Food shortages in Iceland as currency collapses

Food shortages in Iceland as currency collapses

www.bloomberg.com

Icelanders are flooding the supermarkets one last time, stocking up on food as the collapse of the banking system threatens to cut the island off from imports.

Iceland will begin to see shortages of ``regular goods'' by the end of the week if nothing changes, he said.

Shoppers are paying more for the goods they do get.

(visit the link for the full news article)



[edit on 15-10-2008 by In nothing we trust]

By looking at Iceland, we can see what happens to a country when it's currency and credit worthiness is considered worthless by other countries.

Exporters in other countries are demanding payment in thier own currency before sending anything to Iceland now. It takes more of Icelands currency (krona) to purchase stuff than it did before. People in other countries have lost faith in Icelands ability to pay it's bills.

This is where America is dangerously close to being.

www.bloomberg.com
(visit the link for the full news article)

The survival of Iceland could depend on its strategic importance to the West. I'm sure that Russia would be only to willing to rescue the country in return for using the countries facilities Militarily.
I would advise the Icelandic Government to start talking about a possible deal with thr Russians. NATO would probably poo thier pants and the money come flooding in.

Well at least America has the land to grow our own food in vast quantities, kind of like we already do, and the minerals to manufacture the packaging it requires to get to our shelves. We be aight.

Iceland is however close to energy independance

Iceland has already gone further than any other country in exploiting its abundant sources of renewable energy. Virtually all of its electricity and heating comes from hydroelectric power and the geo-thermal water reserves tapped from the hot rock layers lying just beneath the surface of this extraordinary island.

But with no fossil fuel resources of its own, the country relies on imported oil to power all its cars, buses and fishing trawlers, which provide 70% of its income.

There be the problem. However, they are planning to become the first Hydrogen society by utilizing their significantly developed renewable energy infrastructure.

But producing the hydrogen economically without creating more pollution in the process is one of the stumbling blocks in turning fuel cells into a genuinely clean alternative, and this is where Iceland believes it has a head start.

The idea at the heart of the project is that Iceland can use its pollution-free, cheap electricity to "split" water into its component parts of hydrogen and oxygen through the process of electrolysis, something it has already been doing for nearly 50 years at a plant producing ammonia for fertilisers.

"Many experts say that in 20 or 30 years, solar energy could be harnessed in an economic way and turned into electric energy," Professor Arnason said. "In Iceland we don't have to wait for solar energy to become economic because we have this cheap hydropower and geothermal energy. We can start now."

The article was from 2001, so I assume they have come quite a ways. If they can begin fueling their transportation and fishing industry within the next two years primarily with with hydrogen, then they should be able to weather this storm out. That would also put them pretty damn close to complete energy independance as well. At least there is only about 300,000 people on the entire island, they should be able to feed themselves, although I am sure imported prepared meals and chain-food restaraunts will be in decline for a few years.

first fuel is not a fossile energy, it's abiotic,

this fossile theory is another lie of the "people in charge" to play as they wish with the cost of this resource

then may i request the american people stop looking constantly and only at themselves as the center of the universe ?

and therefore show first some compassion here for the people of Island that are now highly suffering from a crisis created by international (but mostly from US) banksters , before going on a pathetic and selfish "that is what is going to happen to us"

sorry doubled

[edit on 15-10-2008 by ::.mika.::]

Originally posted by ::.mika.::
... some compassion here for the people of Island that are now highly suffering from a crisis created by international (but mostly from US) banksters , before going on a pathetic and selfish "that is what is going to happen to us"

It does make sense that Icelands rebellion to the fossil fuel world standard could be the cause of thier demise.

[edit on 15-10-2008 by In nothing we trust]

Originally posted by In nothing we trust

Originally posted by ::.mika.::
... some compassion here for the people of Island that are now highly suffering from a crisis created by international (but mostly from US) banksters , before going on a pathetic and selfish "that is what is going to happen to us"

It does make sense that Icelands rebellion to the fossil fuel world standard could be the cause of thier demise.

