Hope that Iceland is self sufficient in EVERYTHING. They are going to find out what happens if you lose access to credit for others:
No Letters of Credit for trade
Never again buy food without paying for it in advance
Same with oil imports
If an Icelandic tourist visits NY you better pay cash upfront or have a credit card issued outside the country
No fool would ever start a consumer finance company there. Good luck buying furniture, cars or electronics without credit.
If they do this their GDP will contract so much they won’t know what hit them. Kind of like living an Islamist dream economy from the 7th century . . .
“Good luck buying furniture, cars or electronics without credit.”
If you haven’t got the cash you don’t need it!!!!
I was raised that way and have lived by that rule all my 75 years!!!