Libertarian Experiment in Iceland Fails [Archive] - Glock Talk

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G-19
08-18-2012, 16:15
http://www.huffingtonpost.com/iris-lee/libertarian-experiment-in_b_172961.html

:whistling:

G19G20
08-18-2012, 16:27
Did you even read the article or did you fall for the headline alone and rush to post it?

The entire thing focuses on how the banks collapsed under too much debt and gambling in Iceland (as they did in many other parts of the world including here). The author calls for MORE GOVERNMENT REGULATIONS as the solution and blames "libertarianism", while sparsely even mentioning it, instead of blaming bad banking policies and too much debt. That's straight out of Obama's playbook to blame libertarianism/conservatism instead of the actual problem of too much debt and gambling in the financial sector. And she quotes Paul Krugman and posts it on HuffPo. Strange that you would post such leftist drivel here....

The comments shred the article nicely.

G-19
08-18-2012, 16:33
Did you even read the article or did you fall for the headline alone and rush to post it?

The entire thing focuses on how the banks collapsed under too much debt and gambling in Iceland (as they did in many other parts of the world including here). The author calls for MORE GOVERNMENT REGULATIONS as the solution and blames "libertarianism", while sparsely even mentioning it, instead of blaming bad banking policies and too much debt. That's straight out of Obama's playbook to blame libertarianism/conservatism instead of the actual problem of too much debt and gambling in the financial sector. And she quotes Paul Krugman and posts it on HuffPo. Strange that you would post such leftist drivel here....

The comments shred the article nicely.

Oh I read the whole thing, twice. It is proof that Libertarianism was tried and failed, now you prove to me that the same thing would not happen here. Given human nature I would say it is a sure bet it would end up the same here.

The Huff Post is just as creditable as Lew, WND, and The Canadian Free Press you Libs are so fond of. Do you really believe all their Bilderberger / Illuminati, 911 inside job type of stories?

countrygun
08-18-2012, 17:15
The author calls for MORE GOVERNMENT REGULATIONS as the solution and blames "libertarianism", while sparsely even mentioning it, instead of blaming bad banking policies and too much debt. That's straight out of Obama's playbook to blame libertarianism/conservatism instead of the actual problem of too much debt and gambling in the financial sector. And she quotes Paul Krugman and posts it on HuffPo. Strange that you would post such leftist drivel here....

The comments shred the article nicely.



"Unfortunately, it has become evident that these libertarian policies were not the panacea that Friedman claimed they were. In fact, economists are already using Iceland as a textbook case (http://www.vanityfair.com/politics/features/2009/04/iceland200904?currentPage=4) of how to ruin a nation's economy. As Paul Krugman recently noted, (http://www.nytimes.com/2009/03/02/opinion/02krugman.html?_r=1&em) there is an "almost eerie correlation between conservative praise two or three years ago and economic disaster today."


Yup, that's sparsely mentioning it alright:upeyes:

Ruble Noon
08-18-2012, 18:59
"Unfortunately, it has become evident that these libertarian policies were not the panacea that Friedman claimed they were. In fact, economists are already using Iceland as a textbook case (http://www.vanityfair.com/politics/features/2009/04/iceland200904?currentPage=4) of how to ruin a nation's economy. As Paul Krugman recently noted, (http://www.nytimes.com/2009/03/02/opinion/02krugman.html?_r=1&em) there is an "almost eerie correlation between conservative praise two or three years ago and economic disaster today."


Yup, that's sparsely mentioning it alright:upeyes:


Paul Krugman, LOL!

evlbruce
08-18-2012, 19:07
At the risk of posting a story that was posted less than three years ago:

Ever since Iceland decided to stop pandering to banker interests, and transfer its country's wealth to banks from Europe and Holland, its economy has in fact been on a constant upward trajectory.

Full Story. ('http://www.zerohedge.com/article/its-economy-mend-iceland-stuffs-bankers-second-time')

If you don't like Zerohedge the IMF concluded two days ago ('http://www.businessweek.com/news/2012-08-12/imf-says-bailouts-iceland-style-hold-lessons-for-crisis-nations') that while the PIIGS are wallowing in crisis and debt was "surprisingly strong," with unemployment dipping below 5% in June.

What happened is that Icelanders broke the racket of crony-capitalism bankers and regulators/politicians, instead of screwing over taxpayers bondholders had to eat the losses. While we and the Eurozone are setting ourselves up for another banking crisis down the line, Iceland let the gamblers loose their shorts.

As to Paul; any man who believes that a protracted war with the Martians is a fix to the global economy shouldn't be taken seriously by anyone.

Brucev
08-18-2012, 19:22
"What happened is that Icelanders broke the racket of crony-capitalism bankers and regulators/politicians, instead of screwing over taxpayers bondholders had to eat the losses. While we and the Eurozone are setting ourselves up for another banking crisis down the line, Iceland let the gamblers loose their shorts."

