Wednesday, June 13, 2012

Austerity does not work. Growth cannot work. What works? Default.

Cenk Uygur: Iceland Shows Bailing out Middle Class Works, Not Bailing Out Banks | AlterNet: "There's the US m.o., where we gave "everything to the banks, and nothing to the homeowners" and are, predictably, still struggling. Then there's the divergent example of Iceland, where initial efforts at complete deregulation failed and the government switched course by indicting those who had "caused the mess" and bailing out the middle class instead.

Take a look at what they did, and how it worked."

See also: see Krugman: http://krugman.blogs.nytimes.com/2012/06/13/guess-whos-emerging-from-the-crisis/

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