Financial crisis: Iceland's dreams go up in smoke

An above poster says that people in iceland werb`t using local currency - but isn`t this also true in the USA , where places in the major cities are taking euro`s not usd? read that on here recently

Originally posted by Rockpuck
reply to post by adrenochrome

 

$14/$100 billion .. jesus Christ..

Sorry Iceland, you NEED to fail.. start over.. learn from your mistakes please..

i can say the exact same thing for the U.S.! we really do need the economy to bottom-out, so we can fix it from the ground-up! we just can't keep trying to fix something that has a shaky foundation in the first place - it needs to be reworked and thoughtfully constructed at the core of the problem. the scam that is the Federal Reserve should no longer continue to force upon us their manipulative inflatable paper money scheme!

Iceland is all but officially bankrupt

"Iceland is bankrupt," said Arsaell Valfells, a professor at the University of Iceland. "The Icelandic krona is history. The IMF has to come and rescue us."

Prime Minister Geir Haarde, who had warned this week of the threat of "national bankruptcy," said Thursday that Iceland's finance minister, Arni Mathiesen, would be in Washington this weekend for the autumn IMF/World Bank meetings. He declined to say whether Iceland was seeking a rescue package from the international lender.

Iceland has approached Russia about a loan of €4 billion, or $5.5 billion, to help see it through the crisis, but Haarde said no agreement had been reached.

There isn't any good news for Iceland. Their currency has effectively collapsed, their largest three banks have failed, and the government doesn't have the money to cover the lost deposits.

reply to post by anachryon


...and the IMF looks to be their only possible solution, which just means that they're adding to their enormous debt, and continuing to submit their freedom to the powerful serpentile leaders of the world's economy. am i wrong?

something wicked this way comes...

IMF

The IMF announced an initial agreement with Iceland on a $2.1 billion two-year loan to support an economic recovery program to help the island restore confidence in its banking system and stabilize its currency.

Following review by the IMF's management, the agreement could be presented to the IMF Executive Board for approval in early November. Iceland would be able to draw $833 million immediately after Board approval.

There's some potential good news, as long as the Icelandic government will use the money responsibly...unlike some countries and their bailouts. I really hope for the best for Iceland; it's a beautiful nation and it's long been a dream of mine to visit!

Originally posted by Lucid Lunacy

Come on be fair.

If you feel that way then you should have the same sentiments on our home of USA with the absurd debt we are in.

It's not like everyone is to blame in Iceland, just as that isn't the case in USA.

Corrupt Government, corrupt corporations.

[edit on 8-10-2008 by Lucid Lunacy]

I agree that we should help Iceland but the U.S. is not in as bad as a crisis as Iceland is.

Their GDP is 14 billion and their liabilities are 100 billion.

The U.S. GDP is around 13 trillion and its current liabilities are around 10 trillion.

That is a big difference.

Why do they think they need to join the EU to get out of this mess? EU is nothing but bad news for the regular guy in the street.

I don't quite understand how UK councils managed to get their money back out of the banks that went bust (millions), yet the regular saver only gets £50,000 if they're lucky (government insurance)?

Councils should lose their money like anyone else! It's not good enough that banks get bailed out at enourmous cost to the taxpayer, yet the tax payer loses out of the bank they're with collapses.

Instead of bailing out the banks, they should bail out the savers to the total of their savings *IF* their banks collapse - it would be far cheaper than bailing out banks so they can keep on doing the very thing that caused the problem, and the people actually benefit.

reply to post by mirageofdeceit


yea i agree, the EU is nothing but bad news all around. is it any surprise to anyone that the events predicted are being played out right before out eyes?? the European Union, Asian Union, and North American Union are simply the first 3 steps for the NWO... i'm still surprised that people are... still surprised about these coming actions.

..and who is that in your avatar, mirageofdeceit? is that "Lord Dread", leader of the "New Order"??

This story made me tear up a little bit.

Stunned Icelanders Struggle After Economy’s Fall

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."