The Icelandic Example
by David Atkins
Cenk Uygurdiscusses on The Young Turks how Iceland told the big banks to stuff it and saved their own economy:
To be fair, the bondholders can take the hit from the Icelandic economy and do fine, but not so much the bigger economies in Europe. The Icelandic solution wouldn't necessarily work for every country in this situation without dumping the entire overleveraged international banking system overboard and giving fiscal sovereignty back to the nations involved.
On the other hand, what would be wrong with that?
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