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Originally posted by amongus
Name one product that comes from Iceland
Originally posted by peck420
reply to post by tothetenthpower
When did walking away from obligations become bravery?
Everybody likes to say that they had no hand in this mess, but you didn't here much complaint when the average Joe was profiting from it. Only when it came time to pay the piper. Than it was a problem, it was unfair, unjust, etc ad naseum.
I imagine most lenders will want a substantial guarantee on any future loans.
Originally posted by tothetenthpower
No, the average joe was not making ANY money, only the bankers and corrupt politicians were. What planet do you live on? Iceland gained nothing in the last 10 years from having it's economy pirated to the rest of the international community.
They won't ever have to do that again, considering they now have their own which prints it's own money as is legally allowed and as is the moral obligation of any nation. No nation should be borrowing money for it's citizens from foreign investors when it can use it's own natural resources among other things to drive currency.
No, they won't be borrowing any more fiat currency. They have no need for it. With them also moving to a referendum democracy, Iceland is the model of politics that we should start importing to other countries.
Do you really know economics? Have you not been around in the last 10 years and seen the destruction that international banking cartels have done to nations all around the world?
The entire financial crisis was planned and executed by these people with their fiat currencies and illegal money practices. The fact that you would defend these people and blame the citizens of nations who were lied to by them is kind of jarring.
Originally posted by MissingRonnieR
Starting over on a vast scale seems doomed to failure but is simple in its economic theory. The theory is to remove all bank debt in the US, Individuls begin at zero with what they have, car, House, Credit Card debt. The same with every corporation, small and large business, retiremwnt plan and Government funded project. Equality benefits all only banks are marginalized. they become what they are points of transfer and nothing more. It is the reset button. Someone please push it.
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 Hedinsdottir, 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.
“Taking down a company with positive cash flow but negative equity would in the given circumstances have a domino effect, causing otherwise sound companies to collapse,” said Thorolfur Matthiasson, an economics professor at the University of Iceland. “Forgiving debt under those circumstances can be profitable for the financial institutions and help the economy and reduce unemployment as well.”