Iceland's Economic Woes and why it's not in the US News

An Italian radio program's story about Icelandâs on-going revolution is a stunning example of how little our media tells us about the rest of the world. Americans may remember... Full Story »

Posted by Jack Powers

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Jack Powers
4.0
by Jack Powers - Nov. 12, 2011

“What happened next was extraordinary. The belief that citizens had to pay for the mistakes of a financial monopoly, that an entire nation must be taxed to pay off private debts was shattered, transforming the relationship between citizens and their political institutions and eventually driving Iceland’s leaders to the side of their constituents. The Head of State, Olafur Ragnar Grimsson, refused to ratify the law that would have made Iceland’s citizens responsible for its bankers’ debts, and accepted calls for a referendum.”

I wonder if this could work in a much more populous nation.

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