Iceland's Government Has Just Collapsed
"Iceland has been mired in crisis since the collapse of the country's banks under the weight of debts amassed during years of rapid expansion. Inflation and unemployment have soared, and the krona currency has plummeted.
Haarde's government has nationalized banks and negotiated about $10 billion in loans from the IMF and individual countries."
Does this sound familiar? With the "bailout" the U.S. government effectively owns a big part of the banks, national debt is going up with each trillion we spend on bailouts, money we have to borrow or print (which then causes inflation). But of course we can avoid this result because, like, we're the new Socialist/Democrat/Teflon party! PARTY ON!