Tuesday, January 27, 2009


Iceland hasn't been in the news this much since Reagan and Gorbachev met there back in the 1980s. Unfortunately, the news is all bad. Banks sought out new horizons, encouraged by a a more liberal or laxer (the word depends on where your ideological sympathies lie) regulatory environment. The banks went "poof", the Icelandic krona collapsed, Icelanders are now worth approximately 432% less than they were one year ago, and now they are unhappy.

They are even protesting in the streets for the first time since the Icelandic vikings rioted in the 11th century over the lack of skulls to cleave.


Post a Comment

<< Home