all the world's an iceland

Longtime IR reader Fellas sends in this interview with Marc Faber (PDF), international investment guru. We both liked Dr. Faber's quote regarding the Land:

I'm sorry to say I think the whole world is an Iceland. I think we have countries like Britain and Ireland and Switzerland that have problems similar to Iceland, though they're not as bad as Iceland.

So, foreign reporters, be careful when you write stories that look down on Iceland. The tsunami may have hit here first, but could be headed your way next.

While I am on the topic, I am quite tired of British/European politicians blaming the worldwide credit crisis on subprime mortgages, as if that had been the only bubble in town. "This crisis started in America," they say. Sure, but if it hadn't started there, it would have started somewhere else a few months later. Overzealous real estate developments in the former Eastern Bloc? Structured products in Germany? Irish construction boom?