In these frantic and harsh days of the ongoing financial crisis, Icelanders are disturbed by the reactions towards their nation as a whole.
Ordinary people, not involved in politics or financial sector, are being addressed by citizens of countries all over the world as thieves, liars and other unfriendly terms (as can be seen in many comments attached to articles on this very website).
Most of these, however, seem not to make a difference between those who caused the situation and regular citizens, who have no share in what is happening around at the moment.
“It is of course very sad that other people are affected as well, British, Dutch, Finnish, etc. Glitnir and Landsbankinn were privately owned banks at the moment of their nationalization,” commented one reader of IceNews.
“Iceland has been getting a bad reputation in the news, and I think is undeserved. There are certain individuals that caused this financial plague, not regular Icelanders,” he added. “I too (like most people caught up in this) am just an ordinary guy trying to provide for my family with real possibility of being made redundant soon. I am not greedy or an investor, I am simply trying to do what is right for my family.”
“We as depositors were not part of the investment making process and were just putting money aside for ourselves in case of a rainy day. If I was an investor I would have to accept the risks (sometimes you win sometimes you lose) however I am not,” another Icelander commented.
“The Icelandic authorities have legal, financial & moral obligations to fulfill – no-one says it is easy but it is their choice how they respond – the eyes of the world are watching.”
The Icelandic PM has repeatedly emphasised on the fact that this current situation is not a national bankruptcy, and that the banks were taken over.
The Icelandic government also stated that it is trying to maintain normal banking operations in Iceland, not because it is prejudiced against foreign investors, but because Iceland needs a functioning banking system. If the Icelandic banks were to shut down entirely, so too would every business in the country – and then, they argue, Iceland’s debts would never be repaid.
>M.Keohane said:
Alex the quality posts at IceNews has been on slippery slope downhill since posts of aroudn Oct 10th 2008.
Shame to see that good leave because posts like many of Gus and this one is approved. Can you not tune up moderating?
Tony, when you mention greed, capitalism,and selfishness. It is what is behind all of that is necessary to explain. Several jewish families control all of it. Which is why your anti-semite scum as you say are commenting. I hate that word also, it assumes too much by its definition.
But at this time in the world many actions of the jews are being called into question around the world and many covered up ones are being exposed.
There is also something else that will cause a bit of a stir, but I am going to mention it. As is has the interest of the Icelanders at heart. Iceland is the last place on earth of the pure Aryan race. That is until the EU forced the goverment to take a quantity of assylum seekers from the EU in recent times. And apparantly now they are to be fast tracked to the EU, because of the current difficulties.
Dismiss everything I have said if you can find facts to discount it all.
Just been reading these messages. It is not the fault of the Icelanders, or the Brits, or the Americans, or the Jews. (And I am surprised the anti semitic Nazi scum were able to post their messages). It is the fault of greed, rampant capitalism and selfishness. I hope when I come to Iceland in a week that people will not hate me just because I’m a Brit. I didn’t have any money to save anyway!
Seriously don’t get caught up on the terrorist thing.
It was just a law that was brought in among other laws to help the fight against terrorism. It’s not a specific anti-terrorist law. There may have been other laws that could’ve been used but that was probably the only one they could remember in a hurry as it had recently gone through.
To say the UK labelled Iceland as terrorists is a lie and is being used to distract people from the issue at hand.
I don’t think Iceland did anything dishonest I reckon they didn’t know what to do and picked a bad choice which triggered an over reaction.
The Icelandic politicians and officials around the negotiation table looked sick as dogs. I think they need help and support but are too proud to ask for it.
To Gary again,
Cite:
The Soviet Union spent so much of its money on arms, the space progamme, supporting overseas communist governments that its people at home lived in poverty.
The reply of mine:
Yes-yes, United States and its cronies did not spend huge sums of money on arms and space programmes, and now we all see how effective their “market economy” has been and is.
I am perplexed by your chutzpa, Gary. You contrive to call white things white and the opposite.
Icelanders, no contacts with IMF-any national, noticed in getting in touch with IMF must be branded as a treacherer and public enemy. They will sell your country out to the international gangsters from Wall-Street and Soho, and Iceland is a tiny country and you will not be capable of rebelling to free yourseleves.
To Gary,
Aha, it is an interesting story about “horrid crimes” what you are telling me -a person of 36, who was born and raised in the former USSR. What other interesting and capturing things about “blood-thirsty Commies” will you tell me and other readers? I don’t know what your “Russian” wife tells you-I wonder what her level of lfe would be NOW if she hadn’t a foreign husband???
Now, since many years have passed and I have seen other countries and can make conclusions as a grown up person-I have repented and remorsed for my previous anti-Soviet and anti_Socialistic convictions,I must admit and confess that I fell a victim a subtle US-Israel led propaganda machine, which, alas, was much more productive than that of the Soviets. Please, save me a real Russian-Ukrainian from the fairy-tales (or intended lies?) ABOUT “HUNGER” in the Soviet Union in 1960-1980. The only thing I know it for sure that there was a REAL SABOTAGE from the fifth column (guess who they were).
Talking about “small Jewish population”-it isn’t even ridiculous-you mean overt or crypto Jews as well??? I DO understand you ,Gary, you as a Jew (I recognized you by the psychological style of argumenting)are meant to defend your breed stock, but it has nothing to do with the real state of things.
