The Peaceful Icelandic Revolution

February 8th, 2013
There are only 330,000 people living in Iceland, including roughly 220,000 taxpayers. The small size of the population is one of the reasons why the banks could not be saved, with a balance sheet ten times the GDP of the country. While the Icelandic revolution has been described as foolish by some international credit agencies, according to Iceland's President Olafur Ragnar Grimson, the changes were necessary and bring up a number of questions about "the prevailing orthodoxies of the last 30 years in the Western world.”