Wall Street on the Tundra

Iceland’s de facto bankruptcy—its currency (the krona) is kaput, its debt is 850 percent of G.D.P., its people are hoarding food and cash and blowing up their new Range Rovers for the insurance—resulted from a stunning collective madness. What led a tiny fishing nation, population 300,000, to decide, around 2003, to re-invent itself as a global financial power? In Reykjavík, where men are men, and the women seem to have completely given up on them, ... Full Story »

Posted by Kaizar Campwala
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Posted by: Posted by Kaizar Campwala - Mar 5, 2009 - 1:19 AM PST
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Edited by: Kaizar Campwala - Mar 5, 2009 - 1:19 AM PST

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Patricia Blochowiak
3.2
by Patricia Blochowiak - Mar. 8, 2009

Would be more interesting if it were much better edited.

See Full Review » (18 answers)
Walter Cox
3.9
by Walter Cox - Mar. 8, 2009

Wow...this story is very long and so engrossing I simply could not stop reading. Yet I found Michael Lewis' central premise--that Icelandic men are inordinate risk-takers whose overconfidence bankrupted the nation--less than convincing. Pehaps that's just because I have spent time in Iceland and have never come close to being bowled over by an aggressive Icelandic male. A great read nonetheless.

Apparently I saw Iceland at the peak of its wealth (2006). A buddy and I drove north to do some whitewater rafting, and we stayed up all night prowling Reykjavik's bars. To us the risk-taking seemed pretty evenly divided among Icelandic men and women--couldn't count the number of offers to do some sexual romping from men and women alike.

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Peter L. Combs
3.8
by Peter L. Combs - Mar. 8, 2009

Very well done, gives the reader an accurate look into what happens when Governments and countries become investment banks. The story presents many views form different angles good background information.

As the guy said..."at least we didn't do that!". Even running a bank badly requires some skill and vision...something apparently Iceland lacks..they would have done well to stick to fishing.

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Kaizar Campwala
4.1
by Kaizar Campwala - Mar. 5, 2009
See Full Review » (3 answers)
Jack Powers
4.7
by Jack Powers - Mar. 8, 2009

Well written, first-person report on the background of Iceland's economic situation. Interesting observations on the intersection of economics and psychology.

Iceland sort of mirrors the US problems, but in a funhouse type mirror. Not fun, but really interesting.

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Mark James
4.4
by Mark James - Mar. 5, 2009

It gives perspectives from around the globe without trying to assess blame. The author tries to quantify the impact of the global turndown on many of the asian countries.

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