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Be careful about thinking Iceland is some utopia. Many articles in the Anglosphere seem to not have done any fact checking. Some even think Iceland is in the EU
by rmc 14y ago
Be careful about thinking Iceland is some utopia. Many articles in the Anglosphere seem to not have done any fact checking. Some even think Iceland is in the EU and uses the Euro.
"Iceland told the banks to f* off, why can't USA do the same" is a nice story. The truth is usually more complicated.
- stephengillie 14y agoThe truth is Iceland forced their banks to reduce the dollar amount of mortgages to within 110% of a house's retail value. If that's not telling a bank to "F OFF" then I don't know what is. When everyone went underwater, they lowered the water level instead of putting people on stilts.
- afterburner 14y agoIf Iceland hadn't told the banks to eff off, they would have been hugely indebted to foreign banks for a hundred years.