Three years after Iceland’s banks collapsed and the country teetered on the brink, its economy is recovering, proof that governments should let failing lenders go bust and protect taxpayers, analysts say.
“The lesson that could be learned from Iceland’s way of handling its crisis is that it is important to shield taxpayers and government finances from bearing the cost of a financial crisis to the extent possible,” Islandsbanki analyst Jon Bjarki Bentsson told AFP.
This was self-evident 3-4 years ago. Now I read that this week the US government will backstop the derivatives clearinghouses.
http://www.zerohedge.com/contributed/20 ... inghouses-
I see no possibility at all that the US is going to recover - ever.
In the article below, you can read that the US has done everything exactly right in terms of balancing austerity, restructuring of debt, and printing of money. I believe this guy is absolutely, totally off his rocker but what do you want from a hedge fund manager. The destruction of the middle class, the destruction of government finances, and the destruction of normal market operations are the bread and butter of the hedge fund industry.
http://online.barrons.com/article/SB500 ... rticle%3D1