A letter from Central Bank of Iceland governor Svein Harald Øygard,
published in Morgunbladid on 1st April:
The Icelandic economy has been undergoing severe difficulties, but
with measures now being taken and those that are being prepared, it is
my belief that the basis for recovery is now being put in place. As I
said in my address on February 27, the day of my appointment, while
Iceland is now seen internationally as a symbol of how hard the
financial crisis can hit a country, I do hope and believe Iceland can
ultimately become a symbol of rapid economic recovery. The
experience from the Norwegian banking, currency, and debt crisis in
the early 1990s and from the Swedish State debt crisis in the mid-
1990s tells me that such a turnaround is possible.
The prerequisite, however, is joint and forceful action, and many
elements must be put into place. Daily debate tends to focus separately
on each of many elements, and it is dominated by the events of the
day. Therefore, I consider it useful to provide an overview so as to
facilitate open discussion of economic and monetary policy.
As I see it, four elements are critical to laying the foundation for
recovery (see chart): 1) Adjustment of the macro economy, 2)
Monetary policy aimed at stability, 3) Fiscal budget adjustments, 4)
Re-establishment of a functional financial system.
As regards the first of these, inflation is subsiding rapidly. Inflationary
pressures appear to have dampened, and the Central Bank expects
inflation to approach 2.5% in early 2010. With respect to the second
element, the focus is to facilitate increased stability while lowering
interest rates as stability permits. An initial reduction of one
percentage point was decided by the Monetary Policy Committee of
the Bank on March 19, and a new meeting has been scheduled for
April 8. In light of the challenging debt situation for households and
companies, which have a mix of indexed and foreign loans, we place
priority on reducing inflation and stabilising the króna.
Over time, the Icelandic State’s deficit must be turned around into a
surplus. Similarly, the negotiation processes in the financial sector and
the restructuring and recapitalisation of the banks must be pursued
according to plan. The successful functioning of the economy hinges
on sound financial institutions with strong liquidity.
The coming months are critical and will be challenging as Icelandic
authorities, companies and institutions deliver on the above tasks.
However, the prize to be won is large as changes are made, processes
completed and plans put in place. Data will show that the State debt
has increased significantly from before the crisis. Still, the net debt
level of the Icelandic State will probably be close to the European
average and, as such, provides no obvious reason for the relatively
high risk premium on Iceland. In parallel, the basis for a restructured
banking system will be established. These changes are expected to be
in place before the summer.
With this groundwork completed, it is time to look ahead. Resources
for growth will be available, and growth to support a solid surplus on
the current account must be a priority. Foreign-denominated
borrowing by companies, households and banks has led to a significant
accumulation of debt for the country – debt that must be serviced.
The good news, as you are well aware, is that Iceland benefits from
one of the most competent and hard-working populations in Europe.
The country benefits from a world-leading fishing industry, an
excellent basis for tourism, renewable energy and renewable energybased
businesses, and a much more diversified economy than is
apparent when seen from abroad.
With the right actions, we should therefore be confident that a new
foundation for growth can be established. Clearly, these are
challenging times for all, and the global currency crisis makes the path
to recovery rockier and adds significant uncertainty to the whole
process.
The Central Bank is responsible for some of the policy areas
mentioned above, monetary policy in particular. In addition, while
building on its role and its independence, as provided for in the Central
Bank Act, the Bank will co-operate as much as possible with
institutions, businesses, and other Icelandic authorities in paving the
road towards new growth and stability.
Svein Harald Øygard, Governor
Central Bank of Iceland
YEAH!! LETS CELEBRATE THE ICELANDIC RECOVERY!! TODAY THE ICELANDIC KRÓNA ( WICH HAS NO VALUE AT ALL OUT OF ICELAND) LOST ANOTHER 2.5% PERCENT OF IT VALUE… SO IT MEANS THAT IT HAS LOST 5% IN JUST TWO DAYS!! THE ISK IS HEADING TO ITS REAL MARKET PRICE… WICH IS?? 10.000 ISK PER 1 EURO??
ANYONE WANTS TO INVEST IN ICELAND??
YOU HAVE TO BE KIDDING!!
THIS COUNTRY IS ZIMBAWE OR WORSE!!
