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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (174860)	10/29/2011 11:38:29 AM
From: Steve Lokness	Read Replies (2) \| Respond to of 541743

<<<<<Homegrown energy.>>>>> Fair enough; but then why the big differences between Norway (which also has energy) and Iceland? Besides energy, both have a very generous social safety net and even the people and culture are similar. Iceland was settled by Norwegians. The difference was debt - not energy. 90% of the people in Iceland took out government sponsored debt. They waaaaay over leveraged their ability to pay it back. The reason Iceland is in recovery is that they let their banks fail. They most certainly didn't recover because of their stimulus plan. reason.com