Tyler Cowen writes,

I wonder what it is like for a country to be truly, permanently bankrupt. And a further difficulty lies on the horizon. Circa 2000, fish accounted for 70 percent of the country’s export earnings. Here are many articles on dwindling cod stocks, the number one item sold by Icelandic fishermen.

If Iceland is bankrupt, is it for sale? Could one of us buy it? Charge rent for people to live there, and try to turn around the place so that it operates at a profit?

What’s it like in Iceland? Has Patri Friedman scouted it out yet?