Word: icelandic
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...Iceland is getting used to this. Over the past six months its currency has collapsed, its largest banks have all failed and been nationalized, and its economy has imploded. Today the tiny (pop: 320,000) nation became the first to lose its government to the global financial crisis. Addressing the press, Iceland's Prime Minister Geir Haarde announced the resignation of his cabinet and the collapse of the current coalition government. The Conservative leader said that he could not "accept the Social Democratic demand that they would lead the government...
...announcement came after three months of public protests over the government's role in the economic meltdown last October. On Jan. 20, as much of the world was glued to President Obama's inauguration, a mob of riotous protesters pounded on the walls of Iceland's parliament building, denouncing the government for its incompetence. "It was heartbreaking to watch America welcome a leader who they actually revere and place all their hope in, while here we are literally banging down the government's door to get them to listen to us," says Erla Bjarnadóttir, 32, an unemployed office...
Winter, Island-Style. It's been colder lately in the Midwest and Northeast U.S. than any time in the past 10 years, so how much worse could it be in Iceland? Plus, they've got something we don't: geothermal pools! IcelandAir is offering a special five-day "Winter Wellness" trip with round-trip airfare from Boston, a room at the four-star Hotel Loftleidir, and entry to Reykjavik's Laugar Spa and Blue Lagoon for $669 for double occupancy. Want to save more? Try the airline's "Winter Budget" getaway, with round-trip airfare from New York City...
BJORK tries to save Iceland with investment fund named ... BJORK...
...think anyone is going to do that for another 50 years, until we forget about this mistake. All of the people who were running central banks allowed the financial system to become so large and leverage to become so pervasive. That they allowed banks in Iceland to become 850% of GDP is crazy. The Royal Bank of Scotland had the largest balance sheet in the world for a while. That made no sense...