From Space - Snow blankets Newfoundland Island
You can't turn on the news these days without hearing about various governments bailing out various sectors and industries. Most news anchors report that this is the result of modern economics gone wrong.
Well, its not. The self-governing Dominion of Newfoundland went bankrupt in 1934.
Britain agreed to rescue Newfoundland's budget, and its nearly worthless bonds, but the price was the island's voluntary abandonment of democratic self-government. The British appointed a Commission of Government to administer the Dominion, led by a colonial governor.
Newfoundland has been sustained by a powerful survival mentality and cultural values that stress individual reliance under harsh conditions. The island regained its democracy and began its long climb out of poverty when it became a province of Canada in 1949.
Bail out - Newfoundland's been there, done that, and bought the T-Shirt.