Ice And Fire Update
Iceland is growing again. Of the excessive peripherals — Ireland, Iceland, Latvia, Estonia — Iceland had by far the biggest excesses, with a totally ludicrous buildup of debt. Yet through the magic of default and devaluation, it’s actually doing better than the other three.
One of the remarkable things about the crisis of the past three years is that it has ended up strengthening the political hand of hard-money, austerity-imposing orthodoxy — yet the reality is that heterodoxy has worked much better in practice.
One of the remarkable things about the crisis of the past three years is that it has ended up strengthening the political hand of hard-money, austerity-imposing orthodoxy — yet the reality is that heterodoxy has worked much better in practice.
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