It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
originally posted by: projectvxn
For a socialist country, they seem to understand that in capitalism, you don't reward failure by stealing money from the people to pay for it.
originally posted by: eletheia
a reply to: FyreByrd
Have never really been able to understand the mind set of
*rewarding* failure ... Doesn't happen anywhere else but in
originally posted by: paraphi
Another superficial analysis of the Icelandic crash and recovery. No mention of the austerity measures and tax rises that countries like the UK would not have touched, nor the government debt incurred to stabilise the economy. No mention of the foreign debts written off by other countries, such as the UK, which removed at a stroke a rather large millstone around any recovery.
The Icelandic banks were allowed to fail because they catered for foreign investors. Iceland could just afford to underwrite the domestic investors. Attempting to make a point by comparing Icelandic recovery to everyone else is rather silly. Apples and oranges, and all that.
I am not saying what the Icelandic authorities have done has not been impressive, but it's not appropriate to compare Iceland with the US, or any country for that matter.
originally posted by: the2ofusr1
a reply to: FyreByrd
I guess we get told of all the horrors that will fall upon us if we don't do as we are told by the money lenders and Iceland is a clear case that the all knowing bankers know nothing . Check this newest move by the money lenders and see if you can square this one . I think the Greeks will have the info they need to turn their position around . ".
"IMF Confirms It Will Support Ukraine Whether It Defaults or Not
Open letter from IMF chief Christine Lagarde makes clear the IMF will continue to provide funding to Ukraine regardless of whether or not Ukraine’s Western creditors agree to restructuring " russia-insider.com... I guess they consider sponsoring a war as a good thing .
originally posted by: FyreByrd
Please read the article - Investors funds were 'frozen' not written off. Iceland is planning on 'unfeezeing those funds.' There will be a fee to 'expatriate' them which is a measure to slow down the local loses.
Foreign debts were written off - including $8bn (£4.9bn) of deposits from savers in the UK and Holland. "Bankrupting your way to recovery," it has been called.
originally posted by: Cuervo
originally posted by: Temudjin
a reply to: anticitizen
no you depend on the bankers, while you think you dont. Iceland has a pop. of 400.000
How do we depend on the bankers? Where do they get the money? From our government who supposedly works for us. Where does the government get their money? From our taxes. Why are we borrowing money from people who borrowed money from our employees?
How does that makes sense?
Where does the government get their money?
The banks get their money from the government. They lend out tons more because they are only required to physically have a fraction of what they lend out.