Iceland and a lot of Icelandics are brainwashed by primitive Russophobic propaganda (I know cause I myself used to be a subject of this kind of manipulation). The biggest threat for Iceland is IMF and its predators-Russia has always been the most benevolent creditor in history (Russian negligence in deals with money)-forgave most of the debts her borrowers had.
Icelandics ought to re-think their “happy” previous 20 years when they were parasitic and thought that the world belonged to them.
Icelandic government was right when didn’t let its own citizens to fall victims of this disaster and supplied them with money at the expense of British savers.It is normal to take care of one’s own compatriots, not greedy foreigners.
As I understand and see the situation ,UK and Dutch residents put their money into Icesave -A PRIVATE BANK (not into UK or Dutch establishments) because of higher interest rates. So, they intentionally stepped into risky water of private banking by doing so. Who is to blame for their greed? Yes, they risked their all-life saving, but they GAMBLED being aware of it!!!
I have always been melt for the cries of robbed savers in private banks -when everything is OK they are yelling praises to “free market” and laissez faire, but when all goes wrong they cry out: ” State, help us! You are to pay our debts!You are meant for it”, and so on and so forth…
Don’t wanna be deceived and raped by bank-sharks-it is easy to achieve-simply avoid dealing with them.
Lots of people seem to be in denial for their own mistakes. The local Goverments were urged by the british authorities to use the market to gain on their funds. The icelandic banks were paying good interests.
Lehman brothers went bankrupt which caused mistrust to loan between bank. Goverment all over the world start taking over banks or pumping money into them and take shares in them.
Gordon Brown is in trouble with his ratings.
Glitnir Bank goes bankrupt which is largely owned by Baugur owners. They had overinvested in the UK with billions of pounds.
Landsbanki defaults on payment and is therefore taken over by the goverment.
The british goverment attacks kaupting bank and freezes its assets including heritage bank (Which is actually a british bank owned by kaupting) using anti terrorist law.
Gordon Brown lies that icelanders told them that they were not going to honour their obligations.
Darling says the icelandic finance minister told him that iceland was not going to honour their obligations. This conversation was recorded and it is clear that Darling is not telling the truth.
Gordon Brown says he got his information from a official. It has become clear that the British ministers are not truthful in this matter. They created a political storm to make it look like they were heroes. If you look at Financial Times it is confirmed that those 3 banks were well run and 2 of them were in a after Lehman Brothers went bankrupt.
Why dont you look at the facts instead of let the feeling dominate you.
Every country in the world has a limit on guaranties. If the british goverment would not had intervened it would have been easier for the customers of those banks to get their money back.
The statement by Mr. Brown that the banks had been transfering money to Iceland are based on something nobody knows. Actualy there were money transfered to the UK not the other way around.
Now lots of countries are changing the laws to guaranty deposits. Mr. Brown did not give Iceland to even look at the state of the branches abroad. The Dutch Goverment sent a delegation and Iceland settled all matters in one day. Same with Norway.
If people invested in shares they do so at own risk.
It will not help to point at other countries and call them thieves. USA, Britain and the Euro countries bought lots of housingloans from the US.
That is one of the reasons that Europe is in trouble. However it is a fact that the actions of the British Goverment has undemined Iceland as a whole and made it less possible for the customers of those banks to get their money back.
There is not one single statement from the ministries or their staff that Iceland was not going to honour their obligations.
Look at Financial Times which is a respectable paper.
Lets just wait and see the outcome of this issue.
If you are not happy. Turn to your goverment.
Heritage Bank is British Bank regulated by the british authorities.
I urge the Icelandic goverment to take legal action.
There was a bank in negotiations to buy ICESAVE. They pulled out after Mr. Brown.
People have asked why foreign depositors can’t access their money in the failed Icelandic banks. Let’s be clear on the proportions here. Foreign account holders in Icelandic banks were about two times as many as the Icelandic population. If this same scenario would have happened to the UK (which if won’t, of course), 120,000,000 people and organizations would have relied on Britain to refund all their money immediately. Proportionally, that would have been a total of 800 billion pounds. So please understand that it’s a difficult situation for us Icelanders. I’m convinced that the government will reach a fair agreement with the UK.
Iceland is not facing national bankruptcy but these are difficult times for all of us. However, I’m sure we will be okay. I agree with what a lot of people are saying here, Iceland has a lot of potential on the long run.
Greetings to the British and Dutch people, I hope that the situation will be solved quickly.
How can anyone hold the Icelandic people responsible for something they are not part of? They didn’t make the policy of the Landsbanki or Kaupþing.
Am I disappointed? Yes, but mostly in the Icelandic government, but even more in the dutch government and “watchdogs”, because they allowed Icesave to be on the dutch market, while they knew that things were heading the wrong way.
The Icelanders themselves are great people, as far as I have come to know them, and I can’t wait to travel to Iceland again.
All I hope for now is that the situation in Iceland isn’t as bad as the dutch media state it is. So… hang on tight ^^ Take care.
