03/27/2008 03:59 pm ET Updated May 25, 2011

The Global Impact of the Subprime Crisis

The continuing devastation unleashed by the US subprime crisis not only impacts Americans and their investments in real estate, it is also having terrible effects on foreign economies. According to Max Keiser and his excellent reporting for the People and Power series on Al Jazeera, Iceland is quaking under the weight of bad US debt.

Below are two links, one on Keiser's work covering the Iceland story back in the Summer of last year (!) and another link to how the story is only now surfacing in the UK as the result of Britain's similar problems and their effect on countries like Iceland.

Stories like this make you ask, "Is it now true that the only way the US can maintain its standard of living is by exporting bogus wars and bad debt to foreign countries?"