Mises Daily
Author:
David Howden
Online Publish Date:
Iceland lapsed into the largest recession of the new millennium more than two years ago. As Philipp Bagus and I argue in our new book, Deep Freeze: Iceland’s Economic Collapse , the obvious culprit is an oversized banking system, which at its peak had assets amounting to 11 times the size of the small island’s economy. But like many economic