{"id":11616,"date":"2009-03-09T15:33:28","date_gmt":"2009-03-09T15:33:28","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/iceland_is_no_longer_a_country_it_is_a_hedge_fund\/"},"modified":"2009-03-09T15:33:28","modified_gmt":"2009-03-09T15:33:28","slug":"iceland_is_no_longer_a_country_it_is_a_hedge_fund","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=11616","title":{"rendered":"\u201cIceland is no longer a country. It is a hedge fund.\u201d\u009d"},"content":{"rendered":"<p>An entire nation without immediate experience or even distant memory of high finance had gazed upon the example of Wall Street and said, \u201cWe can do that.\u201d\u009d For a brief moment it appeared that they could. In 2003, Iceland\u2019s three biggest banks had assets of only a few billion dollars, about 100 percent of its gross domestic product. Over the next three and a half years they grew to over $140 billion and were so much greater than Iceland\u2019s G.D.P. that it made no sense to calculate the percentage of it they accounted for. It was, as one economist put it to me, \u201cthe most rapid expansion of a banking system in the history of mankind.\u201d\u009d<\/p>\n<p><a href=\"http:\/\/www.vanityfair.com\/politics\/features\/2009\/04\/iceland200904\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An entire nation without immediate experience or even distant memory of high finance had gazed upon the example of Wall Street and said, \u201cWe can do that.\u201d\u009d For a brief moment it appeared that they could. In 2003, Iceland\u2019s three<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=11616\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,50,595,149,200,600,480,585,596],"tags":[],"class_list":["post-11616","post","type-post","status-publish","format-standard","hentry","category-economics-politics","category-international-news-commentary","category-credit-markets","category-economy","category-europe","category-housingreal-estate-market","category-iceland","category-the-banking-systemsector","category-the-credit-freeze-crisis-of-fall-2008the-recession-of-2007"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/11616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11616"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/11616\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}