” while
Iceland is now seen internationally as a symbol of how hard the
financial crisis can hit a country”
NO NO NO, HE IS CONFUSSING THINGS, ICELAND IS SEEN INTERNATIONALLY AS A REAL MESS OF CORRUPTION AND MAFIA OF BANKERS AND POLITICIANS WHO HAVE BETRAYED THE NATION AND DEFAULTED BILLIONS AND BILLIONS OF MONEY OUT OF THE COUNTRY.
ICELAND IS SEEN AS A CORRUPTED COUNTRY, LIKE ANY OTHER III WORLD PLACE.
THE COUNTRY IS STILL FALLING DOWN AT GREAT VELOCITY. THE ICELANDIC NATIONAL CURRENCY, THE ISK KRONA, HAS NO VALUE AT ALL!!! HOW BAD IS THAT?? AND THE CURRENCY IS JUST BEING KEPT ALIVE BY BURNING HUGE AMOUNTS OF FOREIGN CASH THAT THE COUNTRY HAVE TAKEN IN LOANS FROM EVERYWHERE POSSIBLE, INCLUDING COUNTRIES LIKE POLAND, AND ORGANIZATIONS LIKE IMF…
AND NOW COME UP WITH ANOTHER STORY…
BECAUSE WHAT PEOPLE REALLY WANT TO KNOW IS THE REAL SITUATION OF ICELAND, AND WHAT ARE WE REALLY FOR IN THE FUTURE…
NO ONE HAS ANY IDEA OF WHAT TO SAY…
IF I WAS IN THE GOBERMENT I WOULD SAY: CHILDREN AND WOMEN FIRST!! TO THE BOATS!! ABANDON THE SHIP!!
ICELAND IS STILL SINKING… JUST THIS WEEK THE ISK HAS LOST ( IN THE FAKE INTERNAL RATE) 10
10% OF ITS VALUE!! HOW BAD IS THAT?? NOW IT IS 169 ISK PER 1 EURO!!
I HAVE TOLD EVERYONE HERE, BY THE BEGINNING OF THE SUMMER ONE EURO WILL BE AROUND 300-400 ISK… IN THE BEST OF THE CASES.
ICELANDIC STUPIDITY AND SELFISHNESS HAVE MADE THIS NATION HOLD TO A NATIONAL CURRENCY THAT IS TOTALLY DEAD. AND THEY WILL HOLD TO IT NO MATTER THE PAINS COMPANIES AND PEOPLE SUFFER. THIS IS A NATION OF STOIC VIKINGS ( SURVIVING THANKS TO INTERNATIONAL AID), SO IT IS OK…
LETS SUFFER!! MASOQUISM SEEM TO BE PART OF THE NATIONAL CULTURE…
DROP THE KRÓNA!! WELL, NO IT DOES NOT REALLY MATTER, YOU HAVE WASTED THE INTERNATIONAL LOANS,, AND NOW WHAT?? THE RECOVERY??
HAHAHAHAH,,, NOW IS TIME FOR PRAYING!!!
ONLY GOD CAN SAVE ICELAND NOW!!
A nice statement and hopefully the forecasts are true. But nowadays I’m too cynical of optimistic official statements and forecasts – I half-expect them to be readjusted in 3 months when things turn out “worse than anyone could have predicted a few weeks ago”…
“ONLY GOD CAN SAVE ICELAND NOW!!”
well, there’s your problem right there.
has anyone suggested that you turn off the freakin CAPS LOCK? Save it for when things actually get bad.
@THE NEXT PRESIDENT
“DROP THE KRÓNA!! WELL, NO IT DOES NOT REALLY MATTER, YOU HAVE WASTED THE INTERNATIONAL LOANS,, AND NOW WHAT?? THE RECOVERY??
HAHAHAHAH,,, NOW IS TIME FOR PRAYING!!!
ONLY GOD CAN SAVE ICELAND NOW!!”
Is it funny? Is it a game? Many innocent men, women and children are suffering; Is that funny? Why do you hate the Icelanders?
