Two small island economies blew up in 2008. Iceland and Ireland. Their names differ by one letter, and their handling of the crisis differed by everything that matters.
Iceland's three big banks, Kaupthing, Landsbanki, and Glitnir, had grown assets to roughly ten times the country's GDP by 2008. Pure credit-fueled madness. When the music stopped, the Icelandic government did the unthinkable: it let them fail. Bondholders ate the losses. The state refused to socialize private bank debt onto 320,000 citizens who never signed up for it. Capital controls went up, the króna collapsed, and the politicians actually prosecuted bankers. Twenty-six of them went to prison. Sigurður Einarsson and Hreiðar Már Sigurðsson, the men who ran Kaupthing, served real sentences.
Ireland took the opposite road. In September 2008, the Irish government issued a blanket guarantee covering the liabilities of its major banks, including Anglo Irish Bank, a property-lending casino that should have been allowed to die in peace. The taxpayer absorbed the bill. By the time the rescue ended, Ireland had poured around 64 billion euros into its banks, roughly 40 percent of GDP. The state took on private gambling debts, then went to the Troika in 2010 hat in hand for an 85 billion euro bailout, and accepted years of austerity to pay for losses it had no business owning.
Both economies recovered. Both eventually grew again. The difference is who paid and who learned. Iceland made creditors and reckless bankers bear the consequences of their own decisions, which is the entire point of capitalism: profit and loss, not profit and bailout. Ireland protected the people who made the bad bets and handed the invoice to schoolteachers and shopkeepers.
You will hear economists call Ireland's GDP rebound a triumph (much of that "growth" is multinational accounting fiction, Leprechaun economics, but that's another lesson). What they skip is the moral architecture. When you guarantee bank liabilities, you abolish the discipline that makes markets work. You tell every banker in the country that downside is optional.
Iceland jailed its bankers. Ireland reimbursed theirs.
BREAKING: Four Senate Republicans just joined Democrats to block one of President Trump’s key legislative priorities.
In a setback for the White House, GOP Sens. Susan Collins, Lisa Murkowski, Thom Tillis and Mitch McConnell broke with their party to help stop the SAVE America Act from advancing in the Senate.
The vote exposed a familiar divide inside the Republican conference, with concerns over the bill’s provisions outweighing pressure from Trump and GOP leadership.
WE HAVE ACHIEVED CRITICALITY ✨
On the fourth of June 2026, the Idaho sun rose over the high desert kindling the dawn of the Second Atomic Age.
Last May, President Trump signed an executive order mandating that three reactors go critical before July 4th, 2026.
One month ahead of schedule, @AntaresNuclear answered, sustaining a steady chain reaction at Idaho National Laboratory.
This is the first new reactor brought to life at INL since 1973. The same ground where, in 1951, nuclear electricity first powered four light bulbs.
Criticality is only the beginning, a fleeting spark on a long and difficult road.
But it carries a message that echoes across the plains: American Nuclear is back.
Today marks the return of a new era, one where the United States once again tackles the hard things, where innovation is pursued without apology and celebrated without restraint.
It was powerful to stand on that iconic ground and witness history be made!
Congratulations to every single one involved ✨
@wotancore@annakhachiyan I remember hearing @luisjgomez talk about raising his son while my wife was pregnant with our first child, 15 years ago. Hearing about peaceful parenting from a total dirt bag really connected with me. Now my kids are the ish.
@alaskapublic They knew this when the GCI contract was awarded too. Starlink was available for pennie’s in the dollar but the state in all their wisdom went with the land based option. Lobbying works.
Either Thomas Massie wins his election this month or the Israel lobby has successfully swallowed the entire GOP alive.
They have three Zionist billionaires bankrolling millions into a small Kentucky seat because they can’t turn Massie into a puppet.
It’s that simple.