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Paul Krugman sticks up this chart in response to Paul’s post, and writes: 

GDP is still below previous peak, but I think one could argue, much more so than in say America, that a significant part of that peak involved a Ponzi financial sector that isn’t coming back.

Kevin Drum is sceptical that the lessons of Iceland are widely applicable. 
(Cardiff)

Paul Krugman sticks up this chart in response to Paul’s post, and writes: 

GDP is still below previous peak, but I think one could argue, much more so than in say America, that a significant part of that peak involved a Ponzi financial sector that isn’t coming back.

Kevin Drum is sceptical that the lessons of Iceland are widely applicable. 

(Cardiff)