Iceland March 6, 2009Posted by federalist in Finance.
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.