Let banks fail: Iceland’s plan looks to be working

January 31, 2014


By Scott Baker

Iceland is finding that crisis-management decisions made half a decade ago have put it on a trajectory that’s turned 2 percent unemployment into a realistic goal. Letting the banks fail resulted in short term hardship, and multiple political turnovers, but today even the IMF admits it was the right thing to do. Inflation is quieting down and capital controls are being relaxed. Was that so hard?

Submitters Bio:

Scott Baker is a Senior Editor and Writer at Opednews, and a blogger for Huffington Post.
Scott Baker is President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist group. He has written dozens of articles for Common Ground’s national publication, GroundSwell, and has promoted the Georgist Single Tax to public officials – a tax which would dramatically reduce use of finite resources, which, rightfully, belong to all of us as part of the Commons. A Georgist Single Tax would increase productivity in Earth-saving ways, while virtually eliminating unproductive speculation (by taxing away the fuel for it), decrease poverty, and promote Social justice. It would also promote economic growth by untaxing production and taxing the abuse (pollution) and use of the natural resources of the commons, especially including collecting the economic rent created by demand from the community, not from actions of the Land or resource owner.
He is also NY State Coordinator for the Public Banking Institute (http://publicbankinginstitute.org/home.htm), which seeks to promote Public Banking, along the lines of the best-known American example, the Bank of North Dakota. The PBI is chaired by another OEN blogger, Ellen Brown.
Several TV and radio interviews have allowed Scott to explain the principles of Geoism, Greenbacking, and State Banking:
Scott also has a blog: http://newthinking.blogspot.com/

Scott has several progressive petitions on Change.org:
A new form of capitalism: Geonomics
Let NY fund its budget gap with a State Bank – change.org/actions/view/close_the_gap_2

Scott was an I.T. Manager for a major New York university for over two decades, where he initiated computing, developed databases, established networks for two divisions and earned a Certificate for Frontline Leadership. He had a video game published in Compute! Magazine (summarized here: http://www.atarimagazines.com/compute/issue55/dark.php).

Scott now chooses to use his computer for the greater good.
He is a graduate of the Henry George School of Social Science in New York City and has published over a dozen articles in the Georgist newsletter – Groundswell – put out by Common Ground.

Scott is a modern-day Renaissance Man with interests in economics, astronomy, history, natural sciences, psychology, philosophy, Native American culture, and all future-forward topics; he has been called an adept syncretist by Kirkus Discoveries for his novel, NeitherWorld – a two-volume opus blending Native American myth, archaeological detail, government conspiracy, with a sci-fi flair (http://www.amazon.com/Neitherworld-Book-Akiiwan-CreateSpace-Version/dp/1434813290/ref=sr_1_1?ie=UTF8&qid=1341306969&sr=8-1&keywords=neitherworld).

Scott grew up in New York City and Pennsylvania. He graduated with honors and a Bachelor’s degree in Psychology from Pennsylvania State University and was a member of the Psychology honor society PSI CHI.

Today he is an avid bicyclist and is active in several Green and Progressive organizations.
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Categories Bank (bailout

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