Video: Awesome interview with Iceland’s president – how they saved their economy

Posted on January 29, 2013 by | 11 Comments

Davos, as someone else has said, is where the rich gather to work out how to get richer. So, it’s a joy to see this Al Jazeera interview with Olafur Ragnar Grimsson, president of Iceland, explaining what they did right.

Many of us might already know the story of how Iceland saved their economy. They refused to bail out their banks, refused to push through austerity. They re-wrote their constitution after recognising that the financial crisis was also a political crisis. “We didn’t follow the prevailing economic orthodoxy of the last 30 years” – and you may be aware that this strategy has been entirely successful: they now have low unemployment and have, unlike Britain, returned to growth.

But what I wasn’t familiar with – and what the president explains so clearly here – is how this policy succeeded partly because it released those who had been tied up as bankers to use their expertise – often in technology – for more productive purposes.

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Comments

11 Responses to “Video: Awesome interview with Iceland’s president – how they saved their economy”

  1. LupinNo Gravatar
    January 29th, 2013 @ 12:35 pm

    Didn’t they default on their debt? And if they did, doesn’t it mean that some people, perhaps pensioners suffered serious losses? Or have I got this wrong?

  2. Daniel KeyNo Gravatar
    January 29th, 2013 @ 6:24 pm

    Iceland is one to keep an eye on – they are seriously looking at reforming their banks and have public, business and government support for the changes. This article has more – one to watch http://www.positivemoney.org/2012/12/icelandic-parliament-investigating-full-reserve-banking/

  3. http://homedesignstudio.xanga.com/No Gravatar
    January 30th, 2013 @ 1:10 am

    “Video: Awesome interview with Iceland

  4. Daniel KeyNo Gravatar
    January 30th, 2013 @ 3:26 am

    …although, having said that, one of my friends just shared an article with a view on what is ‘really’ going on in Iceland http://studiotendra.com/2012/12/29/what-is-actually-going-on-in-iceland/

  5. Adam RamsayNo Gravatar
    January 30th, 2013 @ 9:56 am

    Dan, hmm, I have only had time to skim that, but it reads to me like he isn’t exactly disputing anything that the president says in the film, just pointing out that they could have done it better, or that some portico and did things for the wrong reasons/incompetence… I’m sure he’s right, and all his criticisms seem like ones I would agree with, but that doesn’t mean Iceland isn’t doing a whole load better than Britain…

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    February 2nd, 2013 @ 9:36 pm

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  10. MeNo Gravatar
    February 5th, 2013 @ 12:34 pm

    of course people suffered loses. It was inevitable though and better now than later. It had to be done.

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