There is always news that we do not get to process mentally…..news that does not play into the paradigm that the MSM or the government or the political parties want us to know or be aware of…….

In the past I have had several posts about Iceland and their handling of their version of the economic meltdown…….

Bloomberg reports:

Iceland holds some key lessons for nations trying to survive bailouts after the island’s approach to its rescue led to a “surprisingly” strong recovery, the International Monetary Fund’s mission chief to the country said.

Iceland’s commitment to its program, a decision to push losses on to bondholders instead of taxpayers and the safeguarding of a welfare system that shielded the unemployed from penury helped propel the nation from collapse toward recovery, according to the Washington-based fund.

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Iceland refused to protect creditors in its banks, which failed in 2008 after their debts bloated to 10 times the size of the economy.

Unlike other nations, including the U.S. and Ireland, which injected billions of dollars of capital into their financial institutions to keep them afloat, Iceland placed its biggest lenders in receivership. It chose not to protect creditors of the country’s banks, whose assets had ballooned to $209 billion, 11 times gross domestic product.

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“Iceland did the right thing … creditors, not the taxpayers, shouldered the losses of banks,” says Nobel laureate Joseph Stiglitz, an economics professor at Columbia University in New York. “Ireland’s done all the wrong things, on the other hand. That’s probably the worst model.”

Iceland got it right!  The US and EU have made it up to the taxpayer to bail out the criminals that caused this meltdown…….

It is election time so the conservs have been thumping their chests over Iran….but the biggest neo-con like Dan Senor have failed to let the people know another thing….this shoulkd not surprise anyone……but in case you have missed it….we hear constantly just how close Iran is to a nuke but very little about anything else that happens in the country……..

Excerpts of the report, posted this week on several Iranian websites, revealed that the government might not be able to pay the full salaries of its employees in the coming three months, which threatens the eruption of massive popular protests across the country.

Large portions of the population might suffer from starvation, the report said, adding that riots are expected to take place in border cities where living conditions are rapidly deteriorating.

According to the report, Iran’s reserve of foreign currency might run out within the coming six month owing to extreme budget deficiency.