ICELAND - How to fix the financial crisis.

The people of Iceland forced their corrupt government to resign.A public assembly was created to rewrite the constitution.The banks were nationalized, it was decided not to pay the debt that PRIVATE banks created.All of this in a peaceful way...What would happen if the rest of the world took this as an example?

“What Iceland did was right. It would have been wrong to burden future generations with the mistakes of the financial system.” -Joe Stiglitz, Nobel prize winning economist 

“What [Iceland's recovery] demonstrated was the … case for letting creditors of private banks gone wild eat the losses.” -Paul Krugman, Nobel prize winning economist