The 2007-2008 financial crisis nearly destroyed Iceland’s economy. Since then, the tiny island nation has made a remarkable comeback. The country’s president explained,
“We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the poor, and we didn’t introduce austerity measures like you’re seeing in Europe.”
Now, Iceland is sending bankers who the broke law to prison. Read story here and here. If only we could get the Obama administration to follow suit.
Photo: Olafur Grimmson, President of Iceland