Iceland Booms As The World Struggles, page 1

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Topic started on 10-7-2012 @ 02:00 PM by Doalrite

REYKJAVIK, Iceland – For a country that four years ago plunged into a financial abyss so deep it all but shut down overnight, Iceland seems to be doing surprisingly well.

It has repaid, early, many of the international loans that kept it afloat. Unemployment is hovering around 6 percent, and falling. And while much of Europe is struggling to pull itself out of the recessionary swamp, Iceland’s economy is expected to grow by 2.8 percent this year.

“Everything has turned around,” said Adalheidur Hedin-sdottir, who owns and runs the coffee chain Kaffitar, the Starbucks of Iceland, and has plans to open a new cafe and start a ■ bakery business. “When we told the bank we wanted to make a new company, they said, ‘Do you want to borrow money?’” she went on. ‘We haven’t been hearing that for a while.”

Analysts attribute the surprising turn of events to a combination of fortuitous decisions and good luck, and caution that the lessons of Iceland’s turnaround are not readily applicable to the larger and more complex economies of Europe.

But during the crisis, the country did many things different from its European counterparts. It let its three largest banks fail, instead of bailing them out. It ensured that domestic depositors got their money back and gave debt relief to struggling homeowners and to businesses facing bankruptcy.

So as far as I can see throwing out the current government, arresting the criminals and starting over is a good thing.

Its time this example is used around the world, down with the Establishment and all the criminals running these great countries.

www.dailypaul.com...[e ditby]edit on 10-7-2012 by Doalrite because: (no reason given)

reply posted on 10-7-2012 @ 02:03 PM by amongus

Let's see...Iceland, vs. the united states.

How many more millions of people does the US have? It's the equivalent of a small island going up against a continent.

I'm happy for Iceland, but it's apples and oranges. Name one product that comes from Iceland.....do they even have an army?

reply posted on 10-7-2012 @ 02:11 PM by BacknTime

Good for them they deserve it. I mean what kind of person would talk bad about iceland?

reply posted on 10-7-2012 @ 02:31 PM by TinkerHaus

Originally posted by amongus
Let's see...Iceland, vs. the united states.

How many more millions of people does the US have? It's the equivalent of a small island going up against a continent.

I'm happy for Iceland, but it's apples and oranges. Name one product that comes from Iceland.....do they even have an army?

What in the hell does this have to do with taking their economic system back from private interests and making it work for the people?

Why are Iceland and the USA different? Many in the USA suffer from mental blockage, and cannot imagine or comprehend a system that works FOR the people and not AGAINST them.

reply posted on 10-7-2012 @ 02:54 PM by johncarter

reply to post by TinkerHaus

Agree with you wholeheartedly. You will not find anything more than knuckledragging, slobbering cromags in the US nowdays. I left this damn country ten years ago and have never looked back. As things are now with a rapidly decreasing economy, completely boughtout congress and SC, combined with a president that would make any african corrupt president look like jesus christ in comparison, I can assure you this country is heading towards a dark thick hell-cloud of rampant criminality and gangwars in the years to come. This nation doesnt produce anything anymore. Except drug-addicts, soldiers of fortune from the leftover wars and anything else that usually crawls out from under a stone.

You cannot ask an american to do the things the icelanders did. it simply doesnt compute in their drug drenched brains. To them Iceland´s remarakable swift action to save their country smells socialism which in an average americans cromag brain equalls communism (laughs).

We speak of the destruction of an empire here. Like Rome. Just lay back, relax and watch the whole shebang go up in flames. Time to find a new place to bring up children and the hope of a good future.

edit on 10-7-2012 by johncarter because: (no reason given)

reply posted on 10-7-2012 @ 02:55 PM by minkmouse

reply to post by amongus

Perhaps that's the rub...They are rebounding so well because of their lack of an army. It's not an island verses a continent, it's a country full of people who took matters into their own hands, held people accountable and apparently re-wrote their constitution to help ensure it wouldn't happen again.

