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Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've always been more interested in political economics and what's going on behind the scenes in politics, than in mechanical engineering, and because of that I've rarely worked more than 8 months a year, devoting much of the rest of the year to reading and writing about that which interests me most.
Friday, September 19, 2014(7 comments)
Even if We Defeat ISIS, Will We Be Able to Defeat Each and Every One of Its Successors?
Because of our dependence on Mideast oil, and the tactics we use to ensure our supply, and because these tactics result in the social and economic oppression of millions of Muslims, we need to understand and accept a terrible truth: Vengeful hatred of the US and the executions of Americans on Middle Eastern soil is simply the cost of US oil companies doing a very lucrative business in the region.
Monday, August 18, 2014(6 comments)
Rejoinder to a Rebuttal of My Most Recent Article on the Transfer of Income to the Rich
For many decades, technological advancement was met with an ever shorter workweek and everyone eventually regarded this as fair. Why should it be any different today? Historically, workers had to work 12 hrs/day, 6 days/week. This seemed proper to owners of factories & machinery and to those with good incomes, but not to others. So, by way of protest & unions, the legal length of the workday was reduced to 8. Now how about 6?
Saturday, August 16, 2014(39 comments)
By What Means Have Income and Wealth Steadily Been Transferred to the Rich?
This transfer has mainly occurred by way of employers making sure that the profits and benefits of ever greater worker productivity (which advancing machinery and technology steadily provide) is rarely if ever shared with workers in the form of a reduced workweek and/or a higher hourly wage. Instead, this ongoing stream of newly created wealth is continually directed upward into their elite pockets.
Sunday, July 6, 2014(12 comments)
In a Dying Civilization What Are the Responsibilities of Intellectuals?
If we are to survive on this planet even for another hundred years, our approach needs to be revolutionary, not apathetic; creative, not dogmatic; scientific, not superstitious; and sustainable, not exploitative. But this will only take place when and if we learn from world history and formulate effective plans for drastically changing socioeconomic arrangements.
Thursday, June 5, 2014(46 comments)
Are Existing Economic and Financial Arrangements Causing Ever More Destructive Weather Events and Species Die-Off?
Existing economic and financial arrangements, which we have allowed to develop, are causing ever more destructive weather events. Blow by blow, Neil deGrasse Tyson defeats every single argument made against the idea of human-made climate change. Then, to add salt to our self-inflicted wound, he tells the tale of two scientists who long ago brought solar-powered generation of electricity to the world -- way back in the 1800s!
Thursday, May 29, 2014(20 comments)
George Monbiot: "The Dangers of Continued Growth Now Demand a New Economic System. ASAP."
The inescapable failure of a society built on economic growth & its inevitable destruction of the Earth's living systems are the 2 central, overwhelming facts of our age. Yet they are mentioned almost nowhere in our corporate-owned & controlled mainstream media. They are the 21st Century's great taboo realities, & also the subjects guaranteed to alienate your friends & neighbors should you make the mistake of bringing them up
Sunday, May 18, 2014(27 comments)
What the 1% Don't Want You to Know
Invested capital tends to produce real returns of at least 6%, while economic growth is always much slower. Therefore fortunes based on those high returns grow faster than the economy & much faster than wages, which will continue to shrink (in terms of their buying power), as dynastic wealth grows steadily larger. These fortunes will then pass on to the next generation an even larger share than they would have in decades past.
Friday, April 25, 2014(42 comments)
Could a Shorter Workweek Help Save Our Planet and Our Civilization?
There's a huge amount of superfluous, harmful & unnecessary work today that nobody wants to do & that nobody should do. Imagine a world where economic desperation doesn't determine the work we must do. Most of us could then do more of what we want to do. But what about loafers? Mother Earth wd happily trade her legions of crazed workaholics for a healthy population of "slackers," i.e. those content to work and consume less.
Monday, April 14, 2014(11 comments)
The Two-century-long Effort by Banksters to Take, and Keep, Ownership of America's Central Bank
The powers of financial capitalism had a far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in feudalist fashion by the central banks of the world acting in concert, by way of secret agreements arrived at in frequent private meetings and conferences."
