Let the banks fail
Dec. 7th, 2010 09:00 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
pat_le_lionIceland exits recession
The bit that is worth highlighting:
Last year Iceland's president Olafur R Grímsson said: "The difference is that in Iceland we allowed the banks to fail. These were private banks and we didn't pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks."
To paraphrase in my own words, since I am NOT an economist: all this money-pumping done by other governments was like putting a corpse in intensive care...
The bit that is worth highlighting:
Last year Iceland's president Olafur R Grímsson said: "The difference is that in Iceland we allowed the banks to fail. These were private banks and we didn't pump money into them in order to keep them going; the state did not shoulder the responsibility of the failed private banks."
To paraphrase in my own words, since I am NOT an economist: all this money-pumping done by other governments was like putting a corpse in intensive care...