The Problems With Iceland

In my view the news in the financial and economic world continues to get worse, not better. I guess the markets agreed as last week equities in general were down with the benchmark S & P off 4%. I very much doubt we have seen the market lows. Why? The main reason is that the consumer is under massive retrenchment and with that comes the profitability of most of corporate America. The downward cycle is taking hold. People are spending less, so companies need to cut back, increasing unemployment, leads to more cut backs ….. and so on. I really wish I could tell you that this all ends nicely but right now I just don’t see it.

Things could be worse… you could live in Iceland. Please take a moment to read this chilling account of what happens to a country that spiraled out of control.

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