“ICELANDIC STUPIDITY AND SELFISHNESS HAVE MADE THIS NATION HOLD TO A NATIONAL CURRENCY THAT IS TOTALLY DEAD. AND THEY WILL HOLD TO IT NO MATTER THE PAINS COMPANIES AND PEOPLE SUFFER. THIS IS A NATION OF STOIC VIKINGS ( SURVIVING THANKS TO INTERNATIONAL AID), SO IT IS OK…”
Krona will die when the Icelanders decide to kill it; neither before nor later. I have my doubts Euro is the best currency for Iceland since it is a very inflationary country! Perhaps a new Krona would be the best way; 1/100.
Did not Iceland give money to IMF? Before, Iceland gave money to IMF, now Iceland receives money from IMF.
////////////////////////
Plunge of the Krona on last days.
ICB must still support the krona; not yet time to slow down the exchange rate. Inflation could suddenly turn back: exactly, ‘it would not raise’ but, it would not drop fast. And Iceland – the Icelanders – begs a lowest inflation at once, and the only way is supporting the krona: prices are frozen and, the Icelanders too.
More than 160-170 against Euro now, Spring 2009: danger!
I think i can join the viewpoints posted above. Specially the one on turning the freakin CAPS LOCK! off.
Please, Gus, don’t turn CAPS off. It makes so easy to spot your BS and…skip it ;-)
As to the report – it sounds familiar to me… like translation to English from any Party Congress resolutions (I’m talking about that good old days of USSR – if someone still remember what “USSR” means).
“The experience from the Norwegian banking, currency, and debt crisis in
the early 1990s and from the Swedish State debt crisis in the mid-
1990s tells me that such a turnaround is possible.”
“the (Central) Bank will co-operate as much as possible with
institutions, businesses, and other Icelandic authorities paving the road towards new growth and stability”
Alice has taken up home in Iceland
Has anybody ever speculated in, if we decide to join EU, what are the chances for a “NO” from the union members..
But something must be done quick, since (@ GUS) our woman and children are starving and the only thing left to eat is volcanic rock.
I must agree – this guy with the caps lock problem is extremely annoying. At one point, I wished he would just turn it off, but it does make it easier to recognize and ignore his posts.
Regarding the IMF, in case you didn’t know, they like to give loans that they don’t think can be paid back…in order to take over and dominate a country through debt-slavery.
“Regarding the IMF, in case you didn’t know, they like to give loans that they don’t think can be paid back…in order to take over and dominate a country through debt-slavery.”
Well, that simple enough – pay back the debt.
Funny statement coming from an American, isn’t personal responsibility a key part of the American psyche? You know, you only borrow money if you can pay it back.
What chance of the ISK survival? I would suggest there is none. Why would anyone accept a currency when the entire system behind it is corrupt.
If you want to know the truth please read this article about Iceland’s economy.
http://www.globalresearch.ca/index.php?context=va&aid=13055
Bhuaa, bhuaa my eyes hurt with CAPS they are even bleading, bhua makes me cry pleas take it away!!, make it stop!!! bhua, bhuaaaa. what kind of a….. you have to be to cry because somebody uses caps?
He uses caps OLD news let it go!!!!
Mami mamai, he showed me his tong, bhuaa!! makes me cry!!!
Aggree with Rick,
another interesitng article
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5145969/Iceland-banking-inquiry-finds-murky-geysers-run-deep.html
Peter.
I’m not sure you know what “money” really means. Or your question is not correct.
NO ONE must/have to/should “accept” kronas outside Iceland. No one does actually. But no one is selling anything for kronas outside Iceland. At least I don’t know.
Kronas are used for inside goods and service exchanges only. We could use sea shells as well but it less convenient. They are all UNITS of measurement of goods and services. But they don’t have any value by themselves. Like meters or kilograms have no length nor weight.
And because Iceland produces real products – it can afford to keep its own currency. But can switch to any other. The only problem – if that “any other” allows to use its currency by Iceland. And because the troubles and expenses to switch to euro/USD are too big – I see no point to bother about it.
Interesting link, Rick. But…
Prof Michael Hudson, whilst pointing almost correctly to the mechanism of the USA “might”, is lacking basic knowledge by saying “replacing gold to paper money”. Gold has NO value itself (well it has some for dantists and electronic industry). But gold replaced other forms of “money” for two simple reason – it was rear metal and lasts indefinitely … in comparison with sea shells.
And his comparison of Iceland with Russia is plain wrong and as such – stupid.
