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But nobody has been able to explain to me why there has to be a middleman to fulfill that function.
Especially since they aren't held accountable to taxpayers yet are backed by us
It's just one more group to pass money through before it gets to us...
Why do they need to exist? What are they doing that can't be done without them?
originally posted by: neo96
Because society can not function without them. Especially so were are jumping off the 'cashless' cliff.
What are the people going to do without credit cards,EBT cards, home loans, and auto loans.
We live under the instant gratification society.
Buy now pay later, and pay for decades.
originally posted by: hopenotfeariswhatweneed
On topic,Iceland sounds like they are doing well,good to see
Again, why is that banks are the only ones that can do all that? Why banks? Why this third-party source.
Not only do they need to fend for themselves, we need to remove as many "middle men" as possible in order to obtain true economic liberty.
originally posted by: Willtell
So much for the lie that “the welfare state” doesn’t work.
If you put controls on the money machine, and protect the macro-economics and don’t let a few greedy and powerful few pollute the macro-economics of the country, then the model of this country and Western Europe can work.
The fact is that NOT ONE COUNTRY IN THE WORLD follows a conservative model of no taxes, ANTI-NATIONAL HEALTH-CARE and libertarian economics because It doesn't work.
Amazing, the USA is the only country where conservative doctrine is used to torture the people
Others realize the inhuman, unscientific model of conservative economics, that is typified by the Kansas Governor that has ruined the state of Kansas, DOESN’T WORK!
Good for the people of Iceland who aren’t plagued by the conservative economic theory of (worship the rich and dam the middle class and poor) such as America is burdened with and keeps the torture of the American people alive.
"What happened in Iceland from 2008 to 2011 is regarded as one of the worst financial crises in history. It seems likely that never before had a country managed to amass such great sums of money per capita, only to lose it again in a short period of time. But Iceland, with a population of just 320,000, has also staged what appears to be the fastest recovery on record. Since 2011, the gross domestic product has been on the rise once again, most recently at 2 percent. What's more, salaries are rising, the national debt is sinking and the government has paid off part of the billions in loans it received in 2008 from the International Monetary Fund ahead of schedule. It's a sign of confidence."
Iceland's dramatic comeback, has recommended a similar policy cocktail for other nations in crisis. The rules are as follows: Allow your ailing banks to collapse; devalue your currency if you have one of your own; introduce capital controls; and try to avoid paying back foreign debts.
That may sound like an extremely self-serving recipe -- and it was. Whereas billions of public money was pumped into the banking system in Ireland so that financial institutions could pay back their creditors, Icelanders voted against this route in two separate referenda. They couldn't see why they should pay for the greed of foreign investors who followed the Siren song of high interest rates to the island nation.
They feel deceived by the country's elite and their big money, the mechanisms of which they hardly understood.
After the crash, many Icelanders turned away from the world and global trade. They began spending more time with their families and children, in the outdoors and with Icelandic books. Alcohol consumption dropped among young Icelanders, and the subjective feeling of happiness increased.
ey to Iceland’s recovery was an IMF-supported program worth $2.1 billion that was agreed in November 2008, shortly after the country’s three main banks collapsed in spectacular fashion. The program included controversial measures such as capital controls and a decision not to tighten fiscal policy during the first year. It also sought to ensure that the restructuring of the banks would not require Icelandic taxpayers to shoulder excessive private sector losses.
The IMF’s contribution to Iceland’s recovery was advice on a set of policies to tackle the crisis and its aftermath, as well as some financing. The design of the program was unique from the Fund’s perspective, particularly with respect to the capital controls, but it was necessary given the severity and the depth of the crisis.
originally posted by: Cuervo
originally posted by: Temudjin
a reply to: Cuervo
Ever wondered how a society over 10.000 people actually work, if you arent self sufficient as a society.You need the bankers, while Iceland is however self-sufficient they could lock down and they would survive. However the US, has trippled its size since the 1930, yet hasnt learnt that you are outliving your assets per person. You blaim the bankers or the state for everything, yet forget that your want is more than the needs.
Tell me what the bankers can do that our government can't.
originally posted by: FyreByrd
Granted Iceland is a small country (the oldest Democracy in the world) with a fairly homogeneous poplulation but it's response to the Banking crises of 2008 is informative. This is a country that at the time was completely 'in' in the financial sector; the only fiancial company to come through whole was 'woman' run. Something to think about.
There recovery is nothing but amazing and they did the exact opposite of 'western economic wisdom' of bailing out the banks and heading into austerity.
After Iceland suffered a heavy hit in the 2008-2009 financial crisis, which famously resulted in convictions and jail terms for a number of top banking executives, the IMF now says the country has managed to achieve economic recovery—“without compromising its welfare model,” which includes universal healthcare and education.
In fact, Iceland is on track to become the first European country that suffered in the financial meltdown to “surpass its pre-crisis peak of economic output”—essentially proving to the U.S. that bailing out “too big to fail” banks wasn’t the way to go.
Yeah - and they are fine knitters too.