ETA...Not to be a dick but I'm trying hard to think of a product that the US still makes?

edit on 10-7-2012 by minkmouse because: (no reason given)

reply posted on 10-7-2012 @ 02:58 PM by joeraynor

Why are Iceland and the USA different?

Do you need to ask a question like that?

They are similar in few ways, lol.

And Iceland is too small to be a reliable sample comparable to a large nation. It would be like Chicago or Houston doing well while the rest of the country struggled... sure, special conditions can create an island of prosperity, but a country as large as the US is ruled by general trends, and doesn't have the same opportunity to be an outlier.

Not that there aren't tons of progressive things Iceland does, but it also does not have all of the fiscal obligations the US has.

reply posted on 10-7-2012 @ 03:10 PM by HEYJOSE

Originally posted by amongus
Let's see...Iceland, vs. the united states.

How many more millions of people does the US have? It's the equivalent of a small island going up against a continent.

I'm happy for Iceland, but it's apples and oranges. Name one product that comes from Iceland.....do they even have an army?

Why must a country have an army for you to think it legitimate? Think of what you have just said. Why do they have to produce products to be legitimate in your eyes? Countries are not bombs or bullets and consumer goods, they are comprised of people. Human beings just like you, who want to have a roof over their heads, clean water, food and a warm fire. If I may make a suggestion please moderate your perspective to one which is more altruistic, if we all do this the Planet will be much better off. The reason that Iceland is booming is that they started locking up the bankers and reset their economy. PEACE.

reply posted on 10-7-2012 @ 03:12 PM by TinkerHaus

Originally posted by joeraynor

Why are Iceland and the USA different?

Do you need to ask a question like that?

They are similar in few ways, lol.

And Iceland is too small to be a reliable sample comparable to a large nation. It would be like Chicago or Houston doing well while the rest of the country struggled... sure, special conditions can create an island of prosperity, but a country as large as the US is ruled by general trends, and doesn't have the same opportunity to be an outlier.

Not that there aren't tons of progressive things Iceland does, but it also does not have all of the fiscal obligations the US has.

It doesn't have the fiscal obligations the US does because it re-wrote the rules.. Iceland was swimming in debt and was contemplating austerity, and the people said "%^$& naw" and took their government back.

Our 'fiscal obligations' are imagined. Our 'national debt' is made up.

The question was rhetorical, as you can see I provided the answer for you.

Sure, we are talking about two different places but the only REAL reason we cannot do the same thing that Iceland did is because Americans are content eating chips and slugging down sugar water, watching South Park and getting their news from Comedy Central.

Icelanders are more socially and economically responsible than Americans - not because Americans are incapable, but because Americans are complacent and brainwashed.

reply posted on 10-7-2012 @ 03:22 PM by TinkerHaus

I don't think many are aware of what happened in Iceland.

I had to search a bit, but found a site that I remembered had explained it really well.

www.hermes-press.com...

We CAN and SHOULD do the same thing, the problem is our government is OWNED by those who run the financial system. Our politicians are in their pockets. They write US law by proxy.

If you understand what happened in Iceland, I'm sure you'll come to the conclusion that ALL NATIONS can do the same thing, if only the people can find solidarity and fight as a whole.

To sum it up, the people of Iceland told the banks that THE PEOPLE were not responsible for banker debt. In the USA we bailed them out with borrowed money (not from China, from the FRB), because we were told that if we didn't we'd get marshal law.

Iceland manned up and stood their ground, the USA bent over and took it like a victim. We were victimized by our own political system, and this happened because we have, and continue to ALLOW it to.

edit on 10-7-2012 by TinkerHaus because: (no reason given)

reply posted on 10-7-2012 @ 03:31 PM by projectvxn

reply to post by TinkerHaus

Actually, for the most part, Iceland let real capitalism work.

The banks were allowed to fail.

Debt was paid off or restructured.

Fraudulent debts were forgiven through legal process.

If anything the private sector was allowed to be the private sector and from the ashes of the fallen grew a new and better private sector.