Wednesday, February 26, 2014(8 comments)
Bill Moyers Discussion Calls Out Our Unelected, "Deep State," Shadow Government
The Deep State is the red thread that runs through the history of the last 30 yrs. Here are insights about how we came to have too much deregulation, the “financialization” of our economy, Wall Street & bankster rip-offs, erosion of our civil liberties, and perpetual war. Described are the derivative forces, methods and people that now surreptitiously guide and control our government, to extract billions from us.
Saturday, January 25, 2014(22 comments)
Must Oligarchy and Technological Unemployment Continue to Decimate the Middle Class?
Once the oligarchy takes power, the distribution of goods & money becomes ever more unrelated to any idea of merit or deservedness. Example: Banksters, being some of the best-paid people in the world, have recently destroyed far more wealth in the US than they’ve earned, and yet they are still paid billions in bonuses each year. They receive the money they do because they’ve been allowed to take power over our gov't.
Friday, December 27, 2013(19 comments)
Growing Inequality, Deliberately Engineered Through a Whole Range of Policies Intended to Redistribute Income Upward
There's a long list of ways in which our well paid(-off) gov't officials have obediently acted to redistribute income upwards over the last 30+ yrs. Inequality didn't just happen; it is the result of government policies. For the sake of what might be called "trickle-up,' Congress and the prez have deliberately decided to craft budgets that lead to millions of unemployed, which puts downward pressure on wages. Hence trickle up.
Friday, December 20, 2013(28 comments)
Class Warfare Today, and How the Working Class Has Been Robbed Over the Past Half Century
As the financial industry extracts ever more wealth from society, the working class has not been properly compensated for its rising productivity. As a result, our median inflation-adjusted household wealth has dropped from $73K to $57K in a little over 25 yrs. We've lost another 5% of our wealth just since the recession. Meanwhile, the poverty rate (among the poorest 1/2 of those beneath the poverty line) keeps worsening.
Tuesday, December 3, 2013(14 comments)
Zombie Politics & Culture in the Age of Casino Capitalism
We live in a society whose political, media, & financial institutions are without a soul, most the members of which society walk in a world in where the lust for power & wealth corrupts absolutely, & sucks away real life. It's not just that rich people now control the economy & all the commanding institutions of society. What you have is basically a transgression against, & abandonment of, the basic ideals of democracy.
Friday, September 27, 2013(2 comments)
Are computers & automation decimating the middle class & does access to elite jobs need to be shared more equitably?
We talk and debate "unemployment" now, but the unemployment issue will soon come front and center, as continually _expanding_ unemployment gradually pushes down, down, down the life and comforts, even the reason for being, of people who lack the skills or ambition to find a useful (highly skilled computer-literate professional) job (40 hrs/wk, 50 wks/yr) that's capable of supporting a family at middle-class levels or above.
Wednesday, September 25, 2013(6 comments)
If Ecocide and World War Are To Be Avoided, Must We Somehow Step Off the Hyperproduction-Hyperconsumption Treadmill?
One way to help our unemployment & poverty problems: Adopt a basic, guaranteed-income program (of the kind Richard Nixon and a few renegade economists once favored) & like the one currently in operation in Ontario, Canada. This would allow a transition from a war economy to a peace economy & from a wasteful economy to an efficient economy, as we moved away from "produce all the crap that can possibly be marketed & sold."
Saturday, August 17, 2013(18 comments)
Are there any realistic ways that ecocide & world war might be avoided?
How best could the US organize and execute a reduction in superfluous consumption? Or, should we just continue to sit back and do nothing, and simply let the unfortunate and unlucky take the brunt of the hit from the scheming plutocrats, banksters, bought-off politicos and corporados who are directing ever more of the national income into their own pockets? In other words, should we just let poverty rates continue to rise?
Thursday, August 1, 2013(24 comments)
Permanent Recession for Workers vs. the Pro-Growth Fantasies of Politicians & Most Economists
There are major obstacles to rising standards of living for ordinary Americans, among them the leveling off of educational attainment, globalization, rising resource costs, high fiscal deficits and rising private indebtedness. The rise in real disposable incomes of those outside the top 1% will stop. Contrary to the pep talks of most economists & pols, this is not going to change. This means permanent recession for workers.
Monday, July 29, 2013(5 comments)
Is there an invisible government, parallel to the one we foolishly think of as a democracy?
