Nov 09 2008
Iceland
300,000 people on top yesterday and in trouble today.
Iceland, here today unknown tomorrow…
Stunned Icelanders Struggle After Economy’s Fall
Until last spring, Iceland’s economy seemed white-hot. It had the fourth-highest gross domestic product per capita in the world. Unemployment hovered between 0 and 1 percent (while forecasts for next spring are as high as 10 percent). A 2007 United Nations report measuring life expectancy, real per-capita income and educational levels identified Iceland as the world’s best country in which to live.
This country, as modern and sophisticated as it is geographically isolated, still seems to be in shock. But if the events of last month — the failure of Iceland’s banks; the plummeting of its currency; the first wave of layoffs; the loss of reputation abroad — felt like a bad dream, Iceland has now awakened to find that it is all coming true
And to think GWB isn’t their President and Barney Frank and Chris Dodd don’t oversee their Finance Committee…
But they do have a flat tax system!
[...] Go to the author’s original blog: Iceland [...]