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Icelandic Anger Brings Debt Forgiveness in Best Recovery Story

Icelandic Anger Brings Debt Forgiveness in Best Recovery Story
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 Legal Aftermath

Related:  L'Islande et sa gestion de "la crise"Economy

Collaborative Consumption - Business Models Rachel Botsman in the Rise of Collaborative Consumption: From pp. 220-221, chapter 10: "Collaborative Consumption may be consumer and community orientated, but its benefits are shared across businesses.

Britain’s 1,000 richest persons made gains of £155bn in last 3 years April 29th, 2012 The Sunday Times Rich List, published today and compulsory reading for anybody who wants to understand Britain’s power structure today, holds three extremely significant conclusions. One is that the 1,000 richest persons in the UK have increased their wealth by so much in the last 3 years – £155bn – that they themselves alone could pay off the entire UK budget deficit and still leave themselves with £30bn to spare which should be enough to keep the wolf from the door. The second, even more staggering, is that whilst the rest of the country is being crippled by the biggest public expenditure and benefits squeeze for a century, these 1,000 persons, containing many of the bankers and hedge fund and private equity operators who caused the financial crash in the first place, have not been made subject to any tax payback whatever commensurate to their gains. This is truly a government of the rich, by the rich, and for the rich.

'Buffett Rule' unfair and ineffective On Monday, the US Senate will vote on Senator Sheldon Whitehouse’s “Buffett Rule” bill. According to Whitehouse, wealthy Americans should not pay a lower tax rate than those who earn less than they do. I happen to agree. Unfortunately, the Buffett Rule is more of a political stunt than a vehicle to reach this goal. Category:P2P Accounting New metrics, evaluation and accounting methods appropriate for a collaborative, peer to peer economy. the most important ecosystem accounting system in the world: the Multi-Scale Integrated Analysis of Societal and Ecosystem Metabolism used by Senplades in Ecuador. For the most advanced p2p Value Accounting System, see Sensorica's Open Value Network

U.S. Military Wanted to Provoke War With Cuba In the early 1960s, America's top military leaders reportedly drafted plans to kill innocent people and commit acts of terrorism in U.S. cities to create public support for a war against Cuba. Code named Operation Northwoods, the plans reportedly included the possible assassination of Cuban émigrés, sinking boats of Cuban refugees on the high seas, hijacking planes, blowing up a U.S. ship, and even orchestrating violent terrorism in U.S. cities. The plans were developed as ways to trick the American public and the international community into supporting a war to oust Cuba's then new leader, communist Fidel Castro.

Obama the Pioneer Earlier this week, The New Yorker‘s Steve Coll wrote an excellent column on President Obama’s kill list and assassination powers. Regarding the lawsuit brought by the ACLU and CCR on behalf of three American victims of Obama’s assassinations — a legal challenge which CBS News‘ Andrew Cohen called ”the most important lawsuit filed so far this year” and “the most important lawsuit filed in the war on terror since President Barack Obama took office” – Coll argued that it “is to the due-process clause what the proposed march of neo-Nazis through a community that included many Holocaust survivors in Skokie, Illinois, was to the First Amendment”: “an instance where the most onerous facts imaginable should lead to the durable affirmation of constitutional principle, as Skokie did.” But what really stood out was Coll’s recounting of the events leading up to Awlaki’s assassination: President Barack Obama had personally authorized the killing.

Work Less, Help Economy And Environment There's nothing really natural about the 40-hour work week -- let alone the 50-plus hours many Americans spend on the job. Some people argue the U.S. culture of busyness perpetuates unnatural states of unemployment, overwork, inequality, over-consumption, low well-being and high carbon emissions. "Employment law and welfare law encourages us, particularly in the U.S. and U.K., to work more than 40 hours a week," said Mike Harris, senior associate at the New Economics Foundation, an independent think tank in London. "That's bad for the economy, bad for the environment, and that's also bad for the person." In 1930, John Maynard Keynes predicted a future in which the average person would be richer and work less -- like, say, 15 hours a week. He saw productivity gains allowing workers to achieve more in fewer hours, so why shouldn't the end result be more free time?

VIDEO BLOG: Cameron wants the NHS “to be a fantastic business” In a speech this morning on SMEs, David Cameron went a little off script and interjected the following astonishing statement: “From the Health Secretary, I don’t just want to know about waiting times. I want to know how we drive the NHS to be a fantastic business“. No, Romney Didn’t Leave Bain in 1999 A central element of the 2012 campaign cycle has become just when Mitt Romney left Bain Capital. The Romney campaign says he left in early 1999 -- in time to get him off the hook for some controversial investments. backs up Mitt while David Corn and the Obama campaign have brought forward numerous pieces of documentary evidence indicating he didn't leave until a couple years later.

5 Ways to Make Your Dollars Make Sense by Michael Shuman Americans’ long-term savings in stocks, bonds, pension, life insurance, and mutual funds total about $30 trillion. But not even 1 percent of these savings touches local small businesses, the source of half the economy’s jobs and output. Is it possible to beat Wall Street’s 5 percent long-term performance by investing in your community? 9 Things The Rich Don't Want You To Know About Taxes For three decades we have conducted a massive economic experiment, testing a theory known as supply-side economics. The theory goes like this: Lower tax rates will encourage more investment, which in turn will mean more jobs and greater prosperity—so much so that tax revenues will go up, despite lower rates. The late Milton Friedman, the libertarian economist who wanted to shut down public parks because he considered them socialism, promoted this strategy.