by DAVID KESTENBAUM
During the financial crisis, only one Western country experienced a true collapse of its banking system: Iceland. Things got so bad that the country actually ran out of foreign currency. Even today, years later, foreign money is still scarce, and the government controls how much anyone can get. The strange story of how Iceland ran out of money begins in 2003. The country had just privatized its banks. These sleepy state run institutions suddenly grew, and started running ads in foreign countries...[continued]
