Few developed world economies were hit as hard in the economic crisis as wee Iceland's. But could adopting the euro ward off future blows to the country's financial system?
Gallup says the answer is moderate "yes." When the national tender, the krona, fell 45% in value against most major currencies last year, Icelanders saw their assets plummet. Tens of thousands were laid off and a critical immigrant labor supply flew back to mainland Europe overnight
A slow recovery has begun, but the country's GDP is expected to shrink 10% in 2009. Looking for a way out, sixty percent of the country, according to Gallup, is ready to dispense with the krona for good.
Long protective of an independent economy, Icelanders, like Norwegians, have been reluctant to join the Eurozone for fear of what restrictions it might bring to their lucrative fishing and gas industries.
But those times might be over. Iceland has just elected a pro-E.U. coalition government.
Eurozone expert Pasquale Bova reflected on the advantageous economic cohesion among Eurozone countries for Big Think.
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Is it "perverseness," the "death drive," or something else?
Eight-dimensional octonions may hold the clues to solve fundamental mysteries.
- Physicists discover complex numbers called octonions that work in 8 dimensions.
- The numbers have been found linked to fundamental forces of reality.
- Understanding octonions can lead to a new model of physics.
It's up to us humans to re-humanize our world. An economy that prioritizes growth and profits over humanity has led to digital platforms that "strip the topsoil" of human behavior, whole industries, and the planet, giving less and less back. And only we can save us.
- It's an all-hands-on-deck moment in the arc of civilization.
- Everyone has a choice: Do you want to try to earn enough money to insulate yourself from the world you're creating— or do you want to make the world a place you don't have to insulate yourself from?
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