The Isle That Rattled the World [Iceland Created a Vast Bubble]

Wall Street Journal (Weekend Edition) ^ | 27 December 2008 | CHARLES FORELLE

[COBOL2Java]

REYKJAVIK, Iceland -- A boy charged to the front of an angry crowd here recently and tossed a carton of skyr, a popular local yogurt-like snack, at the Parliament building. It splattered on the rough-hewn stone.

He and thousands of Icelanders were protesting one of the strangest economic failures of the global financial crisis. This past fall, every bank that matters in this tiny nation -- that is, all three of them -- failed. Iceland's currency, the krona, became worthless beyond its shores. The country's financial system stopped working.

"We are pissed off at the government," said one young man, pausing between fusillades of eggs. A roll of toilet paper arced across the Nordic sky. Voices of Anger, Shame in Iceland

In the whipping wind, a woman held a cardboard with a screaming mouth on Nov. 21.

Iceland is an extreme casualty of an era in which it became extraordinarily easy to borrow money. But it was more than that: An examination of the nation's banking system, which collapsed over about 10 days this autumn, reveals the degree to which Iceland was one of the international financial bubble's most enthusiastic players. Home to fewer people than Wichita, Kan., Iceland became so leveraged and so deeply intertwined with the global financial infrastructure that its collapse has rattled the world from Tokyo to California to the Middle East.

[bill1952]

>that its collapse has rattled the world from Tokyo to California to the Middle East.

LOL! Yeah, the world is agape...

[gusopol3]

In the whipping wind, a woman held a cardboard with a screaming mouth on Nov. 21

now, what do you suppose this sentence means?

[gusopol3]

now I see. a picture is worth a thousand words

[P.O.E.]

At least they can still afford their air guitars.

[xmission]

I just did a search to find out more about Iceland. I found a short video of things to do in Iceland, and thing number 4 turns out to be the “Gay Pride Parade”.

So, it may not be a total loss.

[CE2949BB]

http://www.icelandtouristboard.com/

With Iceland's economy in the toilet, maybe I'll have a chance to score an Icelandic blond or two. ;)

[Eagles6]

"We are pissed off at the government," said one young man, pausing between fusillades of eggs. A roll of toilet paper arced across the Nordic sky.

If things are that bad I wouldn't be tossing the eggs and tp, might need 'em.

[CE2949BB]

[MissDairyGoodnessVT]

i never have heard of a rough-hewn stone splattering

[jaz.357]

" "We are pissed off at the government," said one young man, pausing between fusillades of eggs. A roll of toilet paper arced across the Nordic sky."

Just POOP!

[RightWhale]

There once was a country known as Albania that got caught up in a Ponzi scheme. The whole country! Good thing countries nowadays don’t fall for that.

[Abigail Adams]

Excellent article. Worth reading!

[xmission]

I thought the link was going to take me to the “Icelandic Bikini Team”. Now I’m really disappointed...

[fso301]

Good article. Wish someone could repost that WSJ article from a few weeks ago detailing the short attacks on Lehman, Morgan, Merrill, etc, the precipitated the US crisis.

[Travis McGee]

When the dollar tanks like the Icelandic Kroner, our protests are going to be a tad bit uglier. Like, burning cities and heads on pikes.

[Travis McGee]

There once was a country known as Albania that got caught up in a Ponzi scheme. The whole country! Good thing countries nowadays don’t fall for that.

[dennisw]

When the dollar tanks like the Icelandic Kroner, our protests are going to be a tad bit uglier. Like, burning cities and heads on pikes.

Iceland protests are peaceful because they're just a bunch of boring Scandies who think gravlax is a huge thrill

My advice to Icelanders is to bone up on your fishing skills because that's the only way you will make money

[rabscuttle385]

*Ping!*

[rabscuttle385]

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