Two governments: the one its citizens are familiar with, operated more or less in the open; the other a parallel top-secret government whose secret parts have mushroomed in less than a decade into a gigantic, sprawling universe of its own, visible to only a carefully vetted cadre. It's guided in some respects by its own court, known as the FISA court, which according to the NY Times has become almost a parallel Supreme Court.
Sunday, July 28, 2013(11 comments)
Stunning letter to Obama from Snowden's father
Thoreau's moral philosophy found expression during the Nuremburg trials in which "following orders" was rejected as a defense. Indeed, military law requires disobedience to clearly illegal orders. A dark chapter in America's World War II history would not have been written if the then United States Attorney General had resigned rather than participate in racist concentration camps imprisoning 120,000 Japanese American citizens
Saturday, June 29, 2013(3 comments)
Why we're headed for a double dip
As wages stagnate & shrink for most consumers, and interest rates rise, consumer spending will shrink. When interest rates increase, consumer spending declines because it costs the consumer more to borrow, so they step back from buying. Problem is, consumer spending is the backbone of any growth in the US economy. If it decreases, our economic growth prospects shrink, and this will eventually hurt corporate earnings & stocks.
Monday, May 13, 2013(9 comments)
Global Economic Crisis and the Coming/Current Depression
Obama's Director of National Intelligence has warned that the deepening world capitalist crisis poses a paramount threat to US national security, & that its continuation could trigger a return to the violent extremism of the 1920s and 30s. Clearly underlying his remarks are fears within our massive US intelligence apparatus, as well as among the more conscious layers of America's ruling elite, that this could lead revolution.
Wednesday, May 8, 2013(39 comments)
Financial Experts with Great Prediction Records Are Saying Another Economic Meltdown is Imminent
Rickards explained his concerns at the Pentagon's Warfare Analysis Laboratory. He was asked by generals to carefully lay out this "Economic Pearl Harbor" scenario that allegedly stems from a financial war that our very own leaders have (inadvertently?) started, and which is now precipitating a global counterattack that nobody on Capitol Hill, at the Treasury, or at the Federal Reserve wants to talk about or even acknowledge.
Friday, April 19, 2013(10 comments)
What Are Derivatives and Why Do They Imperil the U.S. Economy?
We should not have allowed these banks to get so large that they could use our deposited money to make trillions of dollars of reckless bets. But we stood by and let it happen. Our legislators are virtually owned by the big banks and were afraid to bight the hand that feeds them. Now these banks have grown so important to, and integrated within, our overall economy, that their dissolution or insolvency would wreck us.
Sunday, April 14, 2013(17 comments)
The New Feudalism: Big Corporations and the United States of Ever-growing Inequality
US corporations are sitting on nearly $2 trillion of cash, not sure what to do with it except hide more of it offshore. They can't expand production because, after years of rising prices, & falling wages for the bottom 80%, the necessary consumer demand is just not there. Surprise, surprise. So, as technology, off-shoring and productivity continue their unstoppable advance, how many of us will eventually join the unemployed?
Friday, April 12, 2013(27 comments)
Will the Coming Economic War With China End the American Empire?
China is mobilizing resources & gathering allies around the globe in preparation for this war. In league with a small group of rogue nations, they have one purpose: to crush the economic, political & military strength of the US by targeting America's Achilles heel: the petrodollar. Their plan is to (by that means and others) send the USdollar (today the world's reserve curreny) into the dustbin of history, at great cost to us.
Thursday, March 21, 2013(49 comments)
The Central Role of Central Bankers in the Wars of the Past Two Centuries
As long as the predation of privately-owned central banks is allowed to continue, there will be poverty, hopelessness, and millions of deaths in endless wars. The path to peace on Earth lies in the abolition of all private central banking everywhere, and a return to the government-issued, value-based currency on which this nation was founded, which will help nations and people everywhere to prosper, without war.
Friday, February 8, 2013(2 comments)
The Lucrative Revolving Door Between Washington and Wall Street --- At What Cost to Ourselves and Our Economy?
Here's an astounding "admission" by our former assistant A.G. in which "he" confesses that his lucrative career would be over if he ever prosecuted any banksters. Likely there was, in this video clip, a faked voice-over that was substituted for his actual remarks, especially in view of his mention of how many asses he has kissed and how many fellow Americans he has "screwed" by way of his actions. And yet the truth comes out.
