For Icelanders, shock and anger over a dizzying fall (Future of USSA)

IHT ^ | 11/09/08 | Sarah Lyall

[TigerLikesRooster]

For Icelanders, shock and anger over a dizzying fall

By Sarah Lyall

Sunday, November 9, 2008

REYKJAVIK: The collapse came so fast it seemed unreal, impossible. One woman here compared it to being hit by a train.

Another said she felt as if she were watching it through a window.

Another said, "It feels like you've been put in a prison, and you don't know what you did wrong."

Iceland, as modern and sophisticated as it is geographically isolated, still seems to be in shock. But if the events of last month - the failure of banks; the plummeting of currency; the first wave of layoffs; the loss of reputation abroad - felt like a bad dream, the country has now awakened to find that it is all true.

It is not as if Reykjavik, where about two-thirds of the country's 300,000 people live, is filled with bread lines or shanties for the homeless or looters smashing store windows. But this city, until recently the center of one of the world's fastest economic booms, is now the unhappy site of one of its great crashes. It is impossible to meet anyone here who has not been profoundly affected by the financial crisis.

Overnight, people lost their savings. Prices are soaring. Once-crowded restaurants are almost empty. Banks are rationing foreign currency, and companies are finding it dauntingly difficult to do business abroad. Inflation is at 16 percent and rising. People have stopped traveling overseas. The local currency, the krona, was at 65 to the dollar a year ago; now it is at 130. Companies are slashing salaries, reducing workers' hours and, in some instances, embarking on mass layoffs.

"No country has ever crashed as quickly and as badly in peacetime," said Jon Danielsson, an economist for the London School of Economics.

[Cuttnhorse]

No, I'm thinking of Icelandic horses.

The Icelandic horse is a breed of horse that has lived in Iceland since the mid-800s AD, having been brought to the island by Viking settlers. The Icelandic Horse originated from breeds taken from Scandinavian and European countries to Iceland during the original and subsequent settlements but has now been bred for centuries without the addition of outside bloodstock. Because they are often pony-sized, they are by some referred to as "Icelandic ponies". However, in most places, the breed is considered a "horse" and to call it a "pony" is likely to offend many breeders. mtDNA studies link them to other European pony breeds.[1]

Didja learn anything???

[expatpat]

Yup, should have known better than to question someone named “Cuttnhorse” on the subject of horses/ponies.

[paulycy]

Emergency Directive 10-289.

[TruthConquers]

I seem to remember the old threads about that. Some were very sad to see us go, and understood that the economic impact would not be good. Just like Freepers here understand that the Obamanation is not too good for the USA, either.

[TenthAmendmentChampion]

Won’t global warming fix their situation?

[TenthAmendmentChampion]

Add Eliot Spitzer, who got Hank Greenberg fired from AIG, after which the company went nuts selling credit default swaps. Greenberg prevented their sale before he was ousted.

[GOPJ]

If I lived in Iceland, all those hotsprings, I'd have greenhouses with orange trees and tomatoes inside.

I like the way you think...

[kanawa]

“Iceland has abundant energy potential in the form of geothermal energy and hydropower. Energy consumption per capita in Iceland is among the highest in the world.

About 90% of all housing in the country is heated with geothermal energy; the remainder being heated mainly with electricity.

The majority of the country’s electricity (80%) is generated using hydropower; the remainder being based on geothermal power.

Only 20 to 25 % of the technically and environmentally feasible hydropower, and only 20% of the conventional geothermal potential available for electricity production in Iceland, have been harnessed”

http://www.os.is/page/english/

[Star Traveler]

You asked — “Won’t global warming fix their situation?”

Yeah, maybe in a hundred years... LOL...

[Star Traveler]

You said — “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?”

Well, the last news I heard about that is that they’re getting a loan from Russia — AND — the quid pro quo *may be* that Russia gets to take over our old bases... LOL...

[Travis McGee]

"She was very beautiful. But she was so naive it was astounding..."

Posts like that are no good without phone numbers.

Best post of the week!

[Travis McGee]

Dang, how do you Alaskans get those 2,000 pound taters out of the ground and up in the truck????

[wideminded]

However, good part of U.S.A. may end up like Iceland now.

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.

[Osage Orange]

Are pounds the same thing there...as here in the U.S.?

LOL!!!

[Eska]

Live in the interior, hot in summer, cold in winter, it's always overcast down southcentral. Its quality, not quantity, luv them iditareds & yukon golds.

[Eska]

These taters are bad ass, half the time I have my 460 with me for safety when they come outta the ground.

[Travis McGee]

Just a 460 huh? Whatya use on the big stuff?

/sarc

[bizeemommie]

Well, the last news I heard about that is that they’re getting a loan from Russia — AND — the quid pro quo *may be* that Russia gets to take over our old bases... LOL...

Wow. That is all I can say. LOL

[Cuttnhorse]

LOL!
Best regards,
Horsey

[TruthConquers]

Ping!!!