Perhaps Led Zeppelin were right about the icy Northern countries:
We come from the land of the ice and snow,
from the midnight sun where the hot springs blow.
The hammer of the gods
Will drive our ships to new lands,
Our only goal will be the western shore.
So now you'd better stop
and rebuild all your ruins,
For peace and trust can win the day
Despite of all your losing.
I'm not sure whether they would be accused of building coded messages into their music, but could this be a signal from the 1970s predicting the downfall of financial services as we know them? I counted Iceland's population yesterday afternoon. Its 320,000 for the whole place and everyone is quite literally on first name terms. So for the $61bn debt created amongst the Icelandic banks, that would amount to around $190,000 per head.
One a heck of a party.
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