tag:blogger.com,1999:blog-3225795457407230638.post2631194984116414827..comments2024-03-28T07:36:19.697+00:00Comments on Excuse Me Whilst I Step Outside: Skating on Green IceCharlieMcMenaminhttp://www.blogger.com/profile/00942021756417667913noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-3225795457407230638.post-84046021025548841912009-04-27T22:24:00.000+01:002009-04-27T22:24:00.000+01:00Yes, Malaysia 'got away with' capital cont...Yes, Malaysia 'got away with' capital controls and blowing a huge raspberry at the IMF. There are other examples of debt write off of course - Hudson is fond of historically analogies, e.g.:<br />"The most famous modern example of an economy-wide debt cancellation is that of Germany in 1947. The Allies cancelled German personal and business debt, on the ground that most were owed to CharlieMcMenaminhttps://www.blogger.com/profile/00942021756417667913noreply@blogger.comtag:blogger.com,1999:blog-3225795457407230638.post-3286697114699685122009-04-27T21:41:00.000+01:002009-04-27T21:41:00.000+01:00In the case of Iceland, I have time for the 'can't...In the case of Iceland, I have time for the 'can't pay, won't pay' line.<br /><br />The precedent I would be studying:<br /><br />http://en.wikipedia.org/wiki/1997_Asian_Financial_Crisis#MalaysiaDuncanhttp://duncanseconomicblog.wordpress.com/noreply@blogger.comtag:blogger.com,1999:blog-3225795457407230638.post-7627457549047277492009-04-27T19:13:00.000+01:002009-04-27T19:13:00.000+01:00Iceland has two industries. Banking, and fishing.
...Iceland has two industries. Banking, and fishing.<br /><br />Banking's stuffed. <br /><br />If they join the EU, so's fishing.<br /><br />There, really, is the problem. Can they survive as a holiday resort on the marginal benefit the Euro would bring to their tourist industry? Probably not - too cold and dark for too much of the year.jdcnoreply@blogger.comtag:blogger.com,1999:blog-3225795457407230638.post-26572288084435223292009-04-27T17:12:00.000+01:002009-04-27T17:12:00.000+01:00Duncan,
Michael Hudson's article advising them to ...Duncan,<br />Michael Hudson's article advising them to take a 'Can't Pay Won't Pay' line (http://tinyurl.com/d5vufb) is very compelling for a old lefty like myself, but I'd be interested in the opinions of people less economically illiterate than me. Whether Iceland could pull it off I'm not sure. Failure might see them reduced to eating grass I suppose....CharlieMcMenaminhttps://www.blogger.com/profile/00942021756417667913noreply@blogger.comtag:blogger.com,1999:blog-3225795457407230638.post-28563520084511925022009-04-27T17:04:00.000+01:002009-04-27T17:04:00.000+01:00I do wonder what the way out for Iceland is.
I'm ...I do wonder what the way out for Iceland is.<br /><br />I'm not sure that Euro membership is the solution, but EU membership alone might help.<br /><br />I suspect if Hungary wasn't a member it would have gone the way of Ukraine.<br /><br />That said it might be a case of closing the barn door after the horse has bolted.Duncanhttp://duncanseconomicblog.wordpress.comnoreply@blogger.com