Micahel Lewis, authur of the best sellers “Liars Poker” and “Moneyball” wrote an interesting piece in Vanity Fair.
Iceland, you might recall, was a prosperous fishing nation until it decided to turn itself into the Wall Street of the Tundra. Now its a shiprwreck.
Iceland’s de facto bankruptcy—its currency (the krona) is kaput, its debt is 850 percent of G.D.P., its people are hoarding food and cash and blowing up their new Range Rovers for the insurance—resulted from a stunning collective madness. What led a tiny fishing nation, population 300,000, to decide, around 2003, to re-invent itself as a global financial power?
Read more: Vanity Fair