Posted on 06/26/2011 2:16:08 PM PDT by mick
Iceland is resolving the economic problems left by the financial crisis. It is well advanced in implementing the comprehensive programme agreed with the IMF to overcome these problems. Iceland is slowly emerging from a deep recession following the collapse of its main banks. The economy stopped contracting by late 2010 and a consumption and business investment-led recovery is projected to gather momentum, lifting economic growth to 3 per cent by 2012. Inflation is projected to remain low and the underlying current account surplus to be sustained.
(Excerpt) Read more at eucommerz.com ...
And Obama is fiddling while the U.S. burns.
“And Obama is fiddling while the U.S. burns.”
No. He’s shoveling paper money and debt onto the fire.
"Like Ireland and Greece, Iceland has taken a large dose of austerity measures to rebuild its economy. Unlike Ireland and Greece, however, Iceland allowed private banks to fail, and its currency, the krona, has declined by about 46 percent against the dollar since the start of 2008.
“Excluding the financial system, the real economy is doing well,” Arsaell Valfells, a professor of business and finance at the University of Iceland, said in telephone interview. Retail spending was still shrinking, he said, but the export sector, consisting mainly of fish, aluminum and tourism, was improving.
“We’ve basically gone back to 2003 in terms of the level of standard of living,” he said. The worst has been felt by younger people who borrowed at the height of the bubble and are now having to reduce their debt, he said. “But they’ll come through this,” he added."
WHO IN AMERICA WOULDN'T TAKE RETURNING TO 2003 LIVING STANDARDS TODAY IF WE COULD GET OUT OF DEBT???
Time for the Dollar to fall.
While most or used to be that most save for a rainy day and retirement they will in fact live birth to grave and never pay into the system.
I predicted that they would.
Hard medicine is the only medicine for bankers. They have to learn their lessons the hard way, and going out of business is the hardest lesson of all.
Iceland and Malaysia have taught their bankers lessons, and in both cases, they emerged from their respective financial crisis faster than their neighbors who took the free bailout cheese.
Ah yes...The only country that told the bankers to go pound salt. This could be us.
Question: How many times has the President of Iceland played golf in the last year? How many times has the kenyan usurper played golf?
In 2012, Let’s elect an AMERICAN, who cares about This Country, not a kenyan marxist bent on it’s destruction!
Actually wouldn’t it be better for the US if Baraq spent MORE time playing golf?
Yep, Iceland did what other countries haven’t dared to do with the more timely default. The others set themselves back one or two hundred years trying to keep their currencies high, and manufacturing, in the countries of their eventual masters. They were betrayed by their own business, government and academic leaders, whose loyalties lay with the countries they preferred to keep manufacturing in.
If congress had not passed TARP we would be well on the way to recovery today. There would be a whole lot of people a lot poorer, but the dollar would still have a little value and people would be picking up deals and making money.
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