Iceland Let Banks Fail, Jailed Criminal Bankers and Now Has Only 4% Unemployment

January 29th, 2014

Via: Bloomberg:

Iceland let its banks fail in 2008 because they proved too big to save.

Now, the island is finding crisis-management decisions made half a decade ago have put it on a trajectory that’s turned 2 percent unemployment into a realistic goal.

While the euro area grapples with record joblessness, led by more than 25 percent in Greece and Spain, only about 4 percent of Iceland’s labor force is without work. Prime MinisterSigmundur D. Gunnlaugsson says even that’s too high.

Posted in Economy, Elite, Resistance | Top Of Page

One Response to “Iceland Let Banks Fail, Jailed Criminal Bankers and Now Has Only 4% Unemployment”

  1. spOILer says:
    January 31, 2014 at 12:32 pm

    Nice. He wants to rebuild the Welfare State and lower unemployment.

    So, just another Statist who’s gone all-in on central planning.

    Bloomberg should have asked how domestic companies were doing rolling over their foreign denominated debt with all the capital controls Iceland has in place.

    Or how much foreign investment it as seen since 2008.

    Here’s an excellent note from the always insightful Acting Man blog on the issues in Iceland (Oct 2013):

    http://www.acting-man.com/?p=26512

    And another one from David Howden:

    http://mises.org/daily/6575/Inflation-Has-Not-Cured-Icelands-Economic-Woes

    As Pater writes elsewhere, The vaunted ‘recovery’ miracle of Iceland is really nothing but an inflationary Potemkin village.

    This isn’t to say Iceland didn’t do some things right, but they’ve made a lot of mistakes too, and it is really wrong to say the average Icelander is better off today than say Ireland.

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