Last night at a posh London dinner party, the Gypsy of wowOwow learned that the question circulating among the European cognoscenti concerns how the American press has missed the strategic implications of a possible Russian bail-out of financial basket case, Iceland. 

Why the concern?

The presence of former United States Naval Air Station Keflavik on the southern tip of Iceland.

Decomissioned in 2006, this outpost was a strategic NATO and US base during and after the Cold War.  Home to the the United States Air Force’s 85th Group, the Iceland Defense Force (NATO) and U.S. Naval Hospital Keflavik, the concern is that it could become a key strategic geo-political prize in any potential bail out by oil-producing and oligarch-riddled Russia. 

Geopolitics being what they are…and one glance at the above Google Map helpfully provided to the American press by the Gypsy…should make the EU and NATO countries think twice about refusing to help out the Icelanders before the Russians lend a cold (war) hand.