Matthew Yglesias, as an afterthought in a post highlighting one of the truly trippiest campaign videos ever, notes that despite Iceland’s plummeting GDP, unemployment remains relatively mild compared to the other European^* red-headed step children.

The difference is, of course, the fact that Iceland is not a part of the Euro zone, and as such is not locked into a monetary union with the Germans who continue to pursue an export driven beggar-thy-neighbor policy with a zeal that approaches that of the Chinese.

The real question about the Euro has always been whether it would survive bad times, but perhaps the question should be whether or not the Euro made sense in the 1^st place.

^*Yes, I know, Iceland is an island, and not a part of Europe proper, but the same could be said for Cyprus, and Iceland is even more tightly tied to western Europe.