Dear Editor,

Perpetual anti-capitalist writer Wayne Clark, in his letter about Iceland economy being saved by jailing the prime minister really is a true fantasy.

First, the prime minister was never jailed.

As for his belief that some special anti-capitalist plan saved the economy by giving homeowners some super deal indicates a lack of economic understanding.

Iceland was able to recover by imposing controls over banking regulations similar to what the U.S. government would like to do, but is held back by the Tea Party extremists. They were able to put in controls of similar strength to those Canada has in place.

A small part of their plan was to legislate some debt forgiveness to bring some consistency and fairness to the housing industry.

The economy was able to grow because the banking system had some needed regulations.

The free enterprise system is still operating in Iceland, and the same (but better regulated) economic policies are responsible for the growth of Iceland.

Dan Banov, Whonnock