Correction: Iceland Supports Banks, not People

What is actually going on in Iceland

This scathing and factual analysis of how the Iceland experiment is REALLY working came recommended by Birgitta Jonsdotter’s blog. Click on the link above to read the entire piece, which is critical reading for anyone looking for a way out of this mess.

Because I’m tired of you people spreading untruths

Since people continue to spread the factually dubious statement that Iceland “told creditors & IMF to go jump, nationalised banks, arrested the fraudsters, gave debt relief and is now growing very strongly, thanks” I find I have to write this here thing.

(This specific example comes from twitter but is almost identical, word for word, to the standard ‘Iceland is an economic utopia’ mantra that is being repeated ad nauseam.)

Because, for some reason, people won’t believe Icelanders when they say that the above is not quite the reality as most Icelanders experience it.

1. Iceland told IMF to go jump, go away, left the IMF program etc.

No it didn’t. Just look at the IMF’s country overview page for Iceland and read the reports.

https://www.imf.org/external/country/ISL/

(Too much to read? Well, boohoo. Don’t claim to know what Iceland’s and IMF’s relationship is until you have.)

Even a cursory look should tell you that Iceland didn’t throw the IMF out of the country and that the IMF’s praise for Iceland and our government is effusive and that Iceland followed the IMF’s advice to a tee. There are other details there, if you read through the archives, that are interesting, such as the fact that in several cases, especially when it came to the banks, Iceland actually went further along the libertarian axis than the IMF recommended.

Read more at link in title…

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