What the Hell Happened to Iceland?

“Moneyball” man visits the broken-down country.

“Wall Street on the Tundra” by Michael Lewis.

from Vanity Fair

Previously on Take 2:  Iceland is…What?

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Don’t Look Now: Eastern Europe Catches the Virus

Poland’s currency has slumped 48 percent against the euro; Hungary’s has fallen 30 percent and the Czech Republic’s is off 21 percent.

“As It Falters, Eastern Europe Raises Risks”

“Since the fall of the Berlin Wall, the countries of Eastern Europe have emerged as critical allies of the United States in the region, embracing American-style capitalism and borrowing heavily from Western European banks to finance their rise.” Written by Nelson D. Schwartz.

from The New York Times

DB notes:  The last to come into prosperity in Europe, the last to regain its footing.

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Previously on Take 2:  Iceland is…What?

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Obama’s Seed Money

What’s in it for America’s farms?

“Politics of the Plate”

How farm and food programs will—and won’t—benefit from the President’s $825 billion plan.

“As members of Congress struggle to get their arms around the $825 billion economic stimulus plan passed through the House last week and currently being debated in the Senate, a report from the Congressional Research Service sheds light on how farmers and rural communities might be “stimulated” by the first round of spending.” Written by Sam Hurst.

Plus: Chocolate recipes for Valentine’s Day

from Gourmet

DB notes: The manner in which American farms have been propped up by government spending, welfare, and subsidy is byzantine and capricious. That the first in the nation presidential caucus takes place in Iowa has been no help for the American farmer.

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Next on Take 2:  Kimsooja, Korean artist.

Is Victoria’s Secret Headed for the Dumper?

The dead mall.

“The Next Real Estate Crisis:  Shuttered Stores and Empty Malls”

“The 1,120,000 lost US retail jobs in 2008 are a signal that the second stage of the real estate bust is about to hit the economy. This time it will be commercial real estate — shopping malls, strip malls, warehouses, and office buildings. As businesses close and rents decline, the ability to service the mortgages on the over-built commercial real estate disappears.

“Shopping malls are losing anchor stores, and large chains are closing stores and even going out of business altogether. Developers who borrowed to finance commercial ventures are in trouble as are the holders of the mortgages, derivatives and other financial junk associated with the loans.” Written by Paul Craig Roberts.

from Alternet

 

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DB notes:  The dominoes keep falling. How much shopping can a nation do to stay afloat after all?

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iTimes

Would you pay 99 cents for Frank Rich’s opinion?

“Let’s Invent an iTunes for News”

“Free is not a business model,” said Mr. Moffett of Bernstein. “It sounded good and everybody got excited about it, but when you look around, it is clear that is creating havoc and will not work in the long term.” (He pointed out with a laugh that his report on print for Bernstein, a proprietary piece of research, was quickly passed around as Web samizdat.)” Written by David Carr.

from The New York Times

Face It, They’re Doomed

Stop the presses.

“How the Newspapers Tried to Invent the Web”

“Despite being early arrivals, despite having spent millions on manpower and hardware, despite all the animations, links, videos, databases, and other software tricks found on their sites, every newspaper Web site is instantly identifiable as a newspaper Web site. ” Written by Jack Schafer.

from Slate

Iceland Is What…?

Can a nation declare bankruptcy?

“Iceland After the Fall”

“Iceland is, for many of us, the waist of the hourglass: the narrowest point in the flow of culture and commerce that buoys modern life, a place where the First World is winnowed and exposed. This is why we call its financial collapse a “crisis.” It’s the reason some of us with no clear stake are keen to learn what happened.” Written by Nathan Heller.

from Slate