The Central Bank of Iceland is a case in point. Almost certainly Iceland will adopt the euro as its currency, and the krona will cease to exist. Without it there is no need for a central bank to maintain the stability of the local currency and control interest rates. Inside the place stews David Oddsson, the architect of Iceland’s rise and fall. Back in the 1980s, Oddsson had fallen under the spell of Milton Friedman, the brilliant economist who was able to persuade even those who spent their lives working for the government that government was a waste of life.

Ahhh yes, whenever you find a ruined economy, there’s always a link to old Uncle Miltie and his great theories. I like how the author of this article refers to him as “brilliant” even though his Chicago School of economics has helped wreck country after country while making a very select few extremely rich. Maybe he is “brilliant” if you’re one of those lucky few…