#EDF5FA;line-height:120%;">(This article originally published 27 Sep 2013. See also:'Iceland proved there is a way of dealing with financial crisis in isolated country' of 27 Apr (includes embedded broadcast) and Iceland President accuses England, Holland of financial bullying of 1 Feb 2010 on YouTube.) As Iceland’s banking system went into meltdown at the start of the global financial crisis, it came under enormous pressure from the rest of Europe to accept crippling austerity measures that would have burdened its people for generations to come. And yet the tiny island nation stood up to the European Goliath, defiantly opting for democracy even as it stood on the brink of bankruptcy. What can Iceland teach the world about the power of the people and the rule of law? To discuss these issues, Oksana Boyko, powerful Worlds Apart journalist, is joined by the President of Iceland, Olafur Grimsson. The video inside includes a hilariously black piece of humour in footage of Milton Friedman telling a much younger Olafur Grimsson that his values could only lead to tyranny. Olafur Grimsson argues in retrospect that Friedman led the tyranny of the market which is currently impoverishing the states that do not stand up to the international bankers.