posted on Jun, 23 2011 @ 06:59 PM
Originally posted by Blaine91555
reply to post by jaycen420
Other countries bailed them out. Then they refuse to pay those who helped them back. Seems clear enough.
What is Iceland's income source now anyway. As I recall it was fishing, then they switched to providing financial services and banking was the basis
of their income. Then the banks failed, their banks failed and they borrowed money to survive. Now they don't want to pay it back?
I'm not sure you are understanding what is happening here. Iceland was wealthy, although tiny in population. They, the people of Iceland chose
banking and providing banking services as the vehicle to support themselves. They chose that, not others.
Is there not a mass exodus happening there due to the financial collapse? I seem to have read that someplace? I don't think they can go back to
fishing and if they don't pay their debts, they are done providing financial services, so that pretty much ends Iceland. It most certainly ends trade
and Iceland does not manufacture anything does it?
These conversations about the banks are always so childish and uninformed, makes me wonder just how bad our schools really are now.
it seems you could be looking at this from the financial sector's point of view.
the bankers, speculators, hedge funds, etc. became intoxicated with subprime loans, credit swaps,basically creating wealth out of thin air.
when the financial house of cards threatened to collaspe, the USA, EU, etc bailed out Wall Street.
the Icelandic refused, and in free market, capalistic ideology told the financial sector to eat it's own loses.
the worldwide financial problem is far from over.
if a dog has flees and ticks and you give it a blood transfusion, it may live for a while, but the medical problem is still there.
the banks are still gambling, the hedge funds heading for a crash playing the commodities, credid swaps for nation defaulting, derivatives, etc,.
the flees and ticks are still on the dog, and more blood transfusions is not the answer.
the banking and all financial sectors needs major reform, not more transfusions.
this is a storm that has a long time to go.