DAVOS/SWITZERLAND, 30JAN10 – Olafur Ragnar Grimsson, President of Iceland captured in the session ‘Financial Risk Management 2.0?’ of the Annual Meeting 2010 of the World Economic Forum in Davos, Switzerland, January 30, 2010. (Photo credit: Wikipedia)
The Only 3 Minutes Of Any Worth From Davos
Submitted by Tyler Durden – Zero Hedge
How Iceland Overthrew The Banks
“Why do we consider banks to be like holy churches?” is the rhetorical question that Iceland’s President Olafur Ragnar Grimson asks (and answers) in this truly epic three minutes of truthiness from the farce that is the World Economic Forum in Davos. Amid a week of back-slapping and self-congratulatory party-outdoing, as John Aziz notes , the Icelandic President explains why his nation is growing strongly, why unemployment is negligible, and how they moved from the world’s poster-child for banking crisis 5 years ago to a thriving nation once again. Simply put, he says, “we didn’t follow the prevailing orthodoxies of the last 30 years in the Western world.” There are lessons here for everyone – as Grimson explains the process of creative destruction that remains much needed in Western economies – though we suspect his holographic pass for next year’s Swiss fun will be reneged…
URL of the video (iceland president interview at davos):
http://www.zerohedge.com/news/2013-01-26/only-3-minutes-worth-listening-davos
Related articles
- Iceland President: Let the Banks Go Bankrupt… “Why do we consider banks … holy churches?” (consciouslifenews.com)
- Iceland broke the banksters control – it just takes a leader with principles , not a leader who has sold his / her soul to the banksters….. (fredw-catharsisours.blogspot.com)
- Iceland: Here’s How You Deal with a Bank Crisis (ritholtz.com)
