Financial crisis: Iceland's dreams go up in smoke

Financial crisis: Iceland's dreams go up in smoke

www.telegraph.co.uk

Yesterday, trading in the shares of six major financial institutions was suspended as the government sought to avert meltdown. Interest rates have been catapulted to 15.5 per cent, peaks not seen in Britain since Black Wednesday, in an attempt to rein in inflation. The krona's freefall on the international currency markets is surpassed only by the catastrophic failure of Zimbabwean currency. One of the country's three banks, Glitnir, has been nationalised; another wants money from its customers.

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Iceland Halts Financial Trading?

Iceland had also presided over the fastest expansion of a banking system anywhere in the world. Little did anyone know that the expansion once so admired would go on to saddle the country with liabilities in excess of $100 billion – liabilities that now dwarf its gross domestic product of $14 billion.

Iceland overreached itself in spectacular fashion, and the party is coming to a messy end.

...Foreign currency is running out as international banks refuse pleas to lend money.

it seems that their problems somewhat parallel our own! will something like this happen to ou economy here in the states??

www.telegraph.co.uk
(visit the link for the full news article)

The mood of crisis was heightened further when the Government suspended all public service broadcasting, a measure usually reserved for volcano warnings. The chairman of the opposition left-green party, Steingrimur Sigfusson, has called for a coalition government to lead Iceland through its financial emergency.

The trade unions, meanwhile, are pressing for Iceland to begin talks about becoming part of the European Union, which the government has been reluctant to join for years. The pension funds have now also agreed to help the Government by selling assets.

www.telegraph.co.uk...

could this possibly be a sign of things to come for America's introduction into the North American Union, complete with the Amero?!

im watching the news now and it says Iceland is bankrupt... they said 20-30 people are to blame...

reply to post by fatdad


what network are you viewing? i'd like to know more about that figure..

I am starting to wonder if this is all purposeful.

Bring the World to its knees, make them desperate, and then offer them a new form of currency as the solution. I don't know, but there is something sinister going on and it's all connected.

Oh well, looks like I'll have to start plan b on where I am moving to. And Iceland sounded so good too.

Warmer climates it is then.

Originally posted by Lucid Lunacy


I am starting to wonder if this is all purposeful.

Bring the World to its knees, make them desperate, and then offer them a new form of currency as the solution. I don't know, but there is something sinister going on and it's all connected.

of course it is! "Ordo ab Chao" is their phrase - order out of chaos! the collapse of the economy has been meticulously planned for a long time coming now, as fellows such as Jordan Maxwell have been saying for quite a while now, so as to bring about a new savior for mankind, the NWO!

everything done by the government has been precisely planned and practiced, executed perfectly. also never forget, that the government does not make mistakes - they are not as stupid as you'd like to think they are!

You sure said it, for the past year ive contemplated Iceland as my retreat. Ehhhh, back to the old drawing board.

Yeah, terrible...

Sucks to be in a small independent Nation full of tall blond hard drinking women...

damn, what will they do there without money?



Iceland will be exactly same no matter what happens to the world economy

Originally posted by Lucid Lunacy


I am starting to wonder if this is all purposeful.

Bring the World to its knees, make them desperate, and then offer them a new form of currency as the solution. I don't know, but there is something sinister going on and it's all connected.

Various pieces of trivia and news are starting to look like connect the dots. No one wants war but somehow it is inevitable? Why isn't peace inevitable? War munitions require raw materials, peace not so much.

Now we got an asteroid they are going to turn into doomsday in order to squeeze the taxpayers into paying for yet another toy for the rich to carelessly play with. We are just the charming street people in some kind of Dickinsonian/Horatio Alger morality play to them.

Maybe they can start exporting ice to FEMA? I know FEMA is in great need of ice to melt.

Originally posted by adrenochrome
reply to post by fatdad

 

what network are you viewing? i'd like to know more about that figure..

This story was on the BBC 10pm news (UK). It showed an address by Iceland's PM, who said that the country's banks debts were several times the size of the country's GDP, and the whole nation was in danger of being made bankrupt.
In an interview with a bank shareholder spokesman, the bloke said that 20-30 bankers were resposible for the whole thing.
I can't find a the story on the BBC website unfortunately.

Don't worry too much about Iceland. They have one huge advantage over most of the rest of the world - a seemingly limitless supply of cheap clean energy (geothermal). While the rest of the world economies may not be in as dire a situation as they are facing right this moment - given time they'll clean up their financial mess and we'll still be going broke trying to buy oil to power our SUV's.

