Comments on: Icelandic economy: making sense of the unintelligible

By: Survival 101

Survival 101 — Sun, 25 Jul 2010 20:04:42 +0000

People of Iceland… I say you share your resources but continue to own them personally. I beleive also in a stronger armed forces so that you may protect your resources. Lastly, I beleive that although your history is vast and your culture is precious, you should look to move on with the rest of the world and integrate yourselves more internationaly (market, culture and perspectives). Teach your children how to survive with the rest of the world, and not a false sense of superiority. That breeds ignorance and defeats the progress of your nation. When you turn your back on the world, it turns its back on you.
-anonymous

By: Peter - London/Krakow

Peter - London/Krakow — Tue, 22 Jun 2010 07:29:42 +0000

“The real concern is why would iceland with a relatively small (a few 100k) population be bleeding fiscally and in such dire strait in the first place.”

Iceland had the smartest bankers in the world.

By: trollbeads

trollbeads — Mon, 21 Jun 2010 15:59:26 +0000

yes icelands “bankrupcy” is a little dd, especially for friendly allies.

By: CashNess

CashNess — Tue, 20 Apr 2010 04:55:22 +0000

USD1 or 2 billions is pittance for IMF by US standards, pocket changes even for bill gates or mr mexico. The real concern is why would iceland with a relatively small (a few 100k) population be bleeding fiscally and in such dire strait in the first place.

By: Julkien

Julkien — Tue, 30 Mar 2010 21:09:31 +0000

You should not accept money from IMF, don’t you understand that money is made from a debt.

you should read this text from Louis Even, that explain clearly where is the problem : http://www.michaeljournal.org/myth.htm

In France we have a Nobel Price in economy, Maurice Allais explaining the problem.
What is the point to attribute a nobel price if the advices are not listenned ?

you should see “Money as a debt”, a documentary explaining how the money is created.
All this is damned Mathematic : http://www.youtube.com/watch?v=vVkFb26u9g8

By: Julkien

Julkien — Tue, 30 Mar 2010 20:56:37 +0000

Hi from France, I just wanted you to know that we don’t have so much informations about from here.
You should be in a Resources based economy, entirely, with no money at all !
You should take a look at this conference given by Peter Joseph :
http://dotsub.com/view/5806ec83-a770-47ef-82da-22119529cc1e

You have enough resources to be independant from the monetary system, show to all the world how it’s possible to live without money at all !

By: Vernietigingsgrond beslaglegging door Noord Holland op leningenLandsbanki - Pagina 2 | hilpers

Sun, 18 Jan 2009 15:07:34 +0000

[...] Re: Vernietigingsgrond beslaglegging door Noord Holland op leningenLandsbanki TJ wrote: > Met de opmerking "linksom of rechtsom" heeft Bos richting zijn achterban > (spaarders bij Icesafe) aangegeven dat het er (voor hen) niet meer toe > doet of dat geld uit ijsland of uit nederland komt. Daarmee is de druk > die hij op ijsland kan uitoefenen dramatisch afgenomen. ‘Linksom of rechtsom’ had klaarblijkelijk voornamelijk als doel de politieke speelruimte voor het regime in Nederland te vergroten. Er was vrijwel geen middel om druk uit te oefenen want betalen kon IJsland zo-wie-zo niet. De eerste taak van de regering in ook IJsland is en was de primaire belangen van de eigen inwoners zo goed mogelijk te beschermen. In tegenstelling tot in Engeland heeft de Nederlandse staat haar eigen kleine spaarders aanvankelijk verraden door te vertellen dat ze het maar moesten uitzoeken. Nu jammert men nog een beetje na in een poging restanten van eer te redden. Maar dat wordt naar ik me voorstel door geen hond serieus genomen. Als dat gezeur nog een poosje doorgaat publiceren de russen binnekort een foto van een ijsbeer die een intercontinentale raket op groenland tracht te verbergen waartegen (in navolging van de us in polen) uiteraard snel een raketschild moet worden opgezet. "Meanwhile it is looking more and more likely that the British Royal Air Force will be asked not to come and take over Iceland’s Keflavik airbase this December, as had been the plan under the NATO defence agreement. Under the agreement friendly nations have been taking it in turns to defend Iceland’s airspace since the USA left Keflavik in 2006. The leader of the Left Green Alliance described the idea of Iceland being protected by the military of a nation with whom relations are so strained as “preposterous”. The Icelandic president’s apparent invitation to Russia to take over the airbase at a diplomatic lunch last week was generally greeted with shock – despite the fact that the president is a figurehead and has no real political power." http://www.icenews.is/index.php/2008…nintelligible/ [...]

By: Bjarni

Bjarni — Wed, 19 Nov 2008 19:02:49 +0000

To orchafine:

>>>Please for the ones who have prooves:
http://newsfrettir.com/?p=456
>>>>”Bryndis Kristjansdottir IRS investigations chief agrees with Helgi and said the department wants to get as many tips about possible punishable acts. She says the department has already had several tips about the crash of the banks and they are being reviewed.”

I understand the anger by the Icelandic population, and if someone broke any specific laws and/or witheld their taxes, I have no problems with them being hunted down by the Icelandic prosecutors and/or the Icelandic IRS.

But, it is quite unlikely whether it was due to any laws broken by specific individuals, that caused the Icelandic bank crash. In fact the underlying core causes for the crash are already mostly known.

It was simply that the Icelandic banks had grown too large compared to the size of the Icelandic economy. The Icelandic central bank simply was not big enough to stand behind the banks as the lender of last resort and did not have enough foreign currency reserves.

This caused the European banks to loose faith in the viability of the Icelandic banking system as a whole and they subsequently withdrew their credit lines. Whether the Icelandic banks were individually good and sustainable businesses, simply became irrelevant.

Although it is impossible know for sure at this point, there is a good chance if the Icelandic banks had been based in UK or somewhere else, that they would have been still in business.

Being too big, is in and by itself not illegal.

By: orchafine

orchafine — Wed, 19 Nov 2008 17:14:26 +0000

Please for the ones who have prooves:
http://newsfrettir.com/?p=456
“Bryndis Kristjansdottir IRS investigations chief agrees with Helgi and said the department wants to get as many tips about possible punishable acts. She says the department has already had several tips about the crash of the banks and they are being reviewed.
Bryndis raises to attention that many institutions in Iceland are looking and various sides of the bank crash and their jobs can be overlapped. With a tip line or a special e-mail address it could be possible to review the information and point them to the right directions. Bryndis thinks that there is a significant amount of information with the civilians”

By: Bjarni

Bjarni — Wed, 19 Nov 2008 16:58:30 +0000

To Bromley86:

>>>>Usually in bankruptcy not all creditors are paid 100%. However, if the Newbankis issue a bond for the straight net assets, that’s just what will happen for those Icelandic creditors. If the appraiser takes into account that not all creditors can expect to recover 100%, how will he decide in advance at what level that recovery rate should be?

The FME (Icelandic FSA) decision, states that the appraisers will “evaluate the true worth of assets and liabilities allocated”.

Unfortunately, we do not know in advance exactly which method they will be using, but you can rest assured, the creditors will be watching this very closely, and they will not accept any outcome that is unfair to their interests.