The Triple-A failure: Iceland and the failure of the rating agencies

Iceland is a good example of the fallibility of the rating agencies. During Iceland’s financial crisis, no one – and least of all the rating agencies – seemed to wonder why three banks from a tiny island with no history of banking could out-earn foreign banks despite borrowing at a relatively high cost.

The double-dip begins

Tony Dolphin explains why the contraction in the 4th quarter of 2011 is likely to be the beginning of a double dip recession.