I'll keep it short, so my mother lost her house during the financial crisis - I was deployed at the time, she didn't let me know she needed help until it was really bad, the money I saved in a year was barely half of what she owed just to get caught back up on her mortgage (most of it was fees and interest) but the bank that owned the loan did get bailed out by the government when that trillion dollar check got out. Still even with the loan paid by the taxpayers, they still foreclosed on her property.
I see what Iceland did with their financial crisis and I am amazed - over there, from what I can tell, one of the few governments that actually still cares about their citizens. Forgiving all the personal debt of an entire nation.
Iceland forgives the personal national debt.
Iceland government does not bail out its private banks.
The Ice Rises...
That's pretty much it, I read a lot about the world news and zika mosquitos and stuff, but this, this one country standing up to the global banks... nope, silence. Just my personal thoughts.
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PraiseIPU ago
330,000 people 1000 times less than the US
Donald Trump could have bailed out Iceland BY HIMSELF (they needed $4 billion)
IDK how things would have played out had the US been like Iceland. Nobody can predict that. Tiny little Iceland is so hugely different than the rest of the world financially.
BTW would you be ok with government controlled banks? Because thats how Iceland did it.
amerikanoX ago
Brother, I don't even have the minute sense of expertise to even begin to answer that question.
All I know is that money was exchanged, their risky loans where paid off by "us" per say - and the bank instead of trying to work out some kind of deal found it more profitable to seize the asset and still take the government bail out. When I tried to use my VA loan to purchase the house from my mother, it wasn't allowed because I had a "personal interest" and that was against the rules - I feel like the banking system in general is out of control, my mother paid on time for ten years (out of that 30 year loan) and she only missed five monthly payments.
A government owned bank? What is the difference between corporate banks and state-owned banks? What is the difference between USAA and credit unions?
I do not know.