by L. Randall Wray, Guest Author.  This was originally posted at New Economic Perspectives.  Bio at end of article.

Caption photo:  Bunratty Castle

Voters in Iceland have rejected their government’s attempt to foist on them the costs of bailing out foreign creditors. Iceland’s oversized big banks had made bad loans throughout Euroland and, when they failed, uninsured depositors were on the hook. Governments in countries like the UK and the Netherlands bailed out their depositors and demand that Iceland reimburse them. However, Icelandic voters have now rejected that proposition twice.

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 by Elliott Morss

For larger image of caption map, click here.

Editor's note:  A GEI Analysis article last week discussed the condition of the U.S. as an empire.  This article presents Dr. Morss' opinions on how to address some of the problems of that empire. 

Introduction

In a recent article, I highlighted a number of problems the US faces as it moves into the 21^st Century.  Many readers were troubled that I described problems but offered no solutions.  In actual fact, I have given careful thought to what can be done about each problem, and my ideas are presented below.

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by Warren Mosler, Guest Author.  Full bio here.

This article appeared at Warren's blog: The Center of the Universe

So imagine the corn crop report comes out and it surprises on the upside at up 30%.  What happens? The price of corn probably starts to fall. Commercial buyers back off, farmers rush to hedge, and, overall, players of all ilks try to reduce positions, get short, etc.

A few weeks later it’s further confirmed that the farmers are producing a massive bumper crop.

What happens? The same adjustments continue.

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  by Karl Denninger, guest author.  Bio follows article. 

Caption photo:  Timo Soini