All of the disturbing trends of the last few months have left many of us searching for answers. The failure, or rather the irrelevance, of Capitalism in light of the ongoing financial crisis has been so abstract as baffle even otherwise glib economists and commentators. Iceland has been at the forefront of this, and seems to be groomed for the role of "whipping boy" by larger and more powerful countries (i.e. the UK and the USA.) The IMF came to the "rescue" or did it really? In this excellent article by Michael Hudson, Iceland's situation and its options are clearly outlined. Far from being an isolated accident, Hudson shows how this is the direct result of a concerted effort by a group of bankers and financiers to perpetuate and expand their wealth and power. It is a long article, but clearly written. And it isn't only about Iceland, it's about how everyone in the world is being affected by these ruthless and immoral policies. The fallout from this article and interviews on Icelandic Television is growing, with the Icelandic blogosphere on fire and articles in the Huffington Post as well.
Thanks to Alda, for that and other pertinent links. You won't see this in-depth analysis in U.S. media any time soon.