Nobody wants to mention tax rises just ahead of the elections,” said Thorolfur Matthiasson, an economics professor at the University of Iceland. “But if the budget deficit is 10 percent of GDP and the official debt is approximately what the nation can produce in one year, then the politicians will have to raise tax and reduce public spending.
It’s hard to pay attention to what’s happening in such a seemingly small, remote and insignificant country as Iceland, but the parallels of retro-progress in Iceland and USA are stunning and terrifying. Think for a moment, this is a part of global collapse begun here in our USSA with the last trigger on this shotgun being the CRA. Then note our Rulers now considering renewal of the CRA to cure the problems caused by the CRA.
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