Flutterby™! : Michael Lewis on Iceland

Michael Lewis goes to Iceland to muse about their financial system's collapse. There were three things about this that caught my attention, two of which revolve around

Iceland instantly became the only nation on earth that Americans could point to and say, “Well, at least we didn’t do that.” In the end, Icelanders amassed debts amounting to 850 percent of their G.D.P. (The debt-drowned United States has reached just 350 percent.)

First: As the value of home prices falls back to the historical range, how far from 850% are we?

Second: He keeps an "aren't these Icelanders amusing?" stereotyping tone that allows us as readers to keep a bit of distance between their follies and our own. I'm not sure if he's being dense, or subtle.

Third: His comments on what makes fishing profitable got some more gears churning about capitalism.