Iceland: Better Go Fishing

The prime minister of Iceland, Geir Haarde, has advised his fellow citizens to go fishing after the country’s financial system imploded in October. Haarde: “We have fantastic resources and an abdundance of green energy, and we will now utilize that and the other resources we have, the ocean and human capital”.

Danske Bank has been forecasting that Iceland’s economy may well contract more than 10 percent and that inflation might jump between at least 50-75%. The result of their three biggest banks being unable to finance about $61 billion of debt, about 12 times the size of Iceland’s economy, according to Bloomberg.

The population of 320,000 people is now betting that their fish resources will help the country survive. As it’s not so many of them, the Icelanders will be fine since they have heating, clean water and fish, according to a Reykjavik resident.

Mind you, that’s the kind of talk we usually hear from a third world country. The times are truely amazing.