Indeed, on one front we agree, the US could learn a lot from Iceland

reply posted on 10-7-2012 @ 03:33 PM by peck420

When did 2.8% GDP growth become a boom?

That is considered the minimum acceptable growth in Canada...aka, holding steady. Damn, we even call it a recession when it slips below 2.5%.

We don't even whisper the word 'boom' until we break 3.5% in Western Canada...and we usually reserve the cheering until we break 4%.

2.8% growth a boom...

reply posted on 10-7-2012 @ 03:36 PM by projectvxn

reply to post by peck420

When you consider the status of Iceland during the height of the crisis and compare that to individual EU economies 2.8 percent is pretty damn good. And they are still regrowing what had been lost not but a few years ago. Where are the EU nations now? Running zombie economies just like the US.

edit on 10-7-2012 by projectvxn because: (no reason given)

reply posted on 10-7-2012 @ 03:37 PM by Doalrite

Originally posted by TinkerHaus
I don't think many are aware of what happened in Iceland.

I had to search a bit, but found a site that I remembered had explained it really well.

www.hermes-press.com...

We CAN and SHOULD do the same thing, the problem is our government is OWNED by those who run the financial system. Our politicians are in their pockets. They write US law by proxy.

If you understand what happened in Iceland, I'm sure you'll come to the conclusion that ALL NATIONS can do the same thing, if only the people can find solidarity and fight as a whole.

To sum it up, the people of Iceland told the banks that THE PEOPLE were not responsible for banker debt. In the USA we bailed them out with borrowed money (not from China, from the FRB), because we were told that if we didn't we'd get marshal law.

Iceland manned up and stood their ground, the USA bent over and took it like a victim. We were victimized by our own political system, and this happened because we have, and continue to ALLOW it to.

edit on 10-7-2012 by TinkerHaus because: (no reason given)

Absolutely right thats why this isn't reported on by the Mainstream Media. Americans need to wake up and understand that we could prosper just fine and spread the wealth of those criminals that hold politcal office right now.

As for Iceland being an island.. so what maine is a state and apparently the base of obamacare

reply posted on 10-7-2012 @ 03:45 PM by joeraynor

the problem is our government is OWNED by those who run the financial system. Our politicians are in their pockets. They write US law by proxy.

Now THAT I can agree with, lol.

I am tired of corporations writing our damn laws for us just because campaign contributions and lobbying have no real limits placed on them.

And yes... lets see just once what happens when JP Morgan or BOA is allowed to crash and disintegrate, without this intervention bailout song... they will break up and be sold to other banks, that much is already known, and it would serve as a warning to those savages that they can't gamble themselves into huge fortunes AND have the government cover them when their huge bets fail.

*I'm Mad as hell and not gonna take it anymore! (spoken in "The Network" voice)

Rant over, lol.

reply posted on 10-7-2012 @ 03:50 PM by peck420

reply to post by projectvxn

I am fully aware that it is good news.

Good news, however, does not make a boom.

It is sensationalisms like this that lead to unattainable expectations.

Head line should have read:
Iceland recovers after refusing bailouts to banks.

Would have been far more accurate.

reply posted on 10-7-2012 @ 04:05 PM by Doalrite

reply to post by peck420

the title was just copied from the original article.. not a boom for america but i bet people from iceland think so.

reply posted on 10-7-2012 @ 04:21 PM by TinkerHaus

Originally posted by projectvxn
reply to post by TinkerHaus

Actually, for the most part, Iceland let real capitalism work.

The banks were allowed to fail.

Debt was paid off or restructured.

Fraudulent debts were forgiven through legal process.

If anything the private sector was allowed to be the private sector and from the ashes of the fallen grew a new and better private sector.

Indeed, on one front we agree, the US could learn a lot from Iceland

I..understand what happened in Iceland.

I didn't go into detail, but instead provided a link with a great timeline of the situation there. I agree with you 100% on what you've said, I was saying the same thing, in fact, just in less eloquent detail.