Iceland Gets it right~ Why No media coverage?

[TreasonousBastard]

17. Too bad nobody reads the NY Times any more...

since they've covered the goings-on in Iceland.

But, please note that Iceland and Greece are two entirely different places with entirely different problems-- about the only things they have in common are mountains and volcanoes.

Iceland, with it's tiny, but prosperous, population of 320,000, ran into trouble because they managed to invest in failed banks. It's economy is maybe 40% fishing, but that, and some mineral exports, supplies its small population with a pretty good income, and the per capita GDP is down, but still mid 30K.

Greece, otoh, has 10 million or so (with the population declining for years as people leave) a per capita GDP in the mid 20s (with far more economic inequality) and not much besides shipping an olives making any money. And they couldn't "just say no" like Iceland did because they were part of the European Union and that would have had serious consequences.

Greece's problems came from its own lack of accountability and flat-out fraud. Its economy was trailing even before the worldwide depression with little attempt to build new industry, governments stayed in office by giving big gifts to the rich and little gifts (like early retirement) to everyone else, small businesses required years to start with enormous amounts of red tape and bribery, and nobody was properly taxed. On top of all this, the governments lied to keep borrowing-- a governmental Ponzi scheme. Blame the banks for being stupid enough to lend to them, but not for asking to be repaid.