I think Iceland have to punish their oligarchs who flew away to UK in their private planes yesterday. These are the real terrorists together with the politicians in Iceland who gave them the banks in 1998. These 20-40 people should be labelled as terrorist and brought to court for high treason and corruption! I expect an international trial against them. Just like with Saddam Hussein!
To the Icelandic people the old saying goes: You get the politicians and oligarchs you deserve! Why did the people accept this corrupted deal and why did they let it go on for 10 years? Now you have to pay for it! I feel sorry for you!
Mayar you are a very confused person who has lost touch with reality. The Soviet Union spent so much of its money on arms, the space progamme, supporting overseas communist governments that its people at home lived in poverty. My wife is Russian, when she was growing up her city had so little food her mother travelled 200 miles to Moscow just to buy food (if you wanted to buy anything else like toy you’d have a very small choice)– this was about 1983. Russia still suffers from the legacy of corruption from the Communist era where if you had party connections you had a much better life than the ordinary citizen. I am not even going to mention the millions who were sent to prison camps for anything slight like they had been to a foreign country.
A country like the US has hardly been robbing the world for centuries when itself is only 200 years old. GB has always had a small jewish population which has had little influence on its overseas activities over the last few hundred years.
Iran is potentially a dangerous country because it hates everything ‘Western’ except a few things like its weapons, nuclear power and nuclear bombs.
Answer to the question: Yes you are, and JUSTLY so. I’ll be waiting the day when Thor Bjor-whatever- golfsson is in jail.
What did you ALL expect from this Zionist system of global deceit and manipulation??? Now, you all are dropping crocodile’s tears over “poor” Icelandics, which not long ago flew to London or Paris to dine on weekends…Whi did you forget all those unhappy and totally robbed ex-USSR citizens, which were deprived of ALL of their savings and are still being killed with malnutrition and constant nervous break-down? Why don’t you feel sorry for them??? It has TURNED OUT TO BE A LIE that Soviet economy was inefficient-it was robbed and stolen and now Soviet “backward” industrial plants are still the most advanced in the world. But they belong to the world Jewish mafia. The same happened to Iceland-Icelandic Gentiles are doomed to suffer.
US and “Great” Britain have been raping and robbing all the world FOR CENTURIES and they are still “good guys”-now they have made poor, Nordic Iceland a scapegoat to avert US and UK citizens attention from their crimes and TOTAL CORRUPTION. Silly goys will swallow ALL the fastfood manipulators cooked for them.
How may flourishing and prosperous in the past countries did the Global Criminal International pulled by Rotcshields and their lackies robber and devastate? Remember Argentina of 1920-30, Soviet Union with the best social garantees in the world and all other countries?
The only “solution” for the criminal Jewish gangters is World War 3 and they are likely to unleash it. Let’s see what will happen to Iran within 304 months period.
To jeff
while your idea is a good idea , this is what would happen in 1 year saying that every body got the same amount of money
90% of the poeple would be broke again and the other 10% would have all the money from the other 90% due to the fact that poeple dont know how to handel money, this realy should be taught in Schools to kids and what your sugesting is a form of communism, and that did not work did it
Whilst I don’t have any savings in Iceland, I have every sympathy for people of all nations who may suffer through this financial crisis. But lets recognise that it’s not the ordinary citizens who are at fault. All western nations got sucked into the ‘let good times roll’ over the last few years.
For an objective look at the situation then follow this link.
http://www.welt.de/english-news/article2562887/Icelands-bubble-has-burst.html
When reading it, subsitute your country/government/social elite for Iceland. Let’s have some sympathy for each other.
Money backed by the eventual use of force (taxation), and nothing else, has no value. Period. I suggest we bail out the world with a 100 trillion dollar loan, and forgive all past debt. Then we can all be rich. That will work, right?
All very interesting, and by the way, I am a Canadian whose company has had money frozen in Iceland – and this just operating money due to Icelandic businesses!
It is an odd fact that while all of us were putting money into Iceland for one reason (higher returns = greed) we were happy, and pleased that they had a “laissez faire” economy. Now this has soured, everyone is squealing for help from the government.
Hypocratic; and a varient on “if you can’t do the time, don’t do the crime”!
In respond to Wes:
1) I think the reason is that the government would first has to stablize their own county in order to carry other duties in order. Anyone knows these failing banks were of much higher debt than assets, and the government has not enough reserve on the other hand. Icelanders are allowed to draw money, but within quota. So you see they are still trying to restore banking problem domestically as well as the overseas.If only the government had massive constructive weapon—money, I am sure they will pay everyone immediately. However at the beginning, if you only had a piece of clothing rather than a nice cloth, you will have to put it on the most important part first.
2) Icelanders are not silent. They had some pretest in the street recently, asking for some unqualified politician to resign. Mojority Icelanders feel sorry for Britons not being able to withdraw their money from bank and also sorry for many Icelanders suffering majoy lost.
