In his two decades as Iceland's Prime Minister and then as central-bank governor, Oddsson made his tiny country an experiment in free-market economics by privatizing three main banks, floating the currency and fostering a golden age of entrepreneurship. He changed the fundamental skill base of Icelandic’s from ice fishing and singing like a cat drowning (yes Bjoerk) t0 financial engineering, the trouble is nobody knew anything about it and made without any shadow of doubt the biggest screw up of all free governments.

When the equity and real estate markets turned ... whoops! The whole country is now broke - bankrupt - finished - washed up and wasted.

Iceland's economy is now a textbook case of macroeconomic meltdown. The three banks, which were massively leveraged, are in receivership, GDP could drop 10% this year, and the IMF has stepped in after the currency lost more than half its value. Nice experiment, you financial villain. Should have stuck to fishing and trotted Bjoerk out a few more times ...