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To: blam

How Iceland Overthrew The Banks: The Only 3 Minutes of Any Worth from Davos:

“Why do we consider banks to be like holy churches?” is the rhetorical question that Iceland’s President Olafur Ragnar Grimson asks (and answers) in this truly epic three minutes of truthiness from the farce that is the World Economic Forum in Davos. Amid a week of back-slapping and self-congratulatory party-outdoing, as John Aziz notes, the Icelandic President explains why his nation is growing strongly, why unemployment is negligible, and how they moved from the world’s poster-child for banking crisis 5 years ago to a thriving nation once again. Simply put, he says, “we didn’t follow the prevailing orthodoxies of the last 30 years in the Western world.” There are lessons here for everyone - as Grimson explains the process of creative destruction that remains much needed in Western economies - though we suspect his holographic pass for next year’s Swiss fun will be reneged...

Link to video:http://www.zerohedge.com/news/2013-01-26/only-3-minutes-worth-listening-davos


6 posted on 01/27/2013 7:57:37 AM PST by CharlesMartelsGhost
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To: CharlesMartelsGhost

In 2006, there was Iceland bragging over its vast growth and ability to be a global player. So they fall apart in 2008, with Icelandic people refusing to compensate anyone who held stock in the Icelandic banks that went bust. Now, they openly talk of the great recovery, the great new market, etc. A meteor could strike the island and take out 99 percent of the population....and yet some guy would show up at Davos the next year and comment on the great recovery of Icleand, and how it was a fine place to invest.


8 posted on 01/27/2013 8:09:10 AM PST by pepsionice
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