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Iceland March 6, 2009

Posted by federalist in Finance.
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Michael Lewis has a thoroughly fascinating description of a tiny, inbred island nation that managed to blow a huge bubble in the global markets (that just recently burst in spectacular fashion).

Back away from the Icelandic economy and you can’t help but notice something really strange about it: the people … are presented with two mainly horrible ways to earn a living: trawler fishing and aluminum smelting. There are, of course, a few jobs in Iceland that any refined, educated person might like to do. Certifying the nonexistence of elves, for instance. … But not nearly so many as the place needs, given its talent for turning cod into Ph.D.’s.

Read the entire thing.

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