Wondering what's next to fall? While countries are worried about saving their failing banks. I'd be worried about the list of potentailly failing countries.
It's ironic that Iceland didn't go to the World Bank or IMF but is negotiating with Russia for their petrodollars for a $ 5.4 Billion dollar loan this week.
If the deal goes through and then Iceland should default on its loan obligations to Russia, heaven forbid, I wonder what they put up for collateral? Does does Russia then go in to take over the island? Do Iceland and Siberia become sister provinces in the Russian Federation?
Now is a good time to rethink and challenge some of the assumptions on which some of the failed security products-the sub-prime loans, were based as George Soros does today in the Wall Street Journal. (see Denmark Offers a Model Mortgage Market by George Soros )
Comments