I came across an informative and very entertaining article about Iceland in Vanity Fair, so I thought this would be an opportune time to compile some of the news regarding their economic collapse that I have bookmarked in the last few months.
The reason that Iceland is extremely important is because it was the model to which all Western nations were told to endeavor towards. If you recall, in 2008 Iceland took the top spot on the Human Development Index (HDI) compiled on the basis of data from 2006, an index used to rank countries by level of ‘human development’.
Iceland was the bellwether nation less than two years ago, but has now completely collapsed. Considering that many other countries conducted themselves in the same fiscally irresponsible manner, it would be safe to assume that many other Western nations will, to some degree, also fail.
It’s worth while to note that the term bellwether is “derived from the Middle English bellweather and refers to the practice of placing a bell around the neck of a castrated ram leading its flock of sheep.” I wonder how many other countries will also be economically castrated?
Below you will find some news and videos from the last year chronicling the collapse of Iceland…