At least I was in Russia all that time doing things and I’m now in Iceland also doing things. And I can see the difference a professor can not see from papers he reads. The only point to compare these two countries – Russia was in much, much worse situation but was able to pull through. So can Iceland from much netter position.
Iceland must keep ISK and must stay away from EU. And the party thesis above from the comrade Øygard is simply nonsense. Many years ago we thought that the people in Eastern Europe were quite unlucky because they have lived decades in communism. Well, I simply realise how lucky we are because the communism for us is over but for the people in the West is still going on full power.
Alexander E. said:
You cant simply ignore the exchange rate and say its irrelevant, especially to such a small economy that depends so much on imports. By setting an artificial exchange rate, wealth is transferred from Iceland’s exporters to its importers.
And sure, Iceland does export real goods, but its actuality in far smaller amounts than the economy was consuming as imports. Exports have increased but the suspicion must be that its by unsustainable overfishing.
The Central bank has been using its foreign currency reserves to prop up the ISK, something that’s impossible in the long term (indeed it seems to stopped in the last month – http://www.landsbanki.is/english/markets/research/dailyeconomicbriefing/?NewsID=13846 ). ISK has fallen 12% on the local market as a result.
A weak currency with zero international confidence will mean constant inflation with its damaging effects – thats the future for the ISK.
ALEXANDER, IT IS YOU WHO DOES NOT KNOW WHAT MONEY IS ABOUT.
ICELAND PRODUCES REAL PRODUCTS, BUT ALSO NEED TO BUY REAL PRODUCTS: OIL, CARS, COMPUTERS, PLASTICS, GLASS, ELECTRONICS OF ALL KINDS, MANY FOOD PRODUCTS, BOOKS, PAPER, SHOES, YOU NAME IT…
THE QUANTITY OF MONEY YOU NEED TO IMPORT THINGS HAS TO BE MADE UP BY THE MONEY YOU MAKE IN EXPORTS.
NOW, THE SITUATION IN ICELAND HAVE REACHED A POINT IN WICH THE CONTRACTED DEBT PRIOR TO THE CRISIS, WAS HIGHER THAN WHAT THE COUNTRY PRODUCES. TODAY THE COUNTRY HAVE DEBTS HUDREDS OF TIMES ( IF NOT THOUSANDS) SUPERIOR TO ITS GBP.
THE ONLY WAY FOR MAKING THE DIFFERENCE BETWEEN YOUR EXPORTS AND IMPORTS IS THAT YOU HAVE ENOUGH MONEY RESERVES TO PAY THE DIFFERENCE. AS THE KRONA, AS YOU HAVE DESCRIBED, IS NOT MONEY ANYMORE, IT IS USELESS TO WORK ANYHOW WITH ANYTHING RELATED TO IMPORT-EXPORTS. IT CAN ONLY BE USED IN AN INSIDE MARKET.
LET SAY THAT NOW ICELAND NEEDS TO GET EUROS, DOLLARS OR WHATEVER FOREIGN CURRENCY TO BE ABLE TO PAY WHAT THE COUNTRY NEEDS FROM ABROAD ( WICH IS MUCH MORE THAN WHAT THE COUNTRY PRODUCES).
ICELAND HAS NO MONEY, THE KRÓNA IS NO MONEY, IT COUNTS AS ONLY PAPER, AND IT HAS ONLY AN ILLUSORY VALUE ( STILL) WITHIN THE BORDERS OF ICELAND. THE ONLY MONEY ICELAND HAS IS (SCATERING) FOREIGN CURRENCY RESERVES THAT ARE LOANS FROM THE IMF AND OTHER COUNTRIES. LETS SAY THAT ICELAND HAS BORROWED THIS MONEY TO BE ABLE TO SURVIVE.
SO, NOW THAT IS CLEAR THAT THIS COUNTRY IS LIVING ON FOREIGN AID.
SO ALEXANDER, ICELAND CANNOT AFFORD TO KEEP ITS OWN CURRENCY MAINLY BECAUSE IT HAS NO VALUE AT ALL IN THE MARKET. WE LIVE IN A GLOBALIZED WORLD AND WE NEED TO EXPORT AND IMPORT. FOR THIS IT IS NEEDED TO USE A CURRENCY THAT IS VALUE IN THE COUNTRY, BUT ALSO A VALID PAYMENT MEDIUM BETWEEN ICELAND AND OTHER COUNTRIES. THE ISK IS NOT THAT CURRENCY.