Sunday, January 6, 2013(4 comments)
Another Global Banking Crisis Now Taking Shape
It was all a lie, one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in, only temporarily, to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: we committed American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system.
Tuesday, December 25, 2012(12 comments)
Is Our Economy Being Artificially Maintained and Propped Up? If So, How and Why?
Smoke and mirrors are used to make us believe the US economy is authentic, robust and sound. This is an illusion. We hear about ever more people begging for jobs and the politicians promising them, but short of another WPA/CCC program, or massive funding for a national infrastructure bank (neither of which House Republicans would ever permit), politicians can't (except by way of the military-industrial complex) provide them.
Monday, December 10, 2012(11 comments)
The Enormous Potential of Interest-Free, Government-Issued Currency, Part 2
Our government has the sovereign power to issue money & spend it into circulation to promote the general welfare including the building of infrastructure both human & material. This we could be doing rather than allowing banksters to use money, taken from taxpayers, for speculation, thereby causing one crisis after another. To prevent our nation's next financial debacle, Congress must now reclaim the power to issue money.
Thursday, December 6, 2012(41 comments)
What We Could Accomplish in the USA with Interest-Free, Government-Issued Currency
Globally, 40% of banks are publicly owned, mostly in Brazil, Russia, India and China. By 2040, the 'BRICs' will overtake the G6. Their banks work for the benefit of the public instead of for banksters. In these nations, there is no inflation & no gov't debt. In the past 24 years, the US has paid $8 trillion in interest on what is now a $15 trillion debt. With publicly owned banks, this loot could have been much better spent.
Saturday, December 1, 2012(61 comments)
Are Banksters & the Fed Becoming the Fourth Branch of Our Government?
Despite its pathetic propaganda encouraging us to practice doublethink, the Federal Reserve freely admits that it is privately owned, is a monopoly empowered by Congress, and that it operates independently from -- above? -- Congress and the president. Yet it pays its private undisclosed shareholders/owners huge dividends . . that it extracts from U.S. taxpayers! Here's how it does this.
Wednesday, November 28, 2012(21 comments)
Manufacturing Break-though, Based on 3D 'Printing,' is About to Change the World
According to several well-known periodicals within the mainstream media, many experts now believe a revolutionary new 3D-printer technology will trigger the rebirth of US manufacturing and put an end to the "Made in China" era. There are three cutting-edge American companies at the forefront of this revolutionary technology. The New York Times says,
"3D Printing is Spurring a Manufacturing Revolution."
Monday, November 26, 2012(4 comments)
Fossil fuel industry's plan for us: Burn 5X more carbon than is compatible with a livable planet
Young people, whose whole future is ahead of them, must tell their universities, all of whom have a huge endowment that includes holdings in fossil fuel companies. They must say to those who are charged with their education, "Explain to me how you can prepare me for a future that with your investments you're demonstrating you don't believe in." How can you prepare me for a future at the same time as you bet against my future?
Tuesday, October 30, 2012(7 comments)
Is there an economic root to ever more extreme weather events like Sandy?
Can you imagine what would happen to our ecocidal hyper-production, hyper-consumption tread-mill society if we ever found a way to allow any low-paid worker who wanted a better job . . to work directly, cooperatively and efficiently on the production of all basic goods and services -- and then, in return for such work, they would receive their fair share of all the basic goods and services they helped produce?
Tuesday, October 23, 2012(13 comments)
Tom Friedman: "Where and How Our Economy Went Wrong, and How to Right It"
We got seduced by the riches and rewards of financial engineering. Too little economic growth, too much debt, and a Wall Street risk/gambling/culture gone crazy. Together, these things culminated in a global financial crisis. As we slipped way down in global rankings, we assumed that our traditional global edge in entrepreneurship and innovation could compensate for our declines in educational attainment. Big mistake.
Sunday, October 7, 2012(9 comments)
The Real Republican Agenda Exposed
Of the $5.3 trillion in cuts Romney and Ryan have proposed, nearly 2/3rds come from programs for the poor. But when it comes time to eviscerate the rest of the federal budget, i.e. funding for things like drug enforcement and public schools, Congress will never cut those programs that deeply. In other words, the rich will get their tax cuts, the poor will remain destitute, and America will be driven ever deeper into debt.
