Will Grigg on collapse of Iceland's banking system and why the dollar is next:
If one favors poetry over precision, Iceland could be described as a frozen island sitting atop a huge volcano. Its economy in recent years was similarly poised for a meltdown, and the inhabitants of that remote but beautiful land were too busy enjoying the transitory pleasures of soap-bubble "prosperity" to pay attention.
Now that their banking system has collapsed and their imports have been cut off, Icelanders are too busy emptying supermarket shelves to ponder the disastrous errors that led to their national disaster.
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