TROUBLES AND EXPENSES TO SWICHT TO THE EURO ARE TOO BIG?? HAHAHAHAHAH , YOU HAVE NO IDEA OF ECONOMY REALLY, YOU SHOULD WRITE ON BLOGS FOR CHILDREN AND TELL YOUR FAIRY TALES THERE!!
WHAT IS TROUBLE AND EXPENSIVE IS TO MAINTAIN A DEATH CURRENCY LIKE THE ISK. IF YOU HAD ALREADY ADOPTED THE EURO OR PEGED YOUR CURRENCY TO IT ( LIKE THE DANISH KRÓNA DID) THEN YOU WOULD BE IN A MUCH DIFFERENT SITUATION RIGHT NOW.
BUT, WHY DID THAT NOT HAPPEN?? BECAUSE THE POLITICIANS AND BANKERS THAT HAVE BEEN RULING ( NOT PRESENT PERFECT TIME, SO THEY STILL DO) COULD NOT MAKE THE ROBBERY OF THE NEW MILLENIUM ( BOTH TO FOREIGNERS AND ICELANDERS) BY USING A CURRENCY THAT IS MUCH CONTROLLED BY THE EUROPEAN CENTRAL BANK AND SUBJECT TO SERIOUS LAWS.
SO, THE ICELANDIC LORDS OF THE MONEY ( OR THE MAFIA AS YOU LIKE) DID NOT WANT ANYONE TO RULE OVER THEM. AND SO HAPPENED THAT THIS COUNTRY IS A MODERN EXAMPLE OF CORRUPTION, ANOTHER ARGENTINA..
SO GET OVER IT, ICELAND IS A POOR COUNTRY. DO YOU KNOW WHY THE ICELANDIC KRÓNA HAS NO VALUE AND NO ONE TRUST IN IT?? BECAUSE IT IS BACKED BY CORRUPT BANKERS AND GOBERMENT… AS SIMPLE AS THAT!!
CORRECTIONS..*VALID FOR “VALUE”, * NOTE, FOR “NOT”
I USE CAPS FOR A REASON I HAVE EXPLAINED HUNDREDS OF TIMES.
IT IS NOT ABOUT THE SHAPE OR THE SIZE OF THE STYLE OF YOUR TYPOGRAPHY. IT IS ABOUT WHAT YOU SAY. NOT MATTER IF YOU TYPE IN CAPS, CHINESE, HIRAGAMA, OR HINDI… IT IS ABOUT THE MESSAGE.
WHAT I POST HERE IS THE STUNNING REALITY OF ICELAND. AND I DON´T SEE YOU HAVE ANYTHING TO SAY OR SHOW ME THAT WHAT I SAY ISN´T TRUE.
-THE ICELANDIC KRÓNA IS DEAD.
-ICELAND SURVIVES THANKS TO FOREIGN AID, IFM AND OTHER COUNTRIES LOANS.
-THE COUNTRY OWS SEVERAL TIMES ( HUNDREDS OF TIMES IF NOT THOUSANDS) ITS GBP.
-UNEMPLOYMENT IS INCREASING TOO FAST.
-THE COUNTRY DEPENDS ON TWO MAIN SECTORS ( FISH AND ALUMINIUM) THAT ARE COMPLETELY IN HANDS OF FOREIGN COMPANIES OR AN ELITE OF FEW OF THE ICELANDIC MAFIA.
-ALL BANKS ARE NATIONALIZED.
-PENSIONS FUNDS JUST BLEW UP RECENTLY.
-THE COUNTRY HAS ECONOMIC RESTRICTIONS NOT SEEN SINCE THE URSS. SIMILAR TO THOSE IN COUNTRIES LIKE NORTH KOREA OR CUBA.
-CUTS IN EDUCATION AND HEALTH SYSTEM PUTS ICELAND LEVELS DOWN EUROPEAN STANDARDS.
- 1 EURO= 169 ISK, LESS THAN THE PESETA 10 YEARS AGO ( 166 PESETAS = 1 EURO) HOW BAD IS THAT??
