Thursday, July 01, 2010

Of Iceland And Canada

Krugman has some interesting numbers comparing Iceland with other European basket cases. It turns out that by not following the economically orthodox advice spouted by folks like our PM, Iceland has weathered its disaster better than its contemporaries, even though its economy was essentially destroyed by its banking class. Krugman finishes by writing this:
The moral of the story seems to be that if you’re going to have a crisis, it’s better to have a really, really bad one. Otherwise, you’ll end up taking the advice of people who assure you that even more suffering will cure what ails you.
Sadly, Canada's recession was not as bad as Iceland's and now were are going to gut ourselves with a dull knife, on the advice of a Prime Minister, who said there was no chance of a recession in the first place.
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