To WES
Here is your Answers
The Icelandics for now have to stop poeple taking money out for some time because if every body took out the money then the situation would be ten times worse and things will work out , and the icelandics cant take money out aswell
The Press in Iceland is going crazy over the situation but Icelandics think before they act, dont worry they will rise up, but icelanders are not like the english they dont sit around and complain to poeple who can not do any thing about it, they dont complain they are now planning the future they will not sit around and wait for the goverment to do something and they will not go to the dole office and start crying there, Believe me they will stand up much faster than the rest of the world
As a Brit I had accounts both with IceSave and Kaupthing Edge. I invested savings based upon the guaratees provided for those accounts by the Icelandic & British authorities. When it became apparent with Icelandic government take over of IceSave that the (Icelandic) guarantee was effectively worthless it was inevitable that the British authorities would take action impacting other Icelandic banks that relied upon the same (failed) guarantees. Thus responsiblity for the KE UK moneys being frozen ultimately falls on those responsible for not maintining the original Icelandic finacial guarantees.
Hey Karl
the reason iceland did not go into the euro is because of the fish that keeps the country alive
not because of selfish reasons , Icelandics are no way selfish, Believe me i have met several Dutch poeple and all i got was selfish and gready poeple that ripped every body off, now i know that is not all of the dutch poeple im sure but from the few i met you could think that way
I am an English guy that left the dump they call England 20 years ago and moved to Iceland
What i saw over there were poeple that were very positive and pushed every body to do well, it did not matter were you came from, you was treated the same, i started my company, Basically i was a Paki in Iceland as the English would call any one from a differant contry that did better than the English, its wrong to blame all Icelandics for what is happening they are a fantaztic poeple i would rather call myself Icelandic than english any day, What is happening in Iceland is because of 4 or 5 iclandics and the Icelandic poeple are suffering more than the rest,,!!!!!!!!!! Stop now and open your minds(that is a big reason i left the UK to much stupid negitive ideas , bring anyone down who is doing better than us kind of thinking) The world can learn so much from the Icelandic poeple, you will never see an Icelandic that works abroad on some low paid job they are always in top areas of any company, ICELANDERS ROCK
Peter, what you said is so very right, im also British living in Iceland and i wouldnt raise my kids anywhere else in this world. Alot of the people that are posting comments around here are not listening to the real facts and are following the rumours born out of anger. I have not heard anyone other then angry English people saying the Icesave customers wouldnt eventually get there money back…what would you do if you were PM of a country that fell so quickly and dramatically?? forget about your people and your economy and only think of others?? NO… i think Mr Haarde and his goverment have enough on there plates so just be patient.
As for you all putting down normal every day Icelanders and i consider myself one of them, this is very out of order. Plenty of people here are losing the life savings and pensions they have worked extreamly hard for for many many years. The bankers i dont know maybe, but we have not been living off your savings. We are not thives or liars. Yes we are paying for the foolishness of a few and we will be paying for that for many many years to come.
Iceland is still the safest most beautifull, cleanest, purest best country to live in!
and we will be back… better then ever.
Wes’s questions gets straight to the heart of the problem (and people’s anger) – I to have asked these questions but no-one in Iceland seems willing to answer.
Icenews – it would be great if you can get some input on this. Also for what it is worth I have been able to get some better insight into what is going by following your website than the correct channels have give THANKS for this – but is this really the place we should e getting info?
By welching on it’s obligation to guarantee Icesave’s accounts Iceland has stolen the money of the British depositors in Icesave. Britain is therefore entirely justified in seizing the assets of Kaupthing and any other Icelandic company in order to recover this money.
Stop blaiming nations. Start blaiming your bankers who took enormous amounts of risk with your money so they could profit from fat bonuses. Start blaiming the politicians that you elected and that don’t have the balls to get these people in jail.
UK citizens support the freezing of Iceland’s assests in the UK. Why? If they hadn’t done that those £4 billion in assests would have been quickly transferred to Iceland and no one in the UK would have seen that money again.
I’ve just heard that a Cancer Hospital in Manchester, Christie’s, has lost £7 million because it was foolish enough to trust an Iceland Bank. A lot of that £7 million was raised by volunteers standing all day on streets with collecting tins.
To show goodwill the Prime Minister of Iceland should announce that all animal charities, cancer charities, children’s charities and other charities will be fully reinbursed for the money that had in accounts with Icelandic Banks.
Icelanders(not just a privileged few) were benefited enormously from this over-leveraging ponzi schema. How come a nation with almost no industrial output is listed among the top 5 countries on personal income basis for years? Now we know the answer.
And the worst of all while they are allowing their own citizens to keep withdrawing money from the troubled banks they turned all the foreign depositors down. Don’t blame UK seize your banks. You deserve it, every penny.
iceland might consider exiting the international banking community, quietly, so as to avoid backlash and thereby enhancing independence and freedom.
Presuming you try any executives that appear guilty of wrong-doing, as I am sure you will, I look forward to visiting Iceland with my family one day.
Sensible people all over the world know that regular Icelanders are not to blame for this.
I am a Brit currently living in Iceland, let me tell you how it really is. The Icelandic people are the friendliest, most welcoming, least violent and honest people you could wish to meet.
I came here to live, because I was fed up of watching people smash each others faces in every weekend in the UK. Fed up of not being able to leave my house, or car, or anything at all unattended because it probably would be burgled or not there when I returned. Fed up with abusive kids, totally out of control because there is no incentive or deterent to make them behave. Fed up with not being able to give my own kids the freedom to come and go as they please, in case some perverted lunatic kidnapped or murdered them.
