More than the Glaciers are melting down in Iceland

The world media has been fixating on wall street for newest and biggest financial flop but has sadly negligent looking at other hot prospects for complete meltdown. Now I admit I fixate on the U.S. as well due to their proximity and impact on the Canadian economy, and while I have dealt with UK, Spanish, and Zimbabwe's issues before there is even more out there than that.

Ambrose Evans-Pritchard at the Uk. Telegraph is one of my favorite Business writers in that he seems to be on the right page and looks further abroad to see the big picture and how things are destabilizing in other parts of the world.

In his most recent offering Ambrose tells us that a number of countries such as Iceland, Turkey, Hungary, the Baltic States and the Balkans are all in serious danger due to their high government debt levels and dependence on foreign capital.

Another article on the danger Iceland poses and how much stake it has UK financials and businesses. We must remember not to fixate too much as the trigger than finally sends the U.S. and then the world into a financial tail spin could come from any country that fails to control it's contagion should a national crisis arise. It could be Lehman Brothers or Citi that breaks the camels back but it could also be Iceland or some other dysfunctional economy.