It was the NATO founder member (without nuclear weapons) that Gordon Brown described as terrorists, because his Fundamentally Supine Authority (FSA, now defunct) failed to regulate Icelandic banks in Britain.
This is the country of fewer than 400,000 people that Jim Murphy insulted...it was, he said backward-looking. Lord love us. Coming from someone in the London parliament the expression "backward looking" is quite astounding.
Iain Gray liked to rub Alex Salmond's nose in the fact that this little country, part of the "arc of prosperity that the First Minister had suggested that Scotland might join, were it not shackled to the dinosaur of Great Britain and Northern Ireland, had more of less broken itself.
Well, here's what Iceland did. Instead of pouring billions of its taxpayers money into its banks and allowing its criminally negligent bankers and useless, weak, ineffectual government to get away with their incompetence, they indicted the Prime Minister and the top bankers, and they helped the PEOPLE.
Yeah, the people who paid the taxes were helped out. Amazing.
They went through a couple of hard years. No one would deny that. But Iceland is back. Iceland is working and Iceland is growing. No triple dip recessions for backward looking wee Iceland, Jim. The sun is shining on Iceland.
And that's because Iceland used common sense to deal with the financial crisis of 2008. It wasn't scared of its bankers leaving for New York or Mumbai The top ones wouldn't be working in banking any more, not anywhere in the world. They were in prison in Reykjavik, and one of them in solitary.
Meanwhile in London, they took away one banker's knighthood. Another one who had been criminally negligent, and would have run his bank into the ground, financial crisis or none, offered to have his title taken away, and said that he would be prepared to only take 2/3 of his enormous pension of nearly half a million a year. Lordie, the Brits can be scarily macho.
No one can understand why the top bankers aren't in Wormwood Scrubs, or in the case of Fred the Shred, in Saughton. No one can imagine why, having created £75 billion in quantitative easing (money printing to you and me), no one is any better off...except the banks.
Iceland had all the answers, but they were terrorists, according to Brown, and presumably he never paid any heed to terrorists. It's a pity he didn't take some lessons from them.
What could we learn from Iceland? We could learn how to run the bloody country. That's what.