Icelandic Banks

"You have a dog, and I have a cat. We agree that they are each worth $1 billion. You sell me the dog for $1 billion and I sell you the cat for $1 billion. Now we are no longer pet owners, but Icelandic banks with $1 billion (each) in new assets." Michael Lewis, "Wall Street on the Tundra", Vanity Fair, April 2009