It seems as if each citizen of Iceland is in a position that by various accounts is comparable, worse, or perhaps not as bad as the debts facing each American citizen.
By all accounts, though, the debts are pretty serious. Iceland has been declared a terrorist nation.
It seems that each Icelander is on the hook for many thousands of dollars because of their state-guaranteed banks' bad investments. Icelanders said "no, we don't want to pay their debts" and now the financial community is up in arms. And, nobody wants to help. Iceland's people are in deep doo doo.
All because they practiced a policy called "economic deregulation" which was in vogue several years ago, They had faith that their banks would do the right thing with their nation's good reputation, and not try to cash in using it as currency in a sort of Ponzi scheme.
Could something similar happen in the good old USA? Are the rich and powerful planning to "eat and run", leaving the American people with the bill? (which exceeds the entire annual GNP of the whole rest of the world!) I'm not an economist by any shake of imagination, but it certainly looks that way. And I think the Senate may know something that everyday Americans don't when it comes to our nation's fiscal shape or lack of it.
I guess my question is, could teh real reason the American power elite wants to hijack health reform a few more years is because we are on the verge of an economic meltdown and they can see IMF austerity in our immediate future. Of course, that would mean privatization of government pension funds and an immediate freeze on all new social programs in an effort to pay off our huge debt and repair the value of the currency, so that dollar denominated obligations to our biggest debtors were paid first and foremost.
Thats what happens when a nation lives beyond its means. The US-controlled IMF has not been quick to show mercy to nations like Argentina when their currency folded. Why should we, the rich and often arrogant United States expect special treatment? We've been living the high life for years and we can afford to tighten our belts, right. If things get ugly in Beverly Hills or South Beach, we can always spend more time at our homes elsewhere. The tax havens are getting ready for the expected rush.