Who lost Iceland?

Lost in the Ambient Noise of the global credit crunch brought about by an American policy of fiscal Affirmative Action - there is something on the verniers that almost everyone is missing in the High North.

Inside the screen, CBDR.

Prime Minister Geir Haarde rushed emergency measures through the Nordic nation's parliament to nationalise Landsbanki and give the country's largest bank, Kaupthing, a £400m loan to bolster its balance sheet.

Landsbanki has been put into the control of the Icelandic financial regulator to prevent the meltdown of the country's financial system, triggering the collapse of its popular internet savings arm Icesave.

Mr Haarde confirmed that he was sending a delegation to Iceland's "new friend" Russia to negotiate a £3bn capital injection into the country's finances, after the country's traditional Western allies refused to help the collapsing banking system.

The loan from Russia will be used to shore up the Icelandic krona, which tumbled by 30pc on Monday, rather than the country's two nationalised banks, Landsbanki and Glitnir.

Seriously - what will the Russians get in return? Contrary to mythology, the Russians (just look at their stock market) are not flush with cash. The USA is in panic over the insane actions of the Congress and Bush Administration, the UK, NLD/BEL, DEU, and FRA all are having their own troubles and are forgetting something right in the middle of the SLOC; Iceland.

Nothing good can come from another NATO nation ear-deep in their reliance on Russia. She may be sick, elderly, shrinking, corrupt and insecure - but when hasn't Russia been all that and more? She is still Russia. Review her history and then tell me that we can simply shrug out shoulders and go back to hope.