Iceland, Revisited

As we have seen in the year since Iceland’s nearly total financial collapse, they have progressively reached out to the larger governments of Europe for handouts, bailouts, and generally suffered a overall slowdown of their entire economy, except of course for their public sector. In a nation of 330,000 people, 10,000 have lost their jobs since 2008, and yet the government has seen fit to expand its ranks by 300 public service jobs. Now, I don’t know what these jobs are. Perhaps they are much needed street cleaners or ball-polishers or assistants to the assistants to the assistant to the second undersecretary of making up pointless jobs. But for some reason, I just have this feeling that this government is under the same delusion as the rest of the Western world: that creating jobs that produce nothing and spending money that doesn’t exist will somehow resurrect an economy from the ashes of waste and overspending.

Here are some Sagamore articles that give a few glimpses into Iceland’s recent history:

Alas Poor Krona, I Knew Him Well…

Update on the Collapse of Iceland

Iceland, Falling Even Deeper into Socialism