This is a taste of a series running on Wealth TV about banking crisis. Unfortunately this is just a preview, you'll have to subscribe to the cable TV channel to see the entire show or watch it on Australia's ABC TV channel. Its a very good show about what's wrong in banking. Also it shows how Iceland is surviving and thriving a default.
David McWilliams says towards the end of the episode "America will never admit it will default on its debt like Iceland, it will keep printing money, but eventually it will have to face the hard choice and draw a line in the sand".