<iframe src="//www.googletagmanager.com/ns.html?id=GTM-K3L4M3" height="0" width="0" style="display:none;visibility:hidden">

Flat White

Could Japanese interest rates trigger a global financial crisis?

Ask Iceland.

13 July 2023

5:30 AM

13 July 2023

5:30 AM

In 2003, Iceland, a country with fewer people than the Sunshine Coast, strove to become a global banking hub. Within five years, Icelandic banks had expanded their assets (loans) 10-fold to 900 per cent of GDP, as fishermen and smelter workers who had turned into investment bankers gave compatriots foreign-currency loans to invest in property and stocks.

Already a subscriber? Log in

Get 10 issues
for $20

Subscribe to The Spectator Australia today for the next 10 magazine issues, plus full online access, for just $20.

  • Delivery of the weekly magazine
  • Unlimited access to spectator.com.au and app
  • Spectator podcasts and newsletters
  • Full access to spectator.co.uk
Or

Unlock this article

REGISTER


Comments

Don't miss out

Join the conversation with other Spectator Australia readers. Subscribe to leave a comment.

Already a subscriber? Log in

Close