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Here's a link to a very interesting 3 minute interview with President Olafur Ragnar Grimson of Iceland at this week's Davos conference:

His English is accented, but if you listen to what he says, you'll find that he seems to be pretty upbeat and pleased with Iceland's progress since they let their banks go under.

Among his observations:

1. Iceland does not follow the prevailing philosophy that banks are different from other businesses, such as airlines and other private companies, which are allowed to go bankrupt if they are badly run.

2. He asks the question of the millennium: "Why do we consider banks to be like holy churches?"

3. He suggests that, by privatizing bank profits while shifting bank losses to the public through taxes (bailouts) and austerity, Europe and the other bailout nations have set themselves up for socio-political crisis and unrest. (I imagine sort of like Greece/Spain, etc.)

The video is worth watching for anyone who wonders about "the road less traveled" that Iceland has taken.

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