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IMF now admits (sort of) that Iceland was right after all

Aug 25, 2012

Iceland holds some key lessons for nations trying to survive bailouts after the island’s approach to its rescue led to a “surprisingly” strong recovery, the International Monetary Fund’s mission chief to the country said....

“Iceland has made significant achievements since the crisis,” Daria V. Zakharova, IMF mission chief to the island, said in an interview....

Iceland refused to protect creditors in its banks, which failed in 2008 after their debts bloated to 10 times the size of the economy.


Amazing, isn't it? The greatest economists in the world didn't see this coming?? This story was picked up by The Street, commenting:

Now in what may be the greatest economic "mea culpa" ["my fault, I was wrong"] in history, we have the media admitting that this government/banking/propaganda-machine troika has been wrong all alongThey have been forced to acknowledge that Iceland's approach to economic triage was the correct approach right from the beginning.

What was Iceland's approach? To do the exact opposite of everything the bankers running our own economies told us to do. The bankers (naturally) told us that we needed to bail out the criminal Big Banks, at taxpayer expense (they were Too Big To Fail). Iceland gave the banksters nothing.


Comment: This is remarkable, in view of the fact that Greece, Italy, Spain, and all the other euro countries are being pressured to destroy their economies through austerity measures in order to try to pay back impossible debts. Iceland just said no. Now the IMF admits that Iceland's economy has turned around and is doing quite well after defaulting on its debts, arresting the bankers and the politicians who aided them, and declaring something like a biblical Jubilee.

Surely, some officials in these other threatened countries will take note of this. Perhaps they will learn that if they insist on remaining under a Babylonian system of debt-money instead of asset money, there is no way to save the economic system. Under Babylon, they are forced to create more and more money and continue the spiral into endless debt, or else must impose austerity measures and allow the banks and financial institutions to take over all government-owned property--and, in practical reality, THE REINS OF GOVERNMENT ITSELF.

These are the two options under Babylon. They may debate these until the cows come home, but neither option is the real solution.

Right now, as we approach the November elections, America's two main parties have taken sides. The Democratic Party wants to create more money and spend more so that we increase the debt and postpone the crash. The Republicans want to impose austerity measures to "bring down the debt." Neither has said anything about replacing the Babylonian system itself, except for individuals like Ron Paul.

It is hard to win an election by promising austerity measures, as Greece has proved. For a very long time, elections have been won by promising to "bring home the bacon." The politician who promises the most gets the most votes.

But God says that our very sins will correct us. Ungodly systems of economics and government eventually reach dead ends, and when they hit the brick wall, they have no choice but to jump off the cliff or turn to the way of the Kingdom. That will be a bitter pill for politicians to swallow, for they have worked very hard to prove themselves right and Jesus Christ wrong.

Do I hear God chuckling?

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Category: News Commentary

Dr. Stephen Jones

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