We heard a joke yesterday… apparently, Iceland misheard the UK’s request for its “cash.” The blue lagoon island nation thought they just needed to offer its European counterpart more “ash.” Go figure.

As this entire continent is hunkered down without air travel, and this editor’s weekend plan precariously hinges on flight, we wouldn’t be surprised at all if the Icelandic translation below is correct. Who can fly there to verify otherwise?

At this point, we wouldn’t be surprised to see the US everyman react the same way to Goldman.

Iceland Sets a new Precedent for Handling Overly Risk-Seeking Banks originally appeared in the Daily Reckoning. The Daily Reckoning, offers a uniquely refreshing, perspective on the global economy, investing, gold, stocks and today's markets. Its been called "the most entertaining read of the day." Check out our new special report Investing in Offshore Oil

About The Daily Reckoning (http://dailyreckoning.com) Best-selling investment author Bill Bonner is the founder and president of Agora Publishing. Owner of both Fleet Street Publications and MoneyWeek magazine in the UK, he is also the author of the free daily e-mail The Daily Reckoning. Written in a wry, witty and often irreverent manner, The Daily Reckoning has offered its over 500,000 readers insights and advice not offered by today's mainstream media. The DR looks at the economic world-at-large and offers its major players - investors, politicians, economists and the average consumer - some much-needed constructive criticism.