Time for a DO-OVER

Here is what listening to the failed economic policies of the trickle down pie in the sky rhetoric of the one percent has gotten us. America, Canada and most European economys are in crisis and the working man and middle class are fighting for their financial lives, most barely able to keep their heads above water. 

The power elite have convinced the majority that the only way we can stave off a depression and global catastrophe was to bail out the banking and wall street criminals that have brought the whole world to it’s knees, and not only let them keep all the money they stole but reward themselves even further with public funds, while forcing tens of millions out of their homes, losing millions of jobs, all in all managing to wipe out 40 percent of ordinary Americans assets, and causing the failure of untold small businesses to boot. So much for conventional financial wisdom. In other words carry on as usual.

It seems Iceland had a novel idea contrary to popular practice, they charged the Prime Minister and all the CEOs of the big banks with over two hundred separate criminal offences, and put them in jail. They even went further away from conventional wisdom and instead of punishing the homeowners that suffered from these criminal actions, instead they forgave any debt over 110 percent of the value of a home mortgage debt. About now you are probably thinking how stupid can they be you can’t do that and get away with it, well you would be wrong not only has it worked but after the total economic collapse in Iceland in 2008, 2009 needless to say was a disaster with a 6.7 decrease in growth but in a very short time 2010 they had a 2.9 percent increase and 2011 2.4 increase and are now one of the healthiest countrys economically in the world, I know now you are going to say Ya but it is just a small country it wouldn’t work here, but the truth is they had a much higher debt per capita than America or Greece. 

The final inevitable argument as always when someone else has a system or idea different or should I say better than America, oh that is just an anomaly it would never work here, no I guess as long as rewarding criminals and hanging on to failed tired old economic theories and the bought and paid for politicians that perpetuate these failed polices, we are doomed to relive the inevitable booms and crashes, and the middle class and workers of the world will pay the price as always. 

Fitch Ratings had this to say about Iceland “ Unorthodox crisis policy response has succeeded.

 “Insanity is doing the same thing, over and over again, but expecting different results.” ― Albert Einstein