In Iceland, you can actually have a good night out, without fear of being beaten up, stabbed or shot. People you meet that very night in a bar, will invite you into their homes and treat you as a dear friend. I can leave my home unlocked, and know that no one will enter without permission. I can leave things in my car, in plain view, and they will still be there when I return. As will my car. The kids here almost all say good day to everyone, from those that are barely old enough to speak, to those that walk around in groups wearing hoodies. These same kids can walk the streets without fear of molestation, and can play outside, without their parents having to worry about them ever coming home again.
Does this sound like a nation of thieves and pirates, out to rob you the first chance they get?
NO, so wake up and stop blaming the entire country for the mistakes of a few
To Cathy:
I am not an Icelander, just a foreigner living in Reykjavik.
My one-million-Krona share of Kauphing bank just became 1 krona, whom should I blame? Can I say if only UK had not frozen their UK office and caused it collapse eventually?
Seeing people talking bad about some nation, they may have to think deeper:
Some nations did not freeze their citizens bank account, but did’nt they invade other country and made people there suffering from losing home and loved ones ?
Athough Iceland government has taken over those hot patato banks, whilst battling to save their country from this fatal crisis, I am sure they are trying their best to settle the foreign depositors as much as possible.
God blesses all.
Wow Limpan, yes after all it is about survival.You said you try to live honest, getting education, a hard worker. Don´t you think their are no citizens of Iceland living like you are and are not affected? Come to think of it when you said correct me if I´m wrong if you are trying to address Iceland to sink down in the ocean. Harsh words you see and it is not helping.
A prime minister who doesn’t feel any responsibility towards repaying foreign depositors. Citizins who don’t feel any responsibility towards their gouvernments actions and words.
I see a pattern appearing. One of selfishness and egoism.
It explains. It explains why Haarde took the money and run. It explains why it took three days before Haarde reluctantly said the word “sorry”.
It also explains why your wining about being small and helpless. You hold your government. You hold our savings. You have it in your hands to do something. Do not expect me to help you while you are drowning me.
Selfish.
Swedish guy, living in England since 6 years. Always tried to live honest, get education, hard working, getting a property etc.
Life made a sudden twist on Tuesday – life savings possibly down the drain – dreams crushed in a moment. You start to re-value life, money,expectations, emotions take control of you, fear, anger, hate, despair, unworthiness, stupidity – had to make a phone call to a 24 hour support line at 5am in the morning. Could not sleep.
Perhaps, you people who never been in this situation, and I do not blame you if there’s no sympathy. Myself working in Finance, I was trying to see the situation by being rational – I if anyone should understand the mechanism behind this situation – but you have emotions that drags you beyond rationality.
If I am not wrong, Sweden tried to help the Icelandic Nation with a loan to their banks – so when the Icelandic government freezed any transactions out from Icesave I felt – why they do this?
So my educational and rational conscious tells me – hey those Icelanders are definetely not to blame. But why would I be rational – in the end it is about survival. And I say – Sweden – let the bloody island sink deep into ocean. Britain – you did great saving the depositors money. Iceland – shame on you!
This is not an attack on Icelandic people at all. I’m English and have nothing but respect for your beautiful country and its people.
Why all the anger?
Because Iceland’s government and financial authorities have let down its own country as well as foreign savers (not investors – savers).
Without a doubt America’s greed fuelled and caused the problem initially, but the rest of the west is just at fault. People pretended they were suddenly wealthy, buying big houses and cars they couldn’t really afford. Everyone convinced themselves that house prices and spending would fuel the party forever. Britain’s people are some of the worst – racking up enormous personal debt, using capital equity from homes to buy expensive cars.
Iceland too fell into this trap, but in a more sinister way – massively overstretching itself – as a nation – and trying to compete with european countries. The difference between Iceland and Britain/France/Germany/Holland is the amount of real economic out put versus the debt, i.e. leverage. Iceland fooled itself and built its entire economy on debt – with an asset/debt ratio of 1/8. Ouch.
They then asked everyday savers, councils and charities in the UK to trust their life savings to their bank – to help provide capital. They said they were guaranteed and safe, not an investment like the stock market.
When it all went wrong however, Iceland made no moves to give back the savings of the depositors which is fraudulent, illegal and morally wrong.
My friends insurance money – from her deceased husband was in a savings account and was “lost”. The UK government boldly promised to give all the money back – and quite rightly are going after the Icelandic Government for the money back. £1 Billion.
Now I don’t want to see Iceland fail as a state, but unfortunately the Icelandic government has totally screwed this up – and continue to do so making Iceland a laughing stock. The last thing Iceland should do is have citizens defending their countries actions and shouting abuse at the UK/Holland and Germany. Not clever.
I’m sure most of the people in the Netherlands are able to make the distinction between the regular Icelandic citizens and the Icelandic bank managers. Unfortunately the gambles the bank managers played will reflect on our judgment of Iceland, as much as the fact that the country has refused to join Europe and feel content in its isolation. Now it looks like there might have been specific selfish motives involved by some of the big decision makers in the country.
PS: evoking the act of terrorism was utterly ridiculous, totally without foundation – and most of us here agree.
I’m sorry that Iceland is having such severe financial problems and am even sorrier that Gordon Brown saw fit to treat Iceland so shabbily. Best wishes from the UK.
