Emergent Economics. The Economics Spring. The Tipping Point I may be wrong, but it looks like a tipping point. A host of concerned economy-watchers are beginning to understand that most economists failed to understand or predict the global economic crisis, and should therefore be deposed. Just as the despots of north Africa and the middle East crumbled in the face of a critical mass of popular opposition, so too mainstream economics is looking shaky in the fresh-faced glare of laymen.
For an arcane debate about the role of money, it’s surprising how fast the Keen-Krugman debate has shot round the blogosphere. Like in the Arab spring, social media have played a critical part in exposing mainstream economics for the bullshit that it is. The debate’s even broken through to the cable channels. For anyone who doesn’t lurk on the fringes of economics, I can’t overstate just how remarkable this situation is. Frustrated, I wrote a rant about economics, published here.
Dynamic Economists – an oxymoron? Storming the Neo-classical Citadel. Iceland Forgives Mortgage Debt for the Population. Putting Bankers and Politicians on "Bench of Accused" This is awesome. It shows when the people DO STAND UP they have more power and win against the corrupt bankers and politicians of a country. Iceland is forgiving and erasing the mortgage debt of the population. They are putting the bankers and politicians on the "Bench of the Accused.
" Which means I assume they are putting them on trial for corruption. Now the rest of people of the world need to start doing the same thing. Icelandic Anger Brings Debt Forgiveness in Best Recovery Story. Feb. 20 (Bloomberg) -- Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger.
Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association. “You could safely say that Iceland holds the world record in household debt relief,” said Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen. “Iceland followed the textbook example of what is required in a crisis.
Any economist would agree with that.” The island’s steps to resurrect itself since 2008, when its banks defaulted on $85 billion, are proving effective. Crisis Lessons People Vs Markets Activists say the banks should go even further in their debt relief. Fresh Demands. Metallurgy.