Iceland Example of Reaganomics Hell

The country of Iceland is bankrupt. It owes 60 BILION dollars and has a population of 300,000 people. Each Icelander is on the hook for about $200,000.00. That is six times the annual earnings of the country.

So what happened? What happened was that the whole country bought into Reaganomics, once termed "Voodoo Economics" by George Bush I. The country elected a completely conservative right-wing government and let the good times roll. Things looked great for a while. What's not to look good when you run up BILLIONS on the old credit card? At least for a while. Now the party is over, and Iceland serves as proof positive that Reagan's Voodoo Economics does not work.

Follow the link above to read the Alternet story on the whole economic disaster that be coming soon to a country near you.