pat_le_lion: (Default)
pat_le_lion ([personal profile] pat_le_lion) wrote2010-12-07 09:00 pm

Let the banks fail

Iceland 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...