The Great Iceland Meltdown

By THOMAS L. FRIEDMAN
Published October 18, 2008

Who knew? Who knew that Iceland was just a hedge fund with glaciers? Who knew?

If you’re looking for a single example of how the globalization of finance helped get us into this mess and how it will help get us out, you need look no further than British newspapers last week and their front-page articles about the number of British citizens, municipalities and universities — including Cambridge — that are in a tizzy today because they had savings parked in Icelandic banks, through online banking services like Icesave.co.uk.

As Dave Barry would say, I’m not makin’ this up.

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Other items of interest:

Read the Wired article on Hot, Flat, and Crowded.
Read "The First Law of Petropolitics" from Foreign Policy (May/June 2006)
Visit "Tom's Journal" on The NewsHour with Jim Lehrer
Listen to Tom interviewed by Nayan Chanda for YaleGlobal, 30 January 2003.
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