“When Iceland’s bubble burst in 2008, the country’s enlarged banking sector fell apart and the government uniquely (sensibly) let banks fail. This defining capitalist act was anathema to Western politicians who wouldn’t let their banking cronies down. Indeed British socialist Prime Minister Gordon Brown blackmailed Iceland into reparations while ‘masterminding’ the ill-conceived wave of bailouts amongst banks which needed to be left to die.
Offered an EU deal which would enshrine feudal penury, the Icelandic government bravely opted for an independent solution. A recovery of sorts has led to the political status quo being almost restored. However, it came at a colossal cost to Iceland’s currency: the krone has depreciated by 99.99 percent compared to gold since 1960.”
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