On Iceland exiting IMF program,
"Iceland is no longer under an IMF program... And it has done with very heterodox policies - debt repudiation, capital controls, and currency depreciation. It was as close as you can get to the polar opposite of the gold standard. And it has worked."
http://krugman.blogs.nytimes.com/2011/09/01/iceland-exits/
Well Mr. Krugman, America seems to be following the same path thanks to the advocates of unlimited stimulus (you among them). Currency depreciation? Done. Debt repudiation and capital controls are next? Now we know you believe that this can work, still I hope you are not right and those are not the next steps to follow... Regarding your choice of Iceland as an example of what to do, please note that Iceland is a tiny country (population 320.000, GDP 12 billion $). They broke the rules and they got away with it. Try to do the same in Spain or Italy, just try it. Things are rarely that simple.
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