Should Iceland Kill The Krona?

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The 5,000 krona note, featuring Ragnheiaur Jonsdottir

The 5,000 krona note, featuring Ragnheiaur Jonsdottir Jesse Garrison/Flickr hide caption

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Iceland has just over 300,000 people — about as many as Staten Island. Iceland also has its own currency, the krona.

Does it make sense for a country the size of Staten Island to have its own currency?

After the country's economy blew up in the financial crisis, the government put the krona on lock down. Now, they're trying to decide whether to stay with the krona, or abandon it in favor of someone else's currency.

Today's show features special guest host Baldur Hedinsson, a former Planet Money intern who recently moved back to Iceland. We also hear from his sister, who lives in a town where people walk around with rifles to ward off polar bears.

And we talk to Robert Mundell, who won a Nobel for working on questions like the one Iceland is facing.

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