Hi Mike - I find it interesting to compare Iceland with 'established' economies. Right now, with it being so self sufficient, I'd say it's economy is so much more credible than most of the major players. Many European countries are bankrupt, so is the United States. If I was in Iceland, would I want to be trading a currency tagged to self sufficiency for a bankrupt Dollar or Euro?

In the car crash ten years ago, I had many visions. I saw a natural implosion of the system long past its sell by date. Then I saw people coming together in self supporting communities who'd then trade surpluses with neighbouring communities. What one lacked, the other provided.

To me, the globalised system is desperately dangerous because it creates total dependency upon the system. Britain for example may sew its fields for another countries rape seed fuel. What good is that to us if/when the system crashes and we can't feed ourselves?

Take a look at Greece right now. The people are fighting over one another to get the odd food handout. Meanwhile, they're paying billions in loans to the IMF and other countries are organising their economy. What if they stepped out of the Euro, devalued their currency and started immediately to become more self sufficient? Now any surplus goods they did create would be interesting to neighbouring communities and countries - because of the devalued nature of their currency. Yes, they would have to tighten their belts, but we're all going to have to do that sooner or later anyway. Yes it would mean many would have to go back to the land, instead of working in shops and offices - halleluhyah!

As I look forwards, I see that communities either take these moves voluntarily now, in which case the pain of transition will be smoother and less impactful or it will happen anyway through a series of implosions and crashes.

Personally, given the choice, I'd go for the soft option!

Open