To Wes: I think those are great questions. I, or one of my IceNews colleagues will try to post the answers as an article on the website. But one short answer I can give here and now is that not many people outside Iceland speak Icelandic. You can rest assured that there is a great deal of discussion going on in the Icelandic press though!
Alex, IceNews
Although this has now become a global crisis, make no mistake – all roads lead back to the United States. This started out with some pretty questionable banking methods, and has exploded into the mess that it is. People earning an annual salary of $25 000 should not be purchasing homes worth $500 000 – this is common sense. Some very highly paid banking executives made some decisions that earned them a great deal of money in salary and bonuses, and now, we are all going to pay a hefty price. Perhaps Iceland authorities have made some decisions which appear to be less than ethical, but the citizens of Iceland should not be shouldering any of the responsibility.
““Why the British and the Dutch not address Americans as thiefs, liars and other unfriendly terms to all over the world?””
Perhaps because not a single depositor has lost a single dollar in any American bank ? And beyond that the US government has stepped in (probably wrongly) and guaranteed the debt of fannie mae and freddie mac !! Which was never guaranteed by the US govt. and which billions are held by foreignors. Because the US govt isn’t distinguishing between American and foreign banks when determining which crap assets it will buy up. And because the US govt has guaranteed TRILLIONS of dollars in money market funds (none of which HAS EVER has a govt guarantee). And perhaps because the US govt has guaranteed now up to $250K of bank deposits and is backstopping the FDIC.
Whereas Iceland after leveraging up cheap foreign debt and playing in a game way over its head, the first thing it does when it goes south is close ranks to protect it’s own citizens.
PS, blaming Iceland’s penchant for leveraging cheap debt on America is absurd.
I don’t wish anything other than a swift recovery for Iceland.
It seems the people of Iceland hate cats — why else would it stop a UK Cat charity, that finds homes for cats, accessing the £11.2 million it trusted to you. They also hate dying children because they have stopped a Children’s Hospice accessing its £5 million it trust to you. Icelanders also love criminals because they have taken £100 million from Police Authorities: money that would have been used to fight crime. Icelanders also really, really hate elderly people because large number of these have trusted their life savings with you and they are now spending sleepness nights wondering if they will every see any of their hard earned cash again. And Icelanders wonder why they are hated? The Tabliban are more friendly that Icelanders.
I read about it couple days ago, and I think that this would be a good time for people from all over the world to open businesses in Iceland.
I know I am thinking about it.
i think you britons are just jealous of the country´s prosperity for the past years.if you live here in iceland, everybody live a good life.the country maybe small but it prosper much better than your country. you cannot say we prosper because of your deposits because we already live a good life before we open in foreign countries. and your not a friend, no friend leave the others, shame on all of you blaming iceland for everything. if i know you want to go fishing in our sinking sea.
To AMY, Just because it started in the US doesn’t mean it was their fault. Obviously it was a global problem in the way ALL banks were doing business, it just happened to be exposed in the US 1st . Even Gordon Brown has now admitted it is a global issue in the way the banking industry has been conducting itself. Obviously you know nothing about the problem so all you’re left to do is blame others. The problems you are having in Iceland has nothing to do with the US. At least the US is taking responsibility for their banks and assuring everyone their money is safe. Is your country? NO! And what does 19th century China have anything to do with this? Nothing!
Putting aside the question of blame I have a couple of questions that perhaps an Icelandic correspondent may wish to answer. They are these:
(1) Why are the Icelandic authorities STILL discriminating against foreign depositors in the failed Icelandic banks by preventing them from accessing their own money – whilst Icelandic citizens suffer no such inconvenience? Indeed – whose money are Icelanders withdrawing in view of the loses sustained? Will there be anything left for “foreigners”?
(2) Why are the Icelandic people so silent over this injustice – particularly so as private investment in Icelandic banks has benefited them considerably through state taxation on the profits of these banks in recent years? Do ordinary Icelanders approve of this discrimination?
Wes.
I also had an IceSave account and lost my money to, but no one can blame the Icelandic citizens.
I know a lot Icelandic citizens, they are very nice, hard working, helping, heartwarming and honest people. They welcome you in their own house if you need it, even if they are know you not well.
It’s very simple to react with aggressive words to people you don’t know. If some Icelandic bussinesmen made mistakes, you still can’t lump all the Icelandic people together.
Does the world also say that all British people are losers because one of their politics is one? Does the world say that all Dutch people are losers because we have some very strange politics who makes very big mistakes? NO!
So why should we lump all the Icelandic people together when some bankmanagers failed?
Icelandic people, warmest greetings from the Netherlands! And may the best win tommorow in Rotterdam in a nice fair play and lot’s of sportive fun. Standing side by side in the stadium.
Bram, The Netherlands
I feel bad for Iceland, so much so, that I have expressed this on many British newspaper website boards. I think it is unfair that the people of Iceland are all being lumped together with their banks. They trusted them like we all did. You see, being called all kinds of horrible names is something you get quite use to if your American, like I am. That said, America is not freezing anyone’s assets, anyone who has money in a US bank is guaranteed to have full access to it whether they are US or non-US citizens. (did I also mention we even get bashed for things that aren’t true?) I came to this board knowing the abuse Americans constantly put up with, and as a way of letting you know, that I know how you feel and you’ll be okay. Ironically the very 1st comment I see is one bashing America. Here we go again. Oh well. Anyway, cheer up, you will get through this. And in the end you’ll be stronger for it, I should know.
