Iceland's actual recovery vs the rest of the Western world's alleged "recovery"

Iceland was hit hard by the 2008 financial crisis. However, they have recovered nicely by doing the exact opposite of the Obama Administration and the banking oligarchs in the EU.

link to article :www.zerohedge.com...

Iceland’s approach is very much akin to what I have been advocating — write down the unsustainable debt, liquidate the junk corporations and banks that failed, disincentivise the behaviour that caused the crisis, and provide help to the ordinary individuals in the real economy (as opposed to phoney “stimulus” cash to campaign donors and big finance). And Iceland has snapped out of its depression. The rest of the West, where banks continue to behave exactly as they did prior to the crisis, not so much.

Iceland's actions again show us how little difference exists between the US's political parties, other than rhetoric and propaganda.
Unfortunately, our elected leaders (of both parties) owe their allegiance to powerful special interests rather than the American people. Until we are willing to call them on it (And not just cry against "the other party" while yours is just as complicit), nothing will change and this downward spiral will continue until.....what I'm not sure.

If I run my business into the ground, the best means of repairing it is to accept the loss, rebuild from the ground up. Returning to the principles that made it successful in the first place. If I simply take loans and leave in place the habits and practices that killed the business, I'm only setting myself up for failure.

It's almost the same for everything in life, you go out partying too much in university, and your grades begin to drop, you don't try and find ways to continue partying while getting your assignments in, you cut out partying and put your nose to the grindstone.

Hence, I don't really see any kind of "recovery" without a really crappy period in between, any kind of recovery at all. Although I still am under the impression that the downturn was more a consolidation of wealth more than anything.

If people are suffering it's actually a good sign that things will get better in the future... (For some anyways...)