BenNorland + bubble   2

Wall Street on the Tundra |
last October, Iceland’s 300,000 citizens found that they bore some kind of responsibility for $100 billion of banking losses—which works out to roughly $330,000 for every Icelandic man, woman, and child
finance  vanityfair  iceland  bubble 
march 2009 by BenNorland
Panic of 1837 - Wikipedia, the free encyclopedia
Economist Milton Friedman explains (1960 p 10):

The banking panic of 1837 was followed by exceedingly disturbed economic conditions and a long contraction to 1843 that was interrupted only by a brief recovery from 1838 to 1839. This Great Depression is particularly interesting for our purposes. It is the only depression on record comparable in severity and scope to the Great Depression of the 1930s, and its monetary concomitants largely duplicate those of its later mate. In both, a substantial fraction of the banks in the United States went out of existence through suspension or merger --around one quarter in the earlier and over one-third in the later contraction--and the stock of money fell by about one-third. There is no other contraction that even closely approaches this dismal record. In both cases, erratic or unwise governmental policy with respect to money played an important part.
bubble  wikipedia  1837  creditcrunch 
october 2008 by BenNorland

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