And not in a good way. Iceland is on the verge of bankruptcy. That’s right, the whole nation is about to go under.
So what? I hear you asking. It’s a small country. In fact, it’s the size of Kentucky. What does it matter if Iceland goes under? Well the thing is, it matters a lot. It matters because Iceland has heavy investments in Europe, and hold a lot of Eutpean money in their banks. Britain especially is vulnerable to an Icelandic economic meltdown due to the heavy amount of investing Iceland has done in the country over the last few years.
And how did this happen? Well, much like our own situation in the Unites States, it started with deregulation of the banking industry and progressively worsened as Icelandic companies took on lots and lots of foreign investor debt. To put it simply, they (like us) let their companies do whatever they wanted without consideration for the drastic consequences in store for them if they did not act responsibly.
And now here we are, watching the country that just last year was declared the best country in which to live by the UN, and the one with the most contented citizens, and waiting to see if it will fall. If it does, there is no doubt that the bigger boys: Russia, Britain, the US will soon follow suit.
I hope everyone is stocked up on water, shotgun shells, and canned goods. It looks like we are going to need them all, and in large amounts.