Having politely rejected the advice and pleadings of the IMF, the World Bank and other European nations – in particular the UK and Netherlands – Iceland is not only back on track but its economy is actually experiencing a strong resurgence.
Contrast that with the economies of Spain, Greece or Ireland, whose governments have bent over backwards at every turn to appease the threats and demands of the money markets and the ECB. What did they get in return? A death sentence for their real, productive economies and the removal of the last remaining traces of their economic independence.
The Rise of the Über Banks
Meanwhile, the prospects for the TBTF banks could not be better. Despite being directly responsible for the 2007-08 credit crunch and the subsequent collapse in global economic growth, the world’s biggest banks and hedge funds have grown more powerful than even they could possibly have dreamt.