Imagine that in 2008, instead of bailing out bankers who made criminally risky investments with investors' and depositors' money, we arrested them, bailed out the victims, and let better bankers take over. That is what Iceland did, meeting with a remarkably hushed silence in the American media.
You mean you can arrest a banker? Make them feel steel around their wrists just like anyone else? As Sarah Palin would say, you betcha.
Now it comes out, after Bernie Sanders' and Ron Pauls' recent partial audit of the Federal Reserve, that the Fed has issued another $16 trillion in bail-outs to banks, some of them not even American.
Now before anyone starts spinning that what Iceland did reeks of socialism, let's remember that here in the good old US we only socialize the losses, while keeping the profits private. It is the height of hypocrisy to say that arresting banksters is socialism..