Quick, important post at Zerohedge makes an observation the administration would prefer you avert your eyes from:

While Greece and Europe continue sinking ever deeper into the colonial quicksand of Pax Goldmania, Iceland, which blew up, pushed its banks into bankruptcy, and arrested its corrupt bankers, is well on its way to being the world’s only normal country.

To save Mr. Krugman the effort of a column, a summary of his probable analysis:

Iceland is a nuanced situation. Like Wisconsin and Texas and Germany.