Makes you think, what would America look like if our imports got cut off next week.
No oil. No credit. No autos. No electronics. No cheap crap from China.
At least we have farms and food, although without oil it would be tough to get to the shelves. But countries around the world on verge of default (Pakistan, Ukraine, Kazakhstan, Argentina) could see some pretty serious stuff in just a matter of weeks.
And Iceland. Well, they have fish. But they no longer have currency, they no longer have stocks, they no longer have savings, and they no longer have their wealth.
And to think, it all went away for them in an instant. That's gotta suck.
REYKJAVIK, Oct 15 (Reuters) - Iceland has food stocks for about 3 to 5 weeks, but needs quickly to restore a proper foreign exchange market so importers can get back to normal business and avoid shortages, importers said on Wednesday.
Since crisis broke out on the north Atlantic island of 300,000 people, involving the government taking over the top three banks, suppliers to Iceland have cut credit to importers. Some have also demanded pre-payment for goods.
Though the central bank has said it has foreign reserves for eight to nine months of food, importers said a cash injection from abroad was the only solution to avoid shortages.