Here’s an interesting story on how Iceland handled its 2008 collapse.
http://www.bbc.co.uk/2/hi/programmes/from_our_own_correspondent/9550667.stm
The government shut down the banks and walked away from all its debts. The upside… the government is debt free. The downside… most citizens will never get out of debt due to the devaluing of the krona. There was however, no street chaos or civil disruption.
There’s a moral cost to walking away from debt. There’s also a high cost to standing on a debtor’s neck and not letting him breathe.
There’s a reason the Bible is so clearly outspoken about the dangers of debt. There’s also a reason why I personally feel it is morally wrong to do what Iceland did. You made your bed, sleep in it. If it hurts like heck, so be it. Shut down every government function beyond common defense and a few other things and pay back what you owe.
This wasn’t a good thing for Iceland, in the end it’ll bite them in the ass just like it did the USSR.
I think the little bag of Icelandic money I have left over from my last visit probably wasn’t a good investment.
I’m thinking no.
It makes me sad having come back to Taiwan yesterday. When I left 2 years ago before Obama had a chance to crap on much, the exchange was $1 USD = $33 NTD. Now it’s $1 = $27. That’s some serious death of the dollar.
Doc,is the Taiwan Parliament still wild and wooly?Used to see news clips of MPs duking it out.
Yeah, there was one earlier this year in February from what I understand. Some guy started beating the crap out of a lady and then a few of her friends came to the rescue and beat the crap out of him.
This one was always one of my favorites. Can you imagine someone walking up to King Harry and chucking a pitcher of water right in his face? I’d love it!
http://www.youtube.com/watch?v=rfaNHtKkffA
Oh, pardon the irritating music…it seems people think it’s a requirement to add stupid music to youtube videos.
Saw one once with two members of the gentler sex.Looked like Ali-Frazier!