The economy of Iceland has taken so many shocks in the last year that its currency, the krona, is too weak to afford even McDonald's restaurants.
Thousands and thousands of Icelanders lined up yesterday for a last taste of a Big Mac. With the krona down and the price of food imports up, the nation's three McDonald's restaurants closed last night.
In early 2008, one U.S. dollar was worth about 50 kronas. But even as the financial crisis pummeled the dollar, the krona did worse. Now $1 can get 123 kronas. The krona is worth less than half its early 2008 value.
McLesson here. There's a warning in this. Iceland is a first-world country. Where an economy has a weak foundation and heavy debt, even a first-world country can find itself eating a very unhappy meal.