What the eff is going on, ICELAND?!?

As of January 26th, Iceland's current government has "resigned". The coalition government collapsed after over zealous banking industry fudged up big time and owes waaaaaaaaay more than it can pay back to its lenders. All the while their currency has plummeted, prices have skyrocketed, unemployement has risen, and the general population is seriously pissed off.

Why does this matter? Well it not only shows how connected global processes are....how all the shite in Wall Street can lead to political and financial turmoil of effin Iceland. But this has come as a suprise to me because in 2008 Iceland was #1 on the UN's Human Development index.
That's right. That means that the of all the places in all the places of all the cities of all the countries, the BEST place to live in was ICELAND!! For comparision's sake, US was only #15 on the list. Gosh, political scientists must be having a field day with this.

The collapse is said to have been started by the lack of regulation and control over Icelandic banks.

One year Iceland has the highest quality of living, and the next year it doesn't have a government, its people are dissenting, there are no jobs and they need the help of the Internationl Monetary Fund (you know, the organization that also lends money to poor African nations). What the eff is going on?!?! And moreover, what other disaster will this lead to?