- ICELANDIC SOCIETY NEEDS TO OPEN ITSELF CULTURALLY TO THE WORLD.
- ICELAND NEEDS TO DIVERSIFY ITS ECONOMY, EMPOWER TOURISM, NEW TECHNOLOGIES ETC…
AND A LONG ETC…
SO NOW, FOR YOU LIKE AMERICAN AND SUCH… IF YOU THINK THAT WHAT I SAY IS OUT OF THE BLUE, THEN PLEASE, START POSTING DATA HERE THAT SHOWS THAT I AM WRONG, AND THAT ALL I SEE ON TV EVERYDAY, AND ALL WHAT PEOPLE TALKS ABOUT IN THE STREET, AND ALL THE REALITY WE ARE EXPERIMENTING HERE IN ICELAND IS JUST A PRODUCT OF MY IMAGINATION…
AXEL, WHAT A SHAME! STILL LOOKING FOR ENEMIES OUTSIDE?? KAMON!! EVEN THE MOST INNOCENT CHILDREN IN ICELAND KNOW THAT THEY HAVE BEEN OUR BANKERS AND POLITICIANS WHO HAVE PUT ALL THE MONEY OUT OF THE COUNTRY.. AND NOW YOU COME WITH THAT LINK FROM HUDSON…
WHAT A REAL CRAP!! WHO TOOK THE MONEY OUT OF THE COUNTRY?? WHO LIED TO THE ICELANDERS WHEN THEY WERE GOING FOR A LOAN AND SAYING TO THEM TO TAKE IT IN FOREIGN CURRENCY?? WAS BUSH AT THE BANK DESK?? NO!!!
MAFIA OF BANKERS AND POLITICIANS, ICELANDERS!! THAT HAVE RUINED THIS COUNTRY!!
NOW MANY HONEST AND POOR COUNTRIES LIKE POLAND SEND MONEY TO HELP THIS COUNTRY, OR THE RICH AND HARD WORKING HONEST NORWEGIAN, AND YOU DEFEND THAT THEY ARE MAKING WAR ON ICELAND!!
YOU HAVE TO BE OUT OF YOUR MIND!!
I have no problem with that. I just skip CAPS TEXT ;-)
That’s all
I am in Ireland where we have the Euro, the same crashed banking sector, the same corrupt Government in power for over 10 years. They are also devoid of ideas to deal with the crisis other than mre cuts taxes and revisions downwards. We now have over 10% unemployment and predictions for that to reach 20% by the end of next year.
Our government gave away our fishing grounds to the EU fleets, our oil natural resources to multinationals and have borrowed and wasted billions in bank bail outs.
If you have any sense you will stay away from the EU plunders.
Bring in legislation to force conversion of all foreign denominated debts to be converted to isk at current rates.
Later devalue the ISK by 90%-95% eradicating the debt problem and start selling fish and aluminum to the rest of the world.
If you end up in the Euro this option will not be open to you.
@Lazyfox.
I totally agree with you but unfortunatelly for us our bright polititians and economists thought abou that beforhand and our loans an all debt is linked to inflation, so devaluateing the krona just wont work, you see they are very “clever” they make sure all ways out were closed so we are forced to take extream solutions.
“WHO LIED TO THE ICELANDERS WHEN THEY WERE GOING FOR A LOAN AND SAYING TO THEM TO TAKE IT IN FOREIGN CURRENCY??”
In a lot of EU countries (at least Germany and France) it’s forbidden by law to take a loan that will oblige you to reimburse more the third of your revenues.
Even if there is no such law in Iceland, it’s common sense, then there is no meaning in speaking of “corrupt bankers or politicians”. Everyone is responsible for the amount of credit he/she signed to.
@Easy. If the Icelandic government decides to effectively nationalise foreign denominated debt, then it can also easily introduce legislation to remove the indexation.
For clarity, I know that Lazyfox isn’t talking about transferring the debt from the individual to the state. In not doing that whilst at the same time forcing the lenders to accept a certain conversion rate screws those lenders, so the after effects would presumably be similar to those experienced when a country nationalises an industry.
