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Iceland shuts down stock exchange

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posted on Oct, 9 2008 @ 12:00 PM

Crisis-hit Iceland suspended trading on its stock exchange until Monday today.

The OMX Nordic Exchange Iceland said the decision was due to "unusual market conditions".

Iceland is sinking deeper into financial turmoil as its top-heavy banking system collapses.

The Icelandic government now has control of all three of the country's major banks - Kaupthing, Landsbanki and Glitnir - as it struggles to contain the panic.

The crisis is also hitting several other countries in Europe, where thousands of people have accounts with subsidiaries of the Icelandic banks.

Earlier today Iceland's third largest bank group Kaupthing was taken over by the Icelandic Financial Supervisory Authority.

Now I know there were other articles about the troubles that Iceland has had over the last few days. But it seems like it's all come to a head.

How many other countries are going to have to do the same things? When this is all said and done, are we looking at global, monumental change for the world's banking systems? Will the future be one of nationalized banks?

posted on Oct, 9 2008 @ 12:14 PM
You hit the nail on the head my friend, it is most obvious that this is the first logical step towards creating a new world wide money base. Question is, how will the top elites continue to control? What I mean to say is that for now the stronger richer countries hold money or over lesser stable countries to have them do as we wish, but if all the monies are centralized then favors and blackmail will no longer work, or will it?

Change is upon us and I just wish that so much secrecy was not the way they chose to do it. I wish they could just lay it on the line and let everyone have a sense of understanding about the change rather than keeping us unempowered by secrecy and covert actions.

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