Iceland's great depression, engineered by the globalist elite's vampire banking cartels like Goldman Sucks.
Thanks a lot, Goldman Sucks. Thanks a lot, money changers.
Posted on 04/10/2010 10:12:23 PM PDT by george76
The crisis that brought down Iceland's economy in late 2008 threw thousands of formerly well-off families into poverty...
The contrast is brutal with the ostentatious wealth that was on display across the island just two years ago, as a hyperactive banking sector flooded the small, formerly fishing-based economy with fast cash.
Back then, the biggest worry for many Icelanders was who had the nicest SUV, or the most luxurious flat.
But today visible signs of poverty are quickly multiplying in the Nordic island nation, despite its generous welfare state, as the middle class is increasingly hit by a sky-rocketing unemployment, up from 1.0 to 9.0 per cent in about a year, and soaring defaults on mortgages.
She is struggling to keep up with payments on two car loans, which she took out in foreign currencies on what proved to be disastrous advice from her bank, and which have tripled since the kronur's collapse.
To avoid resorting to charity, many other Icelanders are choosing to pack their bags and try for a new future abroad, with official statistics showing the country's biggest emigration wave in more than a century is under way.
"I just don't see any future here. There isn't going to be any future in this country for the next 20 years,"
(Excerpt) Read more at theaustralian.com.au ...
The questions is, "What developed nation is going to be better than Iceland in the coming 10 years?"
They need to try fishing, farming, and ranching to start.
Then stop spending money on stuff, return the expensive cars that have large payments to the banks, and...
Iceland's great depression, engineered by the globalist elite's vampire banking cartels like Goldman Sucks.
Thanks a lot, Goldman Sucks. Thanks a lot, money changers.
I think Iceland brought this on themselves with poor fiscal policy. When you owe money, you set yourself up for bad things to happen.
What kind of animal is that squirming in the wall?
That’s a bit of a reality check for the Icelanders!
It’s hard to tell. The poor critter isn’t happy.
I guess you would not be happy either if you found out the Icelander was selling all kinds of honey, except for Icelandic Honey.
It’s all Bjork’s fault.
It was that damn swan dress that started it all. Well that and her uber lousy movie “Dancer In The Dark”.
Does a population of about 317,000 count as a “nation”?
What’s their vodka consumption ratio?
True enough.
That ‘poor fiscal policy’ was established by Icelandic puppet government ministers of the offshore banking cartels, whom they helped to loot the Icelandic economy and life savings of its citizens.
September 2011, I will be visiting Iceland, hope it is still there.
WE have family in Iceland. Our middle girl and her spouse own 6 houses up in the Western Fjords. Last year things were so tough that the Icelanders stayed in Iceland for their holiday time rather than going to abroad. Most of those renting the summer homes up in the fjords were from Germany.The kids just got back last week and said it is now very expensive there. We go back in May to work on the houses to get them ready for the summer.
One thing some may not know is that the funds that the Iceland banks took I believe from the UK was invested in the good ol USA subprime mortgages..problem was they didn’t have the backing to make such loans. There was a big article on this in an issue of Vanity Fair last year.
Last year when I was there in Mar and April the exchange rate was about 124isk to the dollar. The second time which was in June/July there was a period when the exchange rate was 131isk to the usd. Yesterday it was 127.77 to the US dollar but in 2008 it averaged about 72isk to the dollar.
And to think this country has people so stupid as to want to go along the way of massive socialism. Incredible.
Fishing maybe, but farming and ranching won’t work in Iceland.
For one thing, there are no trees!
Switzerland, Singapore, Australia...that is about all I can think of.
Switzerland is about the only country where they still have a relatively sane banking structure and a currency that hasn't been debased.
Singapore will eventually become the world's finance center and the government there wont tolerate any of the crap that might come their way from radical leftist/anarchist trustafarians raging against their trust funds who might decide to fly in to "protest" on their way to Fiji or Bali. They will arrest, jail and cane them so badly it will mess up their tramp stamps.
Australia has alot of resources, their banking structure is relatively sound but they do have a bit of a housing crisis. They have many of the same problems that Europe and the US have in the way of illegal immigration, radical leftist policies and agendas and Islamofascism. The difference is that the Aussies are getting pretty fed up with their radical leftists and Islamists and have no problem with beating the bejabbers out of them. As we all know radical leftists and Islamists like to talk tough but when the fists start flying they go running for mommy.
Seems very reasonable to me.
Australia, Singapore and Switzerland. Take the first letter of each, and only an (fill in the blank) would not go there.
You guys are missing another country. Very close, very familiar, strong real estate and banking sectors. Strong resource based economy. Lots of oil and other energy resources. Government is predicting a balanced budget within five years. Lowest debt/GDP ratio in the OEDC. Friendly to the USA for almost 200 years. We keep a low profile.
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