Yikes! I'm Channeling Professor Krugman

Headline and post at Marginal Revolution:

What is wrong with the islands?

Paul Krugman writes:

Let me make a broader point: we’ve now seen three island nations around Europe become huge international banking hubs relative to their GDPs, then get into crisis because their domestic economies don’t have the resources to bail out those metastasized banking systems if something goes wrong. This strongly suggests, to me at least, that we have a fundamental problem with the whole architecture (to use the preferred fancy word) of international finance....MORE

And from our earlier post "New Zealand considers Cyprus-style banking failure solution":

What's with the island nations? Iceland, Ireland, Cyprus...

Even spookier, the tipster for the FT New Zealand story:

HT: OnThisIsland's liveblog.

I'm sure others have noted the isles of financial distress but still...