It is so pathetic that some people here use very harsh words towards Icelandic people/nation.
It is obvious that Iceland is one of the vitims sufering from the financial crisis fire started by the United States.
If some people like to use words like Theft or Liars, maybe they could trace back to the 19th century when the British invaded China and took away their precious, some of which can still be found in some British national museum..
Icelandic people are one of the most honest and kind in the world.
Ordinary citizens should be trying to get on with each other and leave the arguing to the bankers, governments and supposedly elite elements of society as it is their mess. Both the UK and the Icelandic Governments could have done something to help protect their citizens from the inevitable fallout of the current crisis. Let’s recognise that people in both country’s are going to suffer. I’ve been to Iceland doing conservation work in Myvatn and found the country to be beautiful and the people warm, welcoming and kind. My warm wishes to the ordinary Icelander.
Just wanna say that all the system of capitalismus failed thanks to stock markets etc…the most stupid thing what could be done in world, of course by the US. Why there could not be one stable forever rate of money,no costing up,just one stable prices finally. Where this world goes, it cant go like this forever. In name of money we are destroying this earth. In name of money few idiots makes money on Wall street and half world is suffering. You know the real crisis come if you cant buy food!!!! Till people smoke and drink then there are things ok.
Hopefully people who caused all this circle of problems will be punished but as they was friends of politics theere will be almost no punishments guess.
Now we all see what is the EU, the countries in the EU are not fighting together, each is fighting for itself. Why we cant cancel the EU, it is a huge money waste in history!!!! Just the cost of Brussel officers in a year is costing a lot.
Noone can blame the citizens of any nation for all, we all should fight against people who are trying to be rich!!!
We all see that the bank system all over the world is just one risk, the banks should care about your money but as we see instead there are huge loans to each other so one day if all people would like to take cash out then they do not have for us, they only have it for their big salaries!!!!
I welcome any comments on my email tesanj@seznam.cz
Lukas,
Iceland
I for one don’t blame the Icelandic people. I have holidayed in Iceland and found the people to be the most friendly, and I would say trustworthy, people I have ever met. I feel their leaders and bankers are partly responsible, along with those of other countries, but we the general public are not. Lets not forget these tubulent times affect the Icelanders as much as the rest of us, indeed their country seems to be on its knees.My best wishes go out to the people of Iceland and I hope to see you again soon, I only hope you will still welcome me.
An entire article on the fact that everyone who lives within the borders of a country should not be disparaged on the actions of a few and Stan comments with ” left the USA many years ago because that is the most disgusting, fat hog people, greedy,phony, crime ridden, violent cesspool of a country, on earth”
Clearly Stan has some issues with his homeland, but one would have hoped that he would have had the sense to understand the point of the article. Silly Stan, when will you learn?
No point in an arguement as just a few Icelandic people have caused this problem and most British like Icelanders and I suspect Icelanders feel the same. Iceland should say we dont have the money to repay savers but how about we give you some really cheap electric through that cable we have and even chuck in a few ton of cod, maybe more cables can be laid and Iceland could make a profit in supplying UK with cheap electric.
Clarification re Kaupthing, from HM treasury website (so it must be true:-)):
Asset freezing
The Treasury made an Order to freeze funds owned, held or controlled by Landsbanki. This was due to concerns about the detrimental effect on the UK economy of the current situation. In order to ensure that the asset freeze on Landsbanki does not adversely affect third parties, the Treasury has this afternoon issued a licence exempting certain activities from the terms of the Landsbanki Order. The licence allows funds to flow into Landsbanki’s frozen accounts in the UK and businesses will be able to access their accounts and other facilities with Landsbanki London Branch. The Treasury is monitoring the situation and will issue further licences if necessary. The Treasury has also issued a notice confirming that the Order does not freeze the assets of subsidiaries of Landsbanki Island hf.
So assuming this is the current position please remember the Icelandic government first froze ICESAVE accounts with The UK governement then reacting.
I am a USA Vietnam veteran living in Estonia. I am very sorry to see what has happened to Icelands economy. The primary cause of your grief is the USA greed. The USA markets were allowed to run, with no government intervention, thus, the investment bankers leveraged an average of 30 times. The home appraisers were working with the banks to falsely estimate high USD amounts on homes for sale. This was plain and simple fraud and greed. These investments were packaged and sold worldwide. It would seem safe to assume that the investments were safe and liquid. Now, the Bush administration( many of us refer to him as ‘a mass murdering(Iraq War) brain dead Chimp’)is bailing out the very thieves that started this fraud; the bankers. I left the USA many years ago because that is the most disgusting, fat hog people, greedy,phony, crime ridden, violent cesspool of a country, on earth–I am sorry that you folks, in Iceland, were ripped off because of the USA’s lack of honesty, and transparency, in financial matters.—-
Greed. It’s all a matter of greed: the banks’ and the investors’. No matter of how big or how small you are, where you are from, etc: greed will always mean trouble in the long run.
There.
I would like to ask you to restrain your words when posting comments. Comments using bad and offensive language will not be approved.
