The financial crash in Iceland early October 2008, is a man made catastrophe.
The Government of Geir Haarde as prime minister, and with David Oddson chairman of the Icelandic Central Bank, collapsed the complete financial structure of this small nation Iceland.
Although they knew about it more than 1 year in advance, and now they blame the Icelandic businessmen and private bank sector!
more cut and paste........
The Iceland crash is no ordinary financial crisis, it lies in the criminally insane decisions, made by politicians in Iceland. With full support of the parliament Althingi. The events of this autumn are not new or unforeseen, the situation has been building up steadily stronger the last 10 to 15 years. The Iceland Crash is the fruit of total greed, after the greatest national wealth of Iceland was given out to selected few, despite constitutional laws. The Icesave accounts and the aftermath, is a last resort of a scam, before the financial structure of Iceland crashed. At this time it is known that the last 4 days before the Iceland crash, huge amounts of funds were transferred from Icesave UK through Landsbanki, to foreign bank accounts in Cayman Islands, funds which the citizens of Iceland are now responsible for.
The Icelandic Politicians are mostly responsible for the financial crisis in Iceland. That is a fact. The people in Iceland on the other hand are also responsible for the crisis, since we voted for these so called politicians.. The average Geir and David in Iceland has always spent more then he has earned, that is spend now and pay later. This reflects in a continuing negative external trade balance. In many cases the average Icelander has so much debt that he breaks the No-Ponzi-Game condition. A No-Ponzi-game condition is a constraint, that prevents over accumulation of debt, that is you can’t spend more money than your life’s income. But now we have also spent, our childrens life income!