Iceland® a Wholly Owned Subsidiary of Russia

Well, it looks as if as bad as the US has been hit, tiny Iceland has been absolutely destroyed by the financial crisis.

Despite regulatory actions intended to shore up Icelandic banks, Icelandic banks have all failed, and they are in talks with the Russians about a €4 billion loan.....For a country with just over 300,000 people....That's a bit under $20,000 per resident.

It also looks like there may be some action from the IMF, which raises an interesting question, how will Europeans feel when one of their own is told to gut labor protections, reduce union rights, end free health care, and make payments for primary education mandatory?

That is, after all what the IMF demands of dark skinned folks.

Of course, no crisis is complete without one complete pratt making things worse, and (not surprisingly) this role is assumed by British PM Gordon Brown, who is upset that the Icelandic guarantees only apply to domestic account holders, so he, "has used powers granted under anti-terrorism laws to freeze British assets of Landsbanki until the standoff is resolved."

I think that once the Icelanders find out what the IMF is demanding, and if they are true to form, it will be the complete dismantling of their social safety net, they will run to Russia for their loan, which will come with its own strings, probably a naval base, and possibly an air base.