Many residents of Reykjavik lost their savings overnight. Above, a woman waiting for the main branch of Landsbankinn Bank to open in Reykjavik. (Bob Strong/Reuters)
Ping!
I feel so sorry for the Icelanders, they are good people. They could apply for statehood, then we could bail them out...........
I am grateful that my family lives in a moderate climate which is able to produce food year round. We might go broke but we will not go hungry, nor will we freeze to death.
At least we have a climate that will allow us to grow our own food. The Icelanders have to rely on outside food and have no money to buy it.
Atlas Shrugged. Stupid economic and political policies can be pursued for quite a long time, with the expectation that someone will always rescue the people who create the problems. But when the day comes that no one wants to, or no one can save the situation, then it all goes to smash.
The article says they are predicting a 10% unemployment rate next spring in Iceland. We will be slightly lower than that. The current situation we are in is correctable by the free market, whereas in Iceland, it is not correctable so quickly.
Our future economy at this point in time depends more on Obama's economic plans than the bursting of the credit bubble. More bail outs, tax hikes, payouts to individuals, energy policies (gas at $4 and cap & trade policies) and socialized medicine will hurt far more than any bursting of any bubble. This could drive us to a situation that is far worse than is in Iceland over the next 2 to 3 years.
Many residents of Reykjavik lost their savings overnight. Above, a woman waiting for the main branch of Landsbankinn Bank to open in Reykjavik. (Bob Strong/Reuters)
Our situation to a large part was caused by two people, Barney Frank and Criss Cox neither of which has been held responsible.
This country was overleveraged to the hilt. That’s what happens when you don’t diversify your economy.
Iceland emulates Enron.
Iceland's problems are fairly unique. I'm not saying the US isn't in a financial crisis, but I would be hesitant to look at Iceland as an analogy for the US. I mean, we're talking about a country with less people than the District of Columbia.
It is too bad our military isn’t there anymore. We would be bringing in some cash flow. I wonder if the people of Iceland wonder about that?
Look closely - Iceland is "us" down the road.
It hasn't sunk in how very screwed they are... yet.
What was the business that made Iceland so prosperous? It was nothing more than borrowing money at a low interest rate from foreign banks (and depositors) and loaning it out at a higher rate. Then when the Icelandic banks couldn't get any more easy credit, the system collapsed. I don't think we have exactly the same situation here.
November 22, 2008 - Milestone EXACTLY as predicted by TRUE Prophet.
No, not the “news” about citigroup, that’s just one more page for a milestone that also took place EXACTLY as predicted. (1)
I mean the bloody chapter coming after that one. (2)
[b]Notes[/b]
(1) WHEN was “another Bank bailed out” and “another Bank collapses” script first published
http://www.google.com/search?hl=en&q=MattMarriott+citigroup
(2) As the chapter “police shooting cold blood disarmed citizens protesting in front of banks and government buildings” already begun (in Iceland, November 22) time to remember WHEN was the “banks and weapons” script first published
http://www.google.com/search?hl=en&q=MattMarriott+citizens+disarmed
Note also that as predicted, two days after the chapter begun, not one major TV has aknowledged it.