Economy, the New Normal: Iceland's Financial Lessons

For centuries, Iceland was a simple fishing society, largely shut off from mainland Europe. The people survived off the sheep in the meadows and the fish in the sea. For cultural sustenance they had elaborate sagas -- intricate tales of fairies and goblins, heroes and ghosts -- that would inspire J.R.R. Tolkien and other fantasy writers.

Then a modern saga began to unfold -- that of a nation of fishermen who became millionaires, only to lose it all and return to the seas.

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nullIn the early 21st century, Iceland experienced one of the most spectacular cycles of boom and bust in history."I don't think it happened overnigh