Birgir T. Pétursson, cofounder of the Centre for Social and Economic Research (RSE) in Iceland, explains the current financial situation in his country and around the world. He analyzes the evolution of the global crisis, the factors that led to it, the risky behavior private bankers were accused of, and the role of the United Kingdom in Iceland's financial disaster. He also shares his ideas on the lessons that should be learned from the current financial situation.