Thank you, IceNews team.
I am not making anyone a scapegoat – all I want is access to my money (just like people in Iceland have).
I have not sought to blame you for the global and neither to be fair do a majority of posters.
But as I have said on a number of occasions the icelandic authorities (who are now responsible for the banks) have a number of obligations – legal, financial and moral which they do not appear to be honouring.
It is in everyone’s interest to sort this out so please help by opening up a more honest dialogue with what is happening.
“Why the British and the Dutch not address Americans as thiefs, liars and other unfriendly terms to all over the world?”
That would be because the American government honours its moral obligations. The Icelandic government on the other hand decided not to honour it’s guarantee on EUR 20k of deposits.
That’s exactly what icelandic people are angry about. The UK froze the assets of all icelandic banks in the UK in response to Landsbanki, the owner of Icesave, being nationalized. That was done even though Kaupthing, that had nothing to do with Icesave, had already said it had anough funds to guarantee all deposits in Kaupthing Edge, its UK online bank. With its assets frozen, the situation for Kaupthing rapidly deteriorated and the bank failed. A lot of icelandic people lost a lot of money with Kaupthing going under, and it is believed that the bank could have survived if not for the actions of the UK government.
If thats true that Kaupthing have got nothing to do with Icesave then the UK shouldnt have done anything to them.
Oh… why did the UK freeze the assets of Kaupthing if they have nothing to do with it? That sucks.
James, the UK froze the assets of Kaupthing which drove the bank to fail, but the bank that had blocked UK customers was Landsbanki, the owner of Icesave. Kaupthing had nothing todo with Landsbanki and Icesave problems, thus freezing Kaupthing assets was completely injustified. Until the UK froze the assets of Kauthing, the bank had confirmed it had the funds to guarantee the deposits of all british customers.
PZ, check your timeline of events please. The banks asset were frozen after the bank had blocked UK customers from their money whilst allower Icelanders to continue to access their funds. It was nothing but theft and by freezing their assets he was ensuring that the UK customers would get their money back. The decision to block UK customers from tehir money is what made the bank go bankrupt as it gave rise to the situation that we have now. The bank/government is to blame for everything.
To XC, the Americans are giving out an enormous amount of money to foreigners in this deal. Maybe that’s why they aren’t getting called all the names. In my experience, all the nasty name calling is from Icelanders toward Americans every day all over the 101.
Also, when there’s a global crisis, is it Iceland that get’s called on to help the hundreds of thousands of victims? No, it’s the US and they’re blamed for not getting there quick enough and then for not doing enough and eventually for having caused it in the first place. Wake up and quit your bitchin’.
“That bad imago is unfortunately a result of the banks in your country, which pulled 300.000 British and 150.000 Dutch depositors with them into bankrupty…”
You can add to that 30800 German and 300 Austrian depositors. Those are of course small numbers in comparison but these people are also afraid and angry. Other countries depositors are also affected.
The UK government drove Iceland’s largest back into bankrupcy by freezing its assets (using anti-terrorism legislation, no less) even though the bank had already said that it was going to cover the deposits of its british customers. This has meant that a lot of people in Iceland lost a lot of money too.
To XC “Why the British and the Dutch not address Americans as thiefs, liars and other unfriendly terms to all over the world?”
Because the Americans havent stolen our citizens money and given it their own people like you government has with Icesave. Its disgusting, they have damaged their countries reputation completely. Noone will ever trust anyone from Iceland again because of this.
Can you reference who exactly called Icelanders ‘thieves and liars’ because I have read it in one person’s response to one article, hardly ‘citizens all over the world’ You aren’t helping an already difficult situation by being so inflammatory.
“Why the British and the Dutch not address Americans as thiefs, liars and other unfriendly terms to all over the world?”
Probably because THEIR government owned banks didn’t just freeze the accounts of all foreigners (often enough just normal people), while their own population still can withdraw their money like nothing has happened. The USA banks didn’t do THIS. It is the GOVERNMENT OF ICELAND who did this. They are the owners of the banks NOW and are therefore responsible for the action of the banks NOW. The freezing of the accounts of foreigners happened AFTER the government nationalised them. So it is their fault.
And the CITIZENS of Iceland are doing nothing to change their governments actions. INSTEAD they are complaining about foreigners who are justly very angry that they can’t get their money from their accounts like the Icelanders still can. It is really no wonder that Icelanders are described in “unfriendly terms”. I think a lot of them are deserving it.
That bad imago is unfortunately a result of the banks in your country, which pulled 300.000 British and 150.000 Dutch depositors with them into bankrupty…
Sentence the responsinle ones and show that you also care as a country.
What I see everywhere is jealousy on the Icelandic prosperity experienced this past few years.
I know your article plays innocence but the Icelandic economy benefitted by what prosperity your big banks brought into the country.
So, it’s more guilt by association.
I actually AGREE with you that Americans have caused more harm onto this world than Iceland could ever imagine doing but you should point fingers.
The stock markets are risks. So, any investment in stock markets is gambles. However, bank deposits are “no risk” and this is why your country is getting a bad review in its treatment of foreigners who carried bank accounts in your countries banks.
Why the British and the Dutch not address Americans as thiefs, liars and other unfriendly terms to all over the world?