Thursday, September 6, 2012(8 comments)
Revolt of the Rich: Have Our Financial Elites Already Seceded from America?
Our plutocracy now lives like the British in colonial India: in the place and ruling it, but not of it. If one can afford private security, public safety is of no concern; if one owns a Gulfstream jet, crumbling bridges cause less apprehension--and viable public transportation doesn't even show up on the radar screen. With private doctors on call and a chartered plane to get to the Mayo Clinic, why worry about Medicare?
Tuesday, August 28, 2012(13 comments)
How and Why Is Global Corporate Capitalism Obsolete?
Only half the civilian population is now employed. 12 years ago it was 64%. Result: 23 million of us can't find work. Since Jan. 2009, 3/4 of all new jobs created in the US were in the lowest-paid sector. This stifled any chance of upward mobility or growth in median income, which fell by 9% since Jan. 2009, as average household wealth dropped by 40%. Since 2000, most jobs either moved overseas or are now being done by robots.
Wednesday, August 22, 2012(12 comments)
New Evidence that THC (in marijuana) Is Effective Against Cancer and Other Diseases
A recent Harvard study shows that THC cuts tumor growth in common lung cancer in half and significantly reduces the ability of the cancer to spread. This is the first set of experiments to show that THC actually activates naturally produced receptors to fight off lung cancer. Tumors were reduced in size & weight by half in treated mice compared to a control group, with 60% fewer cancer lesions on the lungs of treated mice.
Sunday, August 5, 2012(24 comments)
$26 Trillion of Bankster Fraud & Theft According to Ron Paul, Alan Grayson and Bernie Sanders
Imagine that your family had $250,000 saved and thieves took it. But the legal system, more aligned with the thieves than with you, didn't care to help you. Actually that just happened. Everyone who was unemployed could have been given a job. A vast public works program could have created to stimulate the economy. This money would then have been an investment in the country & its people, instead of a one-time gift to banks.
Thursday, July 12, 2012(19 comments)
Moyers & Taibbi Explain How the Wall Street Mafia Holds America and the World Hostage
Consider the systematic rigging of municipal bond auctions, which have essentially robbed every community in every state in the country. All of the major banks were involved, including JPMorgan Chase. They were rigging the auctions that were designed to create a fair rate of return on the money local governments borrowed for municipal bonds. This is a lot like something the mafia does.
Monday, July 2, 2012(10 comments)
Are We About to Be Enslaved by the Central Banks of the World?
For a 25-cent investment, the US gov't is a $1 billion richer & the banksters at the Fed have an additional $1 billion in bonds thru which they can begin to extract large amounts of interest payments from the rest of us. Where exactly does the money come from that's used to pay this interest, which ultimately ends up in the pockets of the banksters? Ultimately it comes from taxpayers like you & me, who must work to earn it.
Monday, June 18, 2012(12 comments)
The Ongoing Multi-Trillion Dollar Heist That Continues to Shrink America's Middle Class
Remember how the mafia used to tell businesses to either pay up or your business will be ruined? What we have here is the new mafia, on a global scale. The main difference is that their names are not Italian. The 2nd largest difference is that the original mafia were pikers and tiny tots by comparison. The 3rd largest difference is that the new mafia essentially owns our gov't & can hire the best attorneys in the world.
Thursday, June 14, 2012(7 comments)
Why do white collar criminals, especially banksters, have so little to worry about in the USA?
Fully 75% of nontraditional loans made by our biggest banks were liar's loans. Therefore hundreds of these banks and their senior officers should now be facing prosecution, yet this isn't happening. Why not? Could it have something to do with the fact that these banks are currently allowed to contribute many millions of dollars to the political campaign funds of our president and members of Congress?
Wednesday, May 30, 2012(38 comments)
Canadian professor blows lid off of America's phony "war on terrorism"
After 911 the fully enlivened myth of the outside enemy & threat of Islamic terrorists was used as a pretext to invade Afghanistan & Iraq - invasions that had been planned, or at least anticipated, for more than a year prior to 9/11. Further, & perhaps more importantly, these invasions helped provide the backdrop & political environment necessary for surreptitiously repealing civil liberties & constitutional gov't in the US.
