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Iceland

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  • Thu, Jan 07, 2010 - 05:24pm

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    Iceland

I, personally, think Iceland was the victim of economic hit men who wan teed to force them into the EU.  But, if they use this to keep them out of the EU it leaves that theory in limbo.  What do you think will come next?  What effect could this have on currency trade?

http://www.cnbc.com/id/34722947/   for the article.

 

Britain warned Iceland on Wednesday that it could be blocked from joining the European Union after the tiny North Atlantic nation’s president voted against the repayment of $5.7 billion in loans to Britain and the Netherlands.

Icelandic President Olafur R. Grimsson’s decision Tuesday not to sign into law a bill on the loans caught many by surprise and threatens to damage Iceland’s international standing as it attempts to recover from financial collapse.

  • Thu, Jan 07, 2010 - 06:38pm

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    Re: Iceland

I can’t help but wonder…

Is a nation that defaults on its obligations first in a better long term position than one that tries everything to honor their debts?  By taking the pain early, will they be in a better position than most when defaults later become widespread and currencies and markets become extremely volatile?  Or will the larger global economy drag them back down regardless?   I think both will be true to an extent, but I see more potential positives than negatives whether the decline is a slow or fast collapse.  Their economy and currency would undoubtably take a big hit as foreign investors pull out in the beginning, but other nations have survived and worked through that to become prosperous later.  The biggest positive in my mind is that they will have already adapted to a more frugal and practical lifestyle and their economy would change to reflect that.  Most of us here are preparing for a lower standard of living (in the ‘modern’ sense and not to be confused with quality of life) because we expect it’s inevitable and the earlier we start the easier it will be, and I don’t see how this wouldn’t apply to nations too to some extent.  If so, then maybe in 5,10, or 20 years Iceland and some other early default nations will be the envy of many countries. 

Anybody have other thoughts?

– Nickbert

  • Thu, Jan 07, 2010 - 08:21pm

    #3
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    Re: Iceland

I think the icelandic situation is more complicated that the (British) newspaper article makes it appear like.

  • The dispute is about the extent Iceland has to compensate savers at the offshore locations of Landsbanki (etc). The problem is that Landsbanki alone had more depositors than there are people on Iceland! Every Icelander has to cover more than one savers deposits. On top of this, the Brits and Dutch also demand outrageous interest on the money.
  • The Brits got scared that Icelanders might move money out of UK and used anti-terrorist laws (!!) to confiscate Icelandic property in Landsbanki. This in turn caused Iceland to declare that assets had been lost due to force majeure, and therefore not covered by the Icelandish depositor guarantee. http://en.wikipedia.org/wiki/Landsbanki_Freezing_Order_2008
  • The money actually put into the bank disappeared to interest-free loans to 15 senior executives and shareholders in the banks – and was used to by property in France, cars, yachts etc. They are still digging into this…

As I see it, there are just losers. Depositors that either lose money they thought were safe, or Icelanders having to pony up for someone elses crimes.

As W. Black put it: The best way to rob a bank is to own one.

 

 

  • Thu, Jan 07, 2010 - 09:46pm

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    Re: Iceland

A Call to the People of the World to Support Iceland Against the International Banking Cartel

We share the same enemy…

No to Ice-save – No to Ice-slave

Birgitta Jónsdóttir is the leader of The Movement, a group within the Icelandic Parliament which has emerged from the mass struggle of Icelanders against the financial blackmail.

January 5, 2010 is a historical day for Icelanders. The Icelandic President Olafur Ragnar Grimsson had a tough decision to make, and difficult choices to make. To listen to the 23% of the nation that signed a petition calling on him to put the state guarantee for 5.4 billion dollars to be paid to the British and Dutch governments to a national referendum.

Or to ignore the nation and sign the bill for the government, after the bill had been passed through the parliament with a narrow vote on December 30, 2009 after months of acrimonious debate, tainted with secrecy and dishonesty on the part of the government. Every day throughout the debate, new information would emerge and documents would leak to local media or wikileaks. Yesterday, the people of Iceland finally had a chance to have something to say about their fate, because if the state guarantee is accepted it will mean that Iceland will become like a third world country, spending its GDP largely on paying interest on foreign debt.

