Lessons from Iceland's amazing economic recovery: "never sacrifice the democratic contract with the people"politicsPosted by yoga-link.se Oct 17, 2013 01:55
Iceland has made one of the most impressive recoveries since the outbreak of the economic crisis in 2008. In fact, it might be one of the few countries yet that has managed to turn an extremely bad economic situation into something positive, and they did that within a period of less than 3 years. It is therefore highly interesting to see how they managed that feat. Especially since they did this in the almost exact opposite way compared to the path that all other crises countries have entered on: extreme austerity, and an increased hostility between the ruling parties and the oppressed and suffering masses. Iceland did the exact opposite: they:
i) Decided not to lose their democracy, but to listen to the people, follow referendums, and give the money to the ordinary people
ii) Let the private banks fail, just as ordinary mal-handled companies would do
iii) To ignore the orders from IMF and the other powerful nations
A very important person in making these things happen, to take this course instead of the traditional course that Spain, Italy, Greece, etc are on, was their president: Olafur Ragnar Grimsson. In the above video, you hear a 30 minute long interview with him, where he explains the main events, including some exciting and highly enlightening stories about key decision points, personal encounters with formal allies who turned into open and united hostilities, and how another ally emerged, who showed an impressive maturity and depth of understanding of these kind of processes: China.
Highly interesting interview - well worth listening to!