Monday, November 24, 2008

Economic Turmoil In Iceland

The Scotsman reports on a protest and near riot in Iceland over the collapsing economy. Iceland had to close all three banks there and is getting a loan from the IMF to stabilize things. The problems were caused by heavy growth by Iceland's banks and the collapse of the local currency. The line of the article, though, is: "As daylight began to wane, demonstrators drifted away into the nearby coffee shops. Here, as currency tumbles, the price of a cup of coffee has shot up by about one-third since before the crisis struck." Doesn't sound like the French Revolution to me.

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