In the up-coming April 2009 issue of Vanity Fair, Michael Lewis describes in ‘Wall Street on the Tundra’ the spectacular rise and disastrous fall of the Icelandic banking system and the whole Icelandic economy.
It is a long article but I think you will find it worth your time.
Remember back in the election of Bush vs. Kerry, how the Bush administration said that they could not imagine how Kerry’s suggested use of diplomacy could possibly work?
Follow this link to a story in the New York Times about how the Obama administration is trying to use diplomacy to repair our relation with Russia and solve the threat of Iranian nuclear weapons.
At the time of the Bush/Kerry contest, I was upset at John Kerry for failing to point out that Bush’s ridicule was not proof that diplomacy wouldn’t work. Instead, it was proof of Bush’s lack of imagination.
The above eleven minute video is an easy to understand explanation of the crisis of credit. Follow this link to the author’s web site for an explanation of why he made the video. It also gives you a chance to support keeping the video on the web.