The other way to deal with financial crisis

[FluffyMcDeath]

Iceland had a banking collapse but they handled things very differently. Instead of borrowing on the tax payers behalf and handing the money to the banks while the banks held on to the money as people lost their jobs and consequently lost their homes - in Iceland the banks took a haircut on the debts of the people so the people could get back to building the economy.

And instead of giving the top financiers a free pass, hero status and letting them cut giant bonus cheques to themselves from bailout money - a bunch of the loan sharks are getting prosecuted.

 

[Glaucus]

Well, things aren't looking so good for Iceland I'd say. They seem eager to give up complete control of their currency to recover from their disaster: Iceland eyes loonie, Canada ready to talk

For 150 years, no country has expressed interest in adopting the Canadian dollar -- the poor cousin to the coveted greenback.

But now tiny Iceland, still reeling from the aftershocks of the devastating collapse of its banks in 2008, is looking longingly to the loonie as the salvation from wild economic gyrations and suffocating capital controls.

 

[FluffyMcDeath]

The Loonie is the crypto-greenback. They'll be rolled together into one currency one day (unless Canada gets it's own government).

He’ll [Canadian ambassador Alan Bones ] caution, for example, that giving up the krona in favour of the Canadian dollar (CAD/USD-I1.01-0.004-0.39%) will leave the country with few levers, short of layoffs, to counter financial shocks and fluctuations in the loonie.

At least they've been given fair warning.

 

[FluffyMcDeath]

And now:

Forgive the odorous debts - send the "bankers" (really con-men) to jail. You clean up the problem by putting away the bad actors and undoing their bad acts.