On the Notion's Capital site I read this fascinating article about Iceland. It makes what's happening in the US and Europe seem mild in comparison.
If you haven’t been paying attention, Iceland is the worst-case scenario for financial deregulation; its financial services companies borrowed ten or twelve times the value the country’s entire money supply. The notes are due, the banks are closed, the currency is worthless, and the island nation cannot import goods.
The Icelandic singer Bjork is quoted in the article. Her description of the crisis is interesting to say the least.
Young families are threatened with losing their houses and elderly people their pensions. This is catastrophic. There is also a lot of anger. The six biggest venture capitalists in Iceland are being booed in public places and on TV and radio shows; furious voices insist that they sell all their belongings and give the proceeds to the nation.
I'm sure Bjork is not trying to act as global financial advisor, although maybe she has something there. Here's what she does best:
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