Who will be the next Iceland?

This is a remarkable article because of the way it uses the word Iceland as a self-explanatory synonym for an economic crisis. 

From The Harvard Law Record

It seems the intangible price we have paid is to be universally known as a financial disaster.

To quote the VF article once more: 
Iceland instantly became the only nation on earth that Americans could point to and say, “Well, at least we didn’t do that.

Which by the way seems to be the mantra of most politicians running for office in Iceland right now.


2 Responses to “Who will be the next Iceland?”

  1. 1 Vilhjalm A. March 5, 2009 at 12:14 pm

    You can’t say such insults are undeserved. Iceland had everything going for it – free energy, abundant fish, and a well-educated population, and could have stayed a top 5 country if it had been well-managed. Instead, Iceland attempted a triple reverse flip, missed the pool and landed on its head.
    My vote for lowest potential standard-of-living is the Ukraine, but since they were poor to begin with they won’t fall that far. So my vote for Iceland-type crash goes to Ireland. Huge debt, enormous housing bubble, with up to 80% reductions coming, an inability to stimulate by printing money, and nowhere to emigrate to. Next year they have to cut the budget by 25%, and it can only get worse after that. I think there’s going to be riots in Dublin sometime soon.

  2. 2 Roy March 5, 2009 at 12:20 pm

    It´s interesting looking at the older forecasts from the best and brightest, we are talking Ph.D.s here.


    “And then some wise people, like novelist Steinunn Sigurdardóttir, who wrote a big article in daily Fréttabladid, telling us it’s treason to hire a foreigner. We, Icelanders, are the best and brightest. ”

    Let´s take a look at the dimwits next time, plot their results, and then make a choice because the “best and the brightest” were slightly off the mark.

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