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The first victim to fall prey to the current economic meltdown may be an entire country...

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The problem in the US was the subprime. The most important thing is that people are able to handle their loans. If that collapses, that's when the big problems arise.

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I know. I was just trying to explain the difference between some countries. Subprime don't really exist in Norway, and interest rates have gone from a low of 1,25% to 5,75% in a few years, and with the latest development interest rates from the banks have gone even higher. It may be a little tough for some, but there's no sign that the Norwegian housing market will collapse, because people are still managing to pay their mortgages.

The un-employment rate is at an all-time low, so all this crisis will do over here, is bringing things back to normal. According to the newspapers today, Norwegian banks are solid and the financial minister recently said that we would see a slowdown, but no crisis.

So yes, this is affecting everyone, but certain countries (like Iceland) did not have a good "starting position" when this hit.

Of course it could get much much worse, and we may see an economic collapse worldwide, but I doubt it.  So it was not to sound cocky or anything, but I do feel quite safe from where I sit.

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Iceland maybe almost bankrupt but so is the US.
The US is more than $10 trillion in debt.

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So is Germany
latest count on states debts 1.515.000.000.000 € and they rise per second at a rate of 474 €.
This means every German (from newborn child to near dead) has states debt of 18400 €. 

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Really?  I guess I don't know much about economics, or I'm behind the times.  I always through payroll came out of profits or accounts.  Like I always thought it worked this way - your company makes X this month, out of that you pay Y in payroll, Z for expenses, put A aside for later, and B goes to you the owner.  I suppose I'm just naive about the way things are supposed to work.