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Yet another hedge fund manager explained icelandic banking to me this way: you have a dog, and i have a cat. we agree that each is worth a billion dollars. you sell me the dog for a billion, and i sell you the cat for a billion. now we are no longer pet owners but icelandic banks, with a billion dollars in new assets.
-Michael Lewis
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Yet Another Hedge Fund Manager Explained Icelandic

Michael Lewis
Yet another hedge fund manager explained icelandic banking to me this way: you have a dog, and i have a cat. we agree that each is worth a billion dollars. you sell me the dog for a billion, and i sell you the cat for a billion. now we are no longer pet owners but icelandic banks, with a billion dollars in new assets.
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