Anyway, Lazyfox, the current problem seems to be that the government *don’t* want the ISK to devalue. Otherwise they’d relax the currency controls and a chunk of the glacier bonds (already in ISK) would all get converted to foreign curency at the same time. I like Physchim’s idea over on his Ministry of Puffins, which would represent a huge saving for Iceland by cashing in on the one commodity aside from fish that’s available – fear:
http://minipuffin.blogspot.com/2009/04/how-much-is-krona-worth.html
I have no problem with that. I just skip CAPS TEXT ;-)
THAT IS YOUR CHOICE, BUT YOU SKIP MY TEXTS BECAUSE YOU HAVE NEVER BE ABLE TO POST ANYTHING INTELLIGENT ENOUGH TO CRITICIZE OR REBATE MY OPINION. THAT IS HOW BAD SOMEONE CAN GET ON A PLACE WHERE YOU SHOULD ALWAYS DEAL WITH PEOPLE THAT THINK DIFFERENTLY.
YOU SHOULD TRAIN YOUR DIALOGUE AND COMMUNICATION SKILLS. ALEXANDER, MAYBE YOU DON´T KNOW THAT THE MAIN CORE ELEMENT OF ANY DIALOGUE IS TO BE ALWAYS ABLE TO GIVE A SOLUTION OF CONTINUATION. THAT IS WHAT A DIALOGUE IS ABOUT. YOU EXPOSE SOMETHING, AND OTHERS ANSWER TO THAT WITH FACTS AND WITH A SPEECH THAT CONSTRUCT, DE-CONSTRUCT OR RECTIFIES WHAT OTHERS SAY. WELL, I SUPPOSE THAT SUCH IS NOT A CULTURAL TRADITION OF THE ICELANDIC SOCIETY. WHERE SOMEONE SAYS SOMETHING AND THE REST FOLLOWS BLINDLY… HOPE THAT WILL CHANGE SOME DAY…
PLEASE ALEXANDER, GET SOME CULTURE REALLY, SHOW THAT YOU ARE NOT BARBARIANS ANYMORE!!
” in its technical sense, the word ‘dialogue’ describes what the Greek philosophers invented, and what the noblest of them lifted to the extreme refinement of an art….Dialogic relations have a specific nature: they can be reduced neither to the purely logical (even if dialectical) nor to the purely linguistic (compositional-syntactic) They are possible only between complete utterances of various speaking subjects… Where there is no word and no language, there can be no dialogic relations; they cannot exist among objects or logical quantities (concepts, judgments, and so forth). Dialogic relations presuppose a language, but they do not reside within the system of language. They are impossible among elements of a language.[3]”
SO PLEASE ALEXANDER, LETS GET IN LINE WITH THE CONVERSATIONS HERE, POST AND REBATE OTHER´S OPINIONS ABOUT THE ARTICLE.
YOU ALSO SHOULD SHOW SOME MANNERS AND UNDERSTAND THAT, IF EVEN IRONY AND JOKES ARE ADMISSIBLE, WHAT IS TOTALLY “BARBARIAN” AND “UNCIVILIZED” IS THAT YOU WANT TO REST CREDIBILITY TO SOMEONE BY JUST POINTING TO SUPERFLUOUS THINGS.
ANY INTELLIGENT HUMAN BEING WOULDN´T CARE ABOUT THE WAY A MESSAGE OR OPINION IS DELIVERED, THEY WOULD RATHER EXPRESS INTEREST IN THE CONTENT NOT THE CONTINENT.
THIS IS WHY I SOMETIMES SAY THAT SOME SOCIETIES HAVE NOT STILL ACHIEVED THE LEVEL OF CIVILIZATION AND HUMAN SENSIBILITY OF THE MODERN MAN. AND IT IS SO EASY TO NOTICE THAT WHEN YOU SEE THE LACK OF COMMUNICATION ABILITIES AND A TOTAL ABSENCE OF INTELLECTUAL APPROACHES
LAZYFOX,
THE WAY IRELAND HAVE BEEN INTERNALLY RULED THEIR BANK SYSTEM HAS A LOT TO DO WITH EU, BUT IN THE WAY THAT EU HAVE IMPOSED CERTAIN LIMITS AND RESPECT OF GUARANTIES.