Correct. Let the players play... and pay when they screw up rather than the wallstreet wingtipper plan where they play... screw up... then take their bonuses while the U.S. taxpayer is expected to bail out those to big to fail banks with their casino style crap investments.

hogfish
08-18-2012, 19:35
Would someone please explain:

Is the problem that they got rid of "the government's total control over Iceland's media, fisheries, and banks." or, that they refused to bail out the banks?

:dunno:

G-19
08-18-2012, 19:53
Would someone please explain:

Is the problem that they got rid of "the government's total control over Iceland's media, fisheries, and banks." or, that they refused to bail out the banks?

:dunno:

No problem with any of that, the article just points out a Libertarian failure.

hogfish
08-18-2012, 19:59
No problem with any of that, the article just points out a Libertarian failure.

So...are you going to leave me hanging, or will you help a brother out and explain?

:supergrin:

hamster
08-18-2012, 21:08
In what universe does a "libertarian" system have a central bank?

A leftist paper quoting a leftist economist mislabeling an economy doesn't make it so.

Sent from my Galaxy Nexus using Tapatalk 2

G19G20
08-19-2012, 01:46
No problem with any of that, the article just points out a Libertarian failure.

This is precisely why economic discussions are usually a waste of time on this forum. The poster doesn't even know what the article is about. Glad some posted factual information though to make it a thread worth reading.

DonGlock26
08-19-2012, 06:55
At the risk of posting a story that was posted less than three years ago:



Full Story. ('http://www.zerohedge.com/article/its-economy-mend-iceland-stuffs-bankers-second-time')

If you don't like Zerohedge the IMF concluded two days ago ('http://www.businessweek.com/news/2012-08-12/imf-says-bailouts-iceland-style-hold-lessons-for-crisis-nations') that while the PIIGS are wallowing in crisis and debt was "surprisingly strong," with unemployment dipping below 5% in June.

What happened is that Icelanders broke the racket of crony-capitalism bankers and regulators/politicians, instead of screwing over taxpayers bondholders had to eat the losses. While we and the Eurozone are setting ourselves up for another banking crisis down the line, Iceland let the gamblers loose their shorts.

As to Paul; any man who believes that a protracted war with the Martians is a fix to the global economy shouldn't be taken seriously by anyone.

When Evlbruce posts, take heed.


_

barbedwiresmile
08-19-2012, 07:03
This is precisely why economic discussions are usually a waste of time on this forum.

An understatement. That article is profoundly moronic.

Ruble Noon
08-19-2012, 07:58
At the risk of posting a story that was posted less than three years ago:



Full Story. (http://www.zerohedge.com/article/its-economy-mend-iceland-stuffs-bankers-second-time)

If you don't like Zerohedge the IMF concluded two days ago (http://www.businessweek.com/news/2012-08-12/imf-says-bailouts-iceland-style-hold-lessons-for-crisis-nations) that while the PIIGS are wallowing in crisis and debt was "surprisingly strong," with unemployment dipping below 5% in June.

What happened is that Icelanders broke the racket of crony-capitalism bankers and regulators/politicians, instead of screwing over taxpayers bondholders had to eat the losses. While we and the Eurozone are setting ourselves up for another banking crisis down the line, Iceland let the gamblers loose their shorts.

As to Paul; any man who believes that a protracted war with the Martians is a fix to the global economy shouldn't be taken seriously by anyone.

One would think that people on this board would cheer the Icelanders throwing off their corrupt government and forming a new one suitable to the people.

hogfish
08-19-2012, 08:04
An understatement. That article is profoundly moronic.

Is this thread just going to be abandoned, or is someone going to point out which part of the "Libertarian Experiment" failed? Was it the flat tax? Was it that people had to work so hard because they had no 'government assistance' that they got sick and died because there was no 'government healthcare' provided? Did they run out of wood for heating because all the people who didn't 'want' to work had no access to government wellfare, and up and died, creating the need for an unprecedented amount of coffins (for which they couldn't pay)?

:dunno:


...well?

:supergrin:

NorthCarolinaLiberty
08-19-2012, 14:27
Author of article is Iris Erlingsdottir. She was a local news anchor. Has a journalism degree. She edited an Icelandic gourmet magazine. She writes "numerous features" on food, health, cooking, politics, and law.


The thread and article should have just been called Fail.

lancesorbenson
08-19-2012, 15:51
Any political or economic thread started by G19 must be viewed with a grain of salt. If Iceland is an example of a libertarian failure, what sort of a failure would the OP label Prohibition in the U.S.? This guy thinks alcohol prohibition, complete failure that it was, should be reinstated. It's not surprising therefore that he could fall for the leftist claptrap in the linked article.