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
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.