It's difficult for us to do an Iceland, because we are so
huge. We are sinking more slowly, but the underlying problems
are the same, and nothing has been fixed. More likely
than not it will be a drawn out affair. Doing an Iceland
requires a sudden flight of capital from the country.
Iceland is the size of Peoria, IL.
Ditto other emerging market countries, they were relatively
small. So, you have something similar to a bank failure,
but the country is the bank. It normally happened because
debts were denominated in foreign currencies, so, once the
currency tanks, debts grow! Our debts are in USD, so, when
USD tanks, China and Europe go broke -g- |
