Comments on: How Iceland Became Paperland http://archive.mises.org/16875/how-iceland-became-paperland/ Proceeding Ever More Boldly Against Evil Tue, 21 May 2013 04:23:48 +0000 hourly 1 http://wordpress.org/?v=3.5.1 By: Patrick Barron http://archive.mises.org/16875/how-iceland-became-paperland/comment-page-1/#comment-779142 Patrick Barron Tue, 10 May 2011 23:27:18 +0000 http://blog.mises.org/?p=16875#comment-779142 Bravo to you, Mr. Duncan, for recognizing a small, modern classic and doing it justice in your excellent review. I admired Philip Bagus’ “The Tragedy of the Euro” and read this warning tale from the cold depths of Iceland as soon as it became available. But what did Iceland do that the rest of the world has not done? Aside from engaging in currency mismatching, Iceland is a poster child for the consequences of massive moral hazard.

]]> By: Friedrich http://archive.mises.org/16875/how-iceland-became-paperland/comment-page-1/#comment-778948 Friedrich Tue, 10 May 2011 14:27:55 +0000 http://blog.mises.org/?p=16875#comment-778948 Read it together with “This time is different” and you can see it even “more” clearly. Ah yes the “merits” of Fiat-money. It’s institutionalized superstition. Others name it Voodo-Capitalism…

Others have seen it before. Even if not getting in touch with the elder books one can see the end just by looking at Germany history of bank runs and state bankruptcies.

Or even better read Krugman an do the opposite of his suggestions ;-)

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