[edit on 15-10-2008 by In nothing we trust]

yes you are correct i didn't make much sense,
it was more of a preventive post generated by a feeling i have too often going around this forum

i'll put a thread on the real origin of petrol somewhere on the board

edit: didn't understand you post actually, i now understand you probably mean that since island is trying to not be dependant of the fossil fuel it may well have been an economic demolition target for the banskters; (i is guilty of very confused/angry mind with the world economic events of these days)

[edit on 15-10-2008 by ::.mika.::]

Source

International Nordic News Icelandic delegation talks in Moscow By Lenka Vaiglova on Oct 14, 2008 in Finance and Business, Iceland, MBL, Politics Moscow - Kremlin

An Icelandic delegation held talks about the possible loan from Russia to Iceland in Moscow earlier today, according to Reuters. The talks are reported to have gone very well so far and the next negotiations, deciding the amount of the loan, are scheduled for Friday. “We were accepted very well. We still haven’t talked about the sum, as we have only had general discussion about the money matters in Iceland,” said Sigurdur Sturla Palsson, chairman of the Moscow comitee and director of the Internatriomal and market department of the Icelandic Central Bank.

In January 2008 Canada and several other countries also signed an upgraded freetrade agreement with Iceland.

I wonder why Russia was the only country to extend a suitable loan offer to Iceland?

There is also this Iceland looks again at joining EU

And it seemed that Japan offered a loan that made the Icelanders a bit nervous...

Hopefully they can be helped out...must be very difficult being isolated as they are.

All Ready being discused here

I'm disgusted the world is letting a little island with around 300K people get this close to mass food shortages, and being forced to accept Russian goodwill (as a NATO country). Yet banks that helped cause this get billions.




The Icelandic people WILL remember this.

i`ll happily accomdate an islandic girl or 2

img.photobucket.com...



erm , did the news of the UK loaning iceland £100 million slip passed everyone? basically the UK government is buying into icelandic banks to shore them up


oh and its funny the way news is reported - some northern towns are laughing at iceland and saying it brings `poetic justice` for the 1970`s cod wars - so its not only iceland memory which is long

LONDON (AFP) - The government is to provide a short-term loan of up to 100 million pounds to Iceland to help repay cash to British savers with money in frozen Icelandic banks, Chancellor of the Exchequer Alistair Darling said Monday.
"The Bank of England is today providing a short-term secured loan of up to 100 million pounds to (Icelandic bank) Landsbanki, to help maximise the returns to UK creditors," he told MPs, explaining the latest bank bailout plans.

Yep the loan was put in place not for the benefit of the Icelandic economy but for the sake of INVESTORS abroad.

Keyword short term - meaning in todays economy= can be called in at anytime. It's not a loan to assist the local economy it's merely to unfreeze assets belonging to other countries.

Surely they have (official) food reserves to last them more than just five weeks?
Every country has them.

And don't worry too much about them: they are resourceful people.
(How do you think they survived up there, in that rocky country, for so long?)

However, it goes without saying that everyone should help them, if need be.





[edit on 16-10-2008 by Vanitas]

I knew a guy from Iceland...lived in Tulsa,Oklahoma...ran Dave's (God rest his soul)Tobacco Pouch near the golf course!! Great person!

Anyways I know that most persons in Canada that are aware of the problem feel for the Icelandics!!

I am sure that NATO will not let them go down.

Hope all works out.

reply to post by whiteraven


I wouldn't be so sure

Europe has a problem - it is called "ignorance"
I know it, I live here, it exists.

So, maybe Icelanders should go back to the sea - and look up for the new opportunities, however in my opinion Russia will help them in fact in much better way then EU

You know what, I hope Iceland collapses! No more of those annoying Kerry Catona adverts. I hope she starves to death...

(A British joke there)

Seriously though, It is pretty ridiculous that a country can come this close to collapse in 2008.
Although the UK offered £100million, they were pretty quick to pull the rest of their money out of Icelands banks, rightly or wrongly

Ok I'm officially interested, great thread.

I work in the food industry and while we have no indications of anything happening here in the US, this is definitely a wake up call for those nations who do not grow their own food and have a failing economy.

Zimbabwe in the west, who would have thought it possible just a month ago.

reply to post by Harlequin


and iceland being closely related to the scandinavian region, i believe sweden, norway, denmark and finland will help them out too...but to what extend, i wouldnt know..