Asclepias
Diamond Member
Ummmmm Iceland is a democratic Socialist County
Top Economists: Iceland Did It Right ? And Everyone Else Is Doing It Wrong | Zero Hedge
Iceland; Socialism works! | ACA The Underground
Iceland's socialist economy grows 4.7 percent after the 99% takes on the 1%
Iceland is doing all the things the right wing capitalist disapprove of.
They nationalized their banks, repudiated the banksters debt, allowed their currency to massively devalue and increased welfare programs to help the average Icelander.
If they continue to prosper it will be a huge bitch slap to all those who want to wipe out government in hopes of instituting some kind of "free market" nirvana.
Instead of allowing the criminals responsible for bank fraud to run free as the years passed by, Iceland thought it might be wise to actually indict bankers who committed serious financial crimes that contributed to the collapse. By paying off loans for consumers, forgiving homeowner debt (up to 110% of the property value), and throwing the offenders in prison, Iceland was able to bounce back. Now, its economy is recovered and is growing faster than both the US and European economies.
When Icelands President Olafur Ragnar Grimmson was asked whether or not other countries Europe in particular would succeed with Icelands let the banks fail policy, he stated the following:
Why are the banks considered to be the holy churches of the modern economy? Why are private banks not like airlines and telecommunication companies and allowed to go bankrupt if they have been run in an irresponsible way? The theory that you have to bail out banks is a theory that you allow bankers enjoy for their own profit, their success, and then let ordinary people bear their failure through taxes and austerity. 
People in enlightened democracies are not going to accept that in the long run.
Grimmsons famous reply to the controversial question, What is the reason for Icelands recovery? is most remarkable.
We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the poor, and we didnt introduce austerity measures like youre seeing in Europe.
Iceland's Stabilized Economy Is A Surprising Success Story - Forbes
This should be an eye opener for everyone in the US. Taken separately both of these actions would probably have caused a civil war. Combined it worked out. "This and that thinking" instead of "this or that thinking".