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@deleted
"The American way of life has been created by a mountain of cheap debt that is now unravelling spectacularly."
so you haven't noticed that happening here then? cheap debt (up to a few months ago) 100% interest only mortgages 5-6x earnings etc etc. it's going to be just as bad over here and our budget deficit is massive compared to other countries.
iceland? i don't think so:
http://www.moneyweek.com/file/47411/why-iceland-is-suffering-a-nasty-financial-hangover-.html