This on-going global financial crisis is giving the English language some interesting new vocabulary. We've had 'hypothecation' and then 're-hypothecation', 'backwardation', 'quantitative easing' and 'derivatives', now it's the turn of the only country which stood up to the bullying of the Banks to have its 15 minutes of fame: Iceland.
The team at GEAB talk about this, and are still calling for the end of the petro-dollar, in their latest article:
'our team estimates that most countries, including the United States,
will approach management of the crisis in an “Icelandic style”, i.e. not
to bail out the banks and to let them collapse'