A short excerpt and then the link for those who want to read the whole thing:

“… American bloggers went into an orgy of self-flagellation: We’re stupid, have no Russian translators and don’t know that Russia has a different alphabet. Russian bloggers were divided. Some thought that the Americans were stupid — natch — and many proposed different words, but a few thought that перегрузка was an acceptable translation of “reset.” Russian conspiracy nuts were out in full force. They said it was a secret code. After перегрузка (overloading) of nuclear Armageddon — symbolized by the red button — there would be перезагрузка (reloading) of life. The button was an invitation for Russians to join Americans in the post-nuclear afterlife.”

http://www.moscowtimes.ru/article/1016/42/375528.htm

there is nothing special in Icelandic economy. It’s exact copy of any other “western” economy. the only difference was the size of the country that couldn’t “bailed-out” its bankers. But let’s see if other are able to do that as the fun has just started.

PS. Icelandic bank didn’t brake a single line in the laws and regulations that exist in EU. And it’s stupid to compare their “assets” to GDP. Like ants can lift weight several times heavier their own. But can they move (aka steal) the spoon from the table? So Iceland is just the ant of world economy. Could you give some sugar please?

“There are vastly fewer variables in the story, making it easier to study. If only we can understand Iceland, we can better understand why our own economy is teetering on the brink.”

I remembered who Michael Lewis is after what you just wrote about him. I think your characterization of him is spot on. A few months ago I read (forgot where) an interesting piece about Wall Street in which Lewis sort of revisits some of the “Liar’s Poker” stuff.

(The Michael Lewis issue reminds me that although it may be unfair to those who are not in the know, in order not to throw the baby out with the bathwater it’s indeed helpful to be informed about what a writer is about. Regardless, I admit I’m guilty of sometimes doing just that: of throwing a writer’s baby with the bathwater. For example, because of Zizek’s provocative statements about Stalinism I have so much repugnance for him that I cannot read him.)

Ivanov…I think the story of Iceland’s fate in this global financial crisis interests people not because others (americans, for example) feel superior (though that’s exactly what Lewis said with his comment: “at least we didn’t do that”). It’s closer to why geneticists are interested in Iceland: There are vastly fewer variables in the story, making it easier to study. If only we can understand Iceland, we can better understand why our own economy is teetering on the brink.

M. Lewis is an interesting writer. I think he tries to be like a Tom Wolfe (Bonfire of the Vanities) who tries to be like Mark Twain; that is, not exactly a journalist/reporter that gets the facts straight, but a story teller who captures the zeitgest of the times. His Wall Street book “Liar’s Poker” is a classic from the early 90’s. “New New Thing” was a ‘when world’s collide’ piece about when High Tech met High Finance in Silicon Valley, personified in the story of one Serial CEO Jim Clark. Money Ball was Big Money and Major League Baseball. IF there is a common theme it’s that it’s not the wise decision makers that make the big bucks, it’s the risk taking crazies, and that our capitalist world reflects their madness. I can see that he worked to make the Iceland story fit the pattern; but, it sure seemed a natural fit.

And Lewis’ “knowledge” about the country he visited for few days is a good example of “expert opinions” of others about Russia, BTW

PS. I believe in evolution and I’m holding Stalin in high regard. And as such I don’t see humans as the best and final stage of Intelligence development (in fact humans are primitive form of I.) And as such I see Stalin as most important politician of the 20s century (he defeated Hitler and created the state that kept the world from WWIII. And you don’t have to like him for that but…).

PS. I admit I don’t like reporters.

Ivanov’s typical contempt and derision.

Kolya. WT… are you talking about?
If I call the person an idiot just because he IS idiot – it’s truth and it’s fact not derision. I got the chance to live and do business in CCCP, then in Russia (through all these “transitions”), in USA, in Iceland and with China. My name was in US newspapers and TV before Yeltsin. And usually I KNOW what I’m saying.
But if the person is not willing or capable of checking such simple fact as why his hotel is empty – why the heck I should listen to him about the rest? I saw and heard tons of such bullshit. And I posted my comments only because tess was interested (I hope). Not because I want to ridicule Lewis.

PS. I doubt the article struck a nerve. I’ve heard about it here for the first and only time. And I knew about Weather report but don’t check it on regular basis.
And Kolya, you skipped few words from your first quote
“It’s where fiction starts to intertwine with fact that the whole story loses its credibility“

http://icelandweatherreport.com/2009/03/about-that-vanity-fair-article.html

The author is critical of Michael Lewis, but without Ivanov’s typical contempt and derision. She also acknowledges that Lewis made several good points. Her conclusion:

“bottom line: very well written article, numerous insights, some illumination, too bad about the fiction.”

And then there is from Dadi Rafnsson, another blogger from Iceland:

http://economicdisaster.wordpress.com/2009/03/04/failed-media-in-a-failed-state/

a quote from it: “The Vanity Fair article has really struck a nerve in Iceland. Mostly because it is very accurate but also because Icelandic media is unable to perform at the same level of investigative reporting.”

I have to confess that I have not read either the Vanity Fair or the New Yorker articles on Iceland, but the general consensus seems to be that the more sober New Yorker piece by Ian Parker does a better job at explaining the whole thing. (Although it’s probably less fun of a read.)

As far as I can tell, during Iceland’s boom, there was just one woman in a senior position inside an Icelandic bank. Her name is Kristin Petursdottir, and by 2005 she had risen to become deputy C.E.O. for Kaupthing in London.

From web site of Islansbanki aka Glitnir

“The new CEO

Birna Einarsdóttir first joined Glitnir (then Idnadarbankinn) in 1987. After six years with Royal Bank of Scotland she rejoined Islandsbanki (another Glitnir predecessor) in the fall of 2004 then as the Managing Director of Sales and Marketing. She was appointed to the role of Executive Vice President of Commercial Banking in June of 2007. Einarsdottir’s work experience further includes work as the Marketing Manager for the Icelandic Broadcasting Company (Channel 2) and Íslensk getspá. Einarsdottir holds a B.Sc. in Business Administration from the University of Iceland and an MBA from the University of Edinburgh.”

And there is one very – I would say extremely – important aspect of Icelandic life and business. Every “high executive” of Iceland has a wife! And relatives (both his own and his wife’s too). So many things of the country politics and business are decided during friendly country parties… anyway Iceland is a small big village.