Thursday, May 17, 2012(1 comments)
Are Banksters Robbing, & Even Killing, Millions of People Worldwide? If So, How?
John Perkins worked as an "economic planner' for an international consulting firm & describes the economic hegemony of banksters, the IMF, World Bank & the exploitative victimization of 3rd World nations. His job was to negotiate huge loans to these nations - loans of money that banksters created out of thin air and which they knew could never be repaid. In the process that followed, millions were further impoverished.
Wednesday, May 2, 2012(10 comments)
Are We in the Middle of What Will Prove to Be the Deadliest Financial Cycle Ever?
The deeper the debt crisis gets, the more that governments are driven to print funny money, to save the big, gambling-addicted banks. And the more funny money that governments print, the deeper the crisis therefore gets. So, given that banksters essentially own and control our top government officials, are we in the middle of what will prove to be the deadliest financial cycle ever? Quite likely so.
Thursday, April 19, 2012(7 comments)
The US Housing Bubble and Aftermath: Economist Dean Baker's Account of What Should Have Been Done
Alan Greenspan should have led economists to document the potential harm of the bubble, and burst it early, before it could destroy and/or allow the theft of $7 trillion of wealth, and thereby ruin tens of millions of lives. By the peak of the bubble in 2006, the median increase in house prices was more than 70% above the rate of inflation. It was time for Greenspan and Congress to act. Instead they sat on their hands.
Thursday, April 12, 2012(5 comments)
How and Why the Operations of the Fed Will Eventually Bring Down the Economy
How can the widening gap between ever more multiplied indebtedness, and productivity-backed money, be reconciled? It can't. This widening gap exists in an inherently unsustainable system, wherein ever increasing debt will eventually and inevitably eclipse the entire value of all the world's resources, assets, and productive effort - unless debt is simply forgiven. Or, we must come to terms with unsustainable debt-based money.
Wednesday, April 4, 2012(1 comments)
Chemicals in your food that may well cause heart disease, diabetes, BPH and cancer
Bisphenol-A, a controversial chemical used in the lining of nearly all cans used by the food&beverage industry, got a reprieve from the gov't last week. Responding to a court order to decide on the Natural Resources Defense Council's petition to ban the stuff on the grounds that it causes harm even in tiny doses, the FDA rejected the petition and upheld its approval of BPA, thereby saving the food industry billions.
Tuesday, April 3, 2012(14 comments)
Paul Craig Roberts' stunning insight into the peculiar nature of American empire
George W. Bush and Barack Obama have doubled the national debt, and quite incredibly the American people have derived no benefits from it. No riches and no bread and circuses flow to Americans from Washington's wars. So what was it all about? The answer is that Washington's empire extracts resources FROM THE AMERICAN PEOPLE THEMSELVES -- for the benefit of the few powerful interest groups that rule America.
Friday, March 30, 2012(12 comments)
The present global crisis is not at its core an economic depression but rather a systemic failure
In the wake of the current crisis, more people are questioning the primacy of growth-at-all-costs. President Sarkozy, the Nobel-prizewinning economist Joseph Stiglitz, and elements of the Financial Times's commentariat are among those now arguing that prosperity is possible without GNP growth, and indeed that prosperity will soon become impossible because of GNP growth. In fact, a new movement seems to be emerging.
Wednesday, March 28, 2012(3 comments)
Will America's Growing Mountain of Private Indebtedness Lead to Another Windfall for Banksters, at Our Expense?
How many times can the Fed bail out the banksters (who are getting ever more obscenely rich off this scam), as they continue to collect trillions in magic money from the Fed, before this racket cripples our economic system and flattens most of us financially? In other words, for how much longer are the majority of Americans going to remain deaf, dumb and blind as regards this scheme that is impoverishing so many of us?
Monday, March 26, 2012(17 comments)
The Coming Financial Collapse in Europe?
Between 2008 and 2011, Iceland: a) had its banks default on $85 billion in debt, an amount that is more than 6 times the size of the country's annual GDP ($13 billion). (The debt of most advanced countries is nowhere near that multiple of its GDP.), b) jailed the bankers responsible for committing fraud during the bubble, c)
gave Icelandic citizens debt forgiveness equal to 13% of GDP! Greece could do the same, and might.