Iceland the absurd

"I mentioned Iceland a few times only on this blog – because it was sort of well known in the hedge fund community – a crowded trade even. Paul Krugman did an (incorrect) anti-hedge fund piece where he happily swallowed the dogma about hedge funds of conspiring against Iceland. You didn’t need to conspire against Iceland – it was obvious once you read the balance sheet of any of the banks or any of the major corporates."