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.
![Yet another hedge fund manager explained Icelandic banking to me this way: Yet another hedge fund manager explained Icelandic banking to me this way: Image](https://www.idlehearts.com/images/yet-another-hedge-fund-manager-explained-icelandic-banking-to-me-this-way.jpg?x85372)