YOU CANNOT COMPARE POLITICAL CORRUPTION IN IRELAND WITH THE MAFIA THAT HAVE RULED ICELAND FOR DECADES. IRELAND IS WAY TOO MUCH DEMOCRATIC THAN THIS COUNTRY.
YOU CANNOT FORCE TO CONVERT THE FOREIGN DEBTS TO THE ACTUAL RATE IN ISK. SIMPLY BECAUSE AT THE END FOREIGN DEBTS ARE NOMINATED IN FOREIGN CURRENCY AND THE CURRENT ISK RATE IS FAKE, LETS SAY, THAT IS NOT WORKING OUT OF ICELAND.
THE KRÓNA IS DEAD, YOU CANNOT USE IT TO PAY DEBTS, NOR TO PURCHASE ANYTHING. SO ICELAND NEEDS FOREIGN CASH AND THAT IS WHY THE COUNTRY IS SURVIVING THANX TO A LOAN FROM THE IMF, LOANS FROM THE EU, AND SOME AID FROM COUNTRIES LIKE POLAND.
THE PRICE OF ALUMINIUM HAS DROPPED 60%, SELLING ALUMINIUM IS VERY LOW PROFITABLE AT THIS POINT. AND DON´T BE SURPRISED IF THEY STOP BUYING ALUMINIUM FROM ICELAND AT ALL, AS THIS KIND OF INDUSTRY HAS MOVED TO 3WORLD COUNTRIES WHERE PRICES ARE MORE COMPETITIVE.
THE EU HAS NOT PLUMBED ANYTHING IN THE IRISH ECONOMY, NOR IN THE BANK SYSTEM, BY THE CONTRARY, THE EU POLICY WORKS TOWARDS A ESTABLE CURRENCY AND A RATHER CONSERVATIVE AND WELL GROUNDED BANK SYSTEM. THANK TO THE EU POLICIES WE ARE NOT EXPERIENCING THE CRAZYNESS THAT IS GOING ON IN US OR THE RUIN IN ICELAND. THERE IS GLOBAL ECONOMIC CRISIS, BUT EUROZONE BANKS ARE FAR IN A BETTER POSITION, AS ARE THE GOBERMENTS AND THE EU ITSELF THAT BACKS THOSE BANKS.
THE PROBLEM OF ICELANDIC BANKS IS THAT HUGE DEPOSITS ENDED IN TROPICAL ISLANDS OF THE CARIBBEAN, LETS SAY, THAT THE MONEY WAS “LEGALLY” STOLEN FROM THE NATION. SUCH IS IMPOSSIBLE IN THE EU. ANYONE TRYING TO STEAL MONEY THAT WAY IS PERSECUTED AND HUNTED… IN ICELAND THEY ARE JUST FREE AROUND AND SOME OF THEM STILL SITTING IN THE PARLIAMENT OR WORKING IN THE BANKS, SO GO FIGURE!!
SO PLEASE, LAZY, GET SOME FUNDAMENTS IN ECONOMY OK? YOU CANNOT JUST TURN THE FOREIGN DEBTS INTO ISK JUST LIKE THAT, ICELANDERS WISH IT WAS THAT EASY, BUT IT IS NOT.
DEVALUATING THE ISK A 90%,,, HAHHAAHAHA, I LAUGH TO DEATH, IT IS NOT POSSIBLE TO DEVALUATE A CURRENCY THAT HAS NO VALUE AT ALL!!
THE KRONA IS DEAD!!! WE KNOW IT WENT DOWN TO 350 ISK PER EURO, AND SINCE THAT WE HAVE ONLY HAD A MONOPOLY RATE THAT ONLY WORKS INSIDE ICELAND. OUSIDE ICELAND THE KRONUR HAS NO VALUE AT ALL. IT IS NOT A CURRENCY ANYMORE!!! PLEASE GET THAT IN YOUR HEAD!!
BALKANSON SAID: “Iceland must keep ISK and must stay away from EU”
THIS IS FOR YOU BALKANSON…
http://www.youtube.com/watch?v=oXHXI3z0jDU&feature=quicklist&playnext=10&playnext_from=QL
AND KEEP DREAMING!!! HAHAHAHAHAHAHAHAHA HAHAHAHAHAHAHAHAHAHA :D HIHIHIHIH :)))))