Add that to their relatively remote location and it still sounds like an awesome place to go if the U.S. goes down the toilet the way the predictions on the ATS boards seem to expect.

"Tall....hard-drinking" blonde women will be just a bonus. Hope they think American guys are hot.....

[edit on 6-10-2008 by total_slacker]

reply to post by Paul


the PM's address is available here:
www.telegraph.co.uk...

The entire world is experiencing a major economic crisis, which can be likened in its effects on the world's banking systems, to an economic natural disaster. Large and well established banks on both sides of the Atlantic have become victims of the recession and governments in many countries are rowing for all they are worth to save whatever can be saved. In such circumstances every nation thinks, of course, first and foremost of its own interests. Even the biggest economies in the world are facing a close struggle with the effects of the crisis.

In recent weeks the world's financial system has been subject to devastating shocks. Some of the biggest investment banks in the world have become the victims and capital in the markets has in reality dried up. The effects have been that large international banks have stopped financing other banks and complete lack of confidence has developed in business between banks. This has caused the position of Icelandic banks to deteriorate very rapidly in the last few days.

We now need responsible and measured reactions. I will present immediately a bill to parliament which will allow the exchequer to address the current situation on the financial markets. I have spoken to the opposition parties and received assurance that the bill will be passed today. I would like to thank them for their cooperation.

www.telegraph.co.uk...

i'll try to find this "bill" when it surfaces..

and don't forget..

God bless Iceland.

not the people of Iceland, not humanity, not the people of the world... we've seen this tactic used by certain other countries in times of "crisis" before - certain other "Corporatocratic" countries...


on a side note, could any of this be tied to what David Wilcock said on his September 9 interview?!

That’s one of the things that Fulford is talking about. Fulford is describing how, even though it’s basically checkmate for the Rockefellers, as of September 30th , they’re being called to come up with this debt that they owe from when the Reagan administration overthrew the Soviet Union and pillaged all their money by bombarding them with fake Russian ruble currency. It was a very successful operation, which allowed the massive siphoning out of the Russian wealth to the Rockefeller faction, to the tune of, you know, trillions and trillions of dollars.

And now that money is being demanded to be paid back; they don’t have it. And so what Fulford is saying is these Eastern Secret Societies are essentially holding the Rockefeller side at gunpoint saying, Look, if you guys don’t do this, we’re going to hurt you and we have the ability to do that, and it basically amounts to, you know, them getting a loan because nobody wants to see the American economy collapse, because it’s all international now. There’s no real national economy anymore. These countries are all multinational, so the wealth will be redistributed so that there’s no collapse.

www.projectcamelot.org...

September 30th just passed - could there be any relation?

reply to post by GAOTU789


here's what's said about traveling to Iceland in these times:

ask.metafilter.com...

...and for the bill:

The Icelandic Government seized control of the country’s biggest banks last night in an attempt to fend off wholesale economic collapse.

...

In a late-night sitting, parliament approved a Bill giving the Government wideranging powers over the banks, including the ability to seize their assets, force them to merge or compel them to sell off their overseas subsidiaries, many of which are in London.

Icelandic banks have lent hundreds of billions of pounds overseas and their position in the world’s financial system far outweighs the size of the country’s tiny economy, the GDP of which was only $20 billion last year.

business.timesonline.co.uk...

In an address to the nation, Prime Minister Geir Haarde said the country’s top financial regulator will have wide-ranging authority to dictate a bank’s operations and could even force it to merge with another firm or declare bankruptcy.

The bill will also allow the government to take over housing loans held by the banks and put them in a government housing fund, an effort to help thousands of islanders who face the loss of their homes amid an ever-widening credit crunch.

www.timesonline.co.uk...

www.forbes.com...

My father in-law works in iceland since 5 years now. When he started he earned something like 5 times more than in his own country poland. His last paycheck which he sent home to his wife was only 1.5 times more. He is packing his bags to come home soon. He won't find work here. It's a real catastrophe. He is not the only one leaving. The implications are much bigger. All the foreign workers in iceland are forced back home into joblessness and what follows after. Homelessness, alcoholism, etc.

I can't even foresee whats happening next. I and my wife are distraught and don't know how to keep up with our bills, not to mention the bills of our closest beloved relatives. But we'll stick together and fight. All that's left is each other and the hope that one day it will get better again.

Amen.

reply to post by Benarius


yes, there is much, much more to life than material money! it's time the world awakens to the issues that truly matter!

reply to post by Lucid Lunacy



Agreed...There are too many "coincidences" popping up for my liking. There appears to be something sinister behind all of this. Good thread adrenochrome, it appears we have a ripple effect going on...