitalism and the rule of law a try. Turns out that those concepts, once the hallmark of what made the US great, works for Iceland just as well. Too bad, we don't believe in Capitalism and the rule of law in the US anymore. Could Iceland be a model for debt-ridden Europe? news.bbc.co.uk Yet Iceland was hit hardest by the credit crunch in 2008. Its current recovery is why Iceland is being held up as the model for an alternative way to deal with the debt that plagues so many economies. That is because when Iceland's banks went spectacularly bust, instead of pouring in billions of taxpayers' money to shore them up, Iceland just closed them down. How to Handle a Financial Crisis Like Iceland Iceland has demonstrated a far more effective solution to the banking crisis than most countries theawarenessparty.com

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