Sure - you use observation and comparison to validate against your existing models, not directly against other countries. To apply the model to other countries,

Sure - you use observation and comparison to validate against your existing models, not directly against other countries. To apply the model to other countries, you have to tweak your model for additional factors that vary between the countries. It's preposterous to assume that you can straight up draw a conclusion from Iceland and apply it to, say, China. 19th C banks are wholly different creatures to what we have today - we weren't even on fiat currency in the 19th Century, much less using banks as extension of monetary policy. The entire point of defending banks is that there is an immense amount of built up regulations that would not transfer over to the 'new banking system'. And while it's debatably whether or not existing regulations are good, the current regulatory environment makes it unlikely that any sort of similar consumer protection would be re-built in this day and age - just look at the modern ICO, which is wholly built on smoke and mirrors.