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Iceland, a proud and independent people

Following on from an earlier post about how Northern Europeans are the happiest on earth, Ann Pettifor has just returned from Iceland, where she was mightily impressed by the warmth and strength of the Icelandic character despite the severity of its financial losses.

Pettifor’s article contains some pretty grim examples about daily Icelandic life such as an unemployment rate expected to reach 10% this year and a new take on ‘inflation targeting’ where the principal on their loans is indexed to inflation. In other words, if inflation rises, the value of their debts rise too. Inflation is currently at 11.9%.

There is also some interesting commentary about why there may be reason for cheer, crediting Icelanders with using their voices to drive a government from power that is more interested in the financial sector than its people thus restoring some national confidence and the high percentage of female politicians, including the Prime Minister.

Read the full article here.

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