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Source link: http://archive.mises.org/16380/when-iceland-totally-froze/

When Iceland Totally Froze

April 6, 2011 by

When the dust had settled, the crisis had wiped out trillions of dollars of investments, and the previously well-functioning credit markets had stalled. FULL ARTICLE by David Howden

{ 2 comments }

Patrick Barron April 6, 2011 at 3:56 pm

David,
I am reading your book right now. We here in America do not usually concern ourselves with currency mismatching, but there are other ticking time bombs, such as a trillion or so dollars of excess reserves, over priced bank assets, a stock and bond market propped up by zero interest rates (where else can people put their money?), bankrupt states and municipalities, etc. When reality finally decides to make its appearance, we will be as helpless as Iceland. And, as my friend Michael McKay always says, reality is not optional. Excellent book! Keep up the good work!

R.P. McCosker April 9, 2011 at 3:10 pm

The authors write:

“Analysts and journalists alike have blamed the worldwide crisis on the usual suspects: greedy bankers, inexperienced upstarts, a corrupt political elite, the deregulation of the financial system, or, more generally, the evils of capitalism.”

Viz. the authoritarians conveniently blame the fruits of authoritarianism on — freedom. Government intrusions against freedom caused the mess, but now freedom is to blame. It’s always the same old story.

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