Title: Iceland's Big Freeze is a Lesson for Independence, says Iain Macwhirter Introduction: - Icelandic prime minister declares war on international financial speculators. - Hedge funds and short-sellers target Iceland’s economy. - Scotland should learn from Iceland’s experience of too much independence and economic hubris. Boom and Bust Cycle: - Iceland's strong economy, like Scotland's, based on fish, energy, tourism, and financial acumen. - Similar vulnerability to economic shocks, like the Asian tiger crisis and the current global economic crisis. Managing Economic Success: - Scotland would likely experience economic growth after independence, leading to intense growth and accumulated wealth. - Vulnerability to international economic shocks, like Iceland. - Need to manage economic success and protect against financial speculators. Currency Considerations: - Scotland would likely join the European single currency post-independence. - Advantage of Euro membership, as seen with Iceland's difficulties due to lack of ECB