On a positive note, at least an economic collapse might shore up retail sales.
It’s been called The Economy That Stole Christmas. Clothing retailers are bracing for tough times ahead.
At least in Iceland, the economic doom is boosting food sales.
Bloomberg:
After a four-year spending spree, Icelanders are flooding the supermarkets one last time, stocking up on food as the collapse of the banking system threatens to cut the island off from imports.
Is it really that bad in Iceland? Here’s what the author of The Iceland Weather Report has to say:
Instead they’re finding that life here is pretty much as it always was. Things cost the same as they did two weeks ago. Gas went up by about ten kronur at the pumps last week, then went back down again. Supermarkets are stocked with food – foreign and domestic. And while the inevitable fallout is already upon us with the accompanying job losses and whatnot, Icelanders are dealing with this whole economic collapse with a surprising amount of equanimity.
