Demand for Silent Consensus

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In March 2006, in the midst of a good year, Danske Bank released a report that painted a bleak picture of the Icelandic economy. The bank predicted a crisis in the coming months. This was followed by a smear campaign targeting the report, Danske Bank, and even the Danes themselves. Headlines from the Icelandic banks' research departments and economists filled the pages of the newspapers: "What the bank is up to" -...