Will Grigg?s Liberty Minute

October 28, 2008

A few years ago, Iceland was ranked fifth among the world?s nations in per capita income, and was rated the second most ?livable? country by the United Nations.

In just one month, however, that Nordic economic titan has been reduced to the status of international mendicant. Following the collapse of its banking system, Iceland became the first western nation in more than a generation to request a bailout from the International Monetary Fund.

Until about a decade ago, Iceland?s chief industry was fishing. However, thanks to the global investment bubble, it became deeply involved in speculative finance. The collapse of that bubble flattened Iceland?s financial system, leaving it with a non-convertible currency and retail stores being emptied by a wave of panic buying. This is a formula for disaster, since Iceland imports nearly everything.

The USA isn?t Iceland. But we?ve made many of the same mistakes, and may suffer very similar consequences.

Let us take back the liberty wherewith Christ has made us free.