Let’s also put this debt into perspective: 320.000 people live in Iceland, each and every person on the island, including children and the elderly, the disabled and the poor, would have to pay around $30,000 under the bill. The danger if Icelanders will accept this enormous burden is that the entire welfare system would simply collapse with no money to run it. On January 5th the Icelandic president had the courage, backed up by his nation, to place the interest of the people before that of the banks.

Of course there has been an incredible spin by the government controlled media, attacking the nation and the president for this simple and fair demand. The UK and Dutch media were also full of misleading news, saying the nation had demanded not to pay, and that we would become isolated and there were even suggestions that the British navy should flex its muscles against this nation which has no military. As if the terrorist act they imposed on us was not enough during the darkest hour of our crises to bring us further down!

The spin is failing because people around the world are finally starting to hear our side of the story, and other suppressed nations have perhaps seen this as a sign that they can also rise up against the corpocracy in our world where those with the money have as a rule always won. Let’s hope the nation will not been coaxed into fear of isolation and let’s hope the people of the world will join in this experiment of letting the interest of the peoples rise above the interests of banks, corporations, and international bullies such as the IMF. We need your support. I will soon issue a comprehensive report on the entire Icesave saga.  – complete article link

Love and rage from Iceland,

Birgitta Jónsdóttir

EU member states blackmailed Iceland (pdf)     Letters (pdf)    

____________________________________________________________

The Icelandic President listens to the voice of the people  – complete Notsilvia Night link

The Icelandic government in turn had been for many months under strong pressure by the IMF, the British and Dutch government as well as from the European Union, to agree to a payment of the Icesave debts without the preconditions the Icelandic parliament had set in a previous decision for a conditional repayment.

The British and Dutch governments, under pressure of the international financial elites represented in the IMF, however, didn´t allow for any reasonable conditions. They wanted the total surrender and if Iceland couldn´t make the payments they wanted the surrender of all Icelandic natural resources to them.

Right at the beginning of the banking crisis, Iceland had been put on the list of terrorist supporting countries – right next to Iran. Subsequently all Icelandic assets in Britain were frozen, and the last and the largest Icelandic bank, which had not yet been bankrupted then and might have possibly weathered the storm, went down.

All financial lines to Iceland were cut. No payments could be made to and from Iceland. After three weeks Icelandic retailers warned that they were running out of food and were unable to import anything, because of the international financial boycott on the country. Fuel supplies for the fishing industry would have run out after a few months as well. Without fish or any other food, the country would literally have to starve.

However, in spite of all those threats the vast majority of the Icelandic people do not want to give in. They see the Ice-save debts as not belonging to them, but to the corrupt banks and their owners.  One thing, that´s especially unfair is that the Ice-save part of the Icelandic bank Landsbanki was fully controlled by British bankers.  The director of Icesave, Mark Sismey-Durrant, was an important well-integrated British banker, a member of the “Worshipful Company of International Bankers”, the British banker guild.  Sismey Durrant started his career as an international banker at one of the largest British banks: the Hongkong-Shanghai-Banking-Corporation, HSBC.

I should stop here to remind everyone that HSBC is also an owner/controller of the New York Federal Reserve along with the other big Wall Street banks.  Why is this relevant?

The “Crown” (City of London) owners, also own and control the private Federal Reserve bank here in the United States.  If you think the U.S. is a sovereign nation I ask how we can be free or independent when we are owned by the international banking cartel that is headquartered in the City of London?  The United States gave up it’s most important prerogative and creative opportunity in the coup of 1913 when the Federal Reserve Act relinquished our financial sovereignty.

Every penny and every dollar (Federal Reserve Note) in our nation is debt to the international banking cartel.  Our nation has NO permanent money – in fact we have no money at all – we use their debt as our money supply.  We are enslaved by debt and our children and grandchildren are born into debt slavery as their first act of “citizenship.”

No, we are not a British colony…we are a colony of the banking cartel.  We fight and pay for their wars and serve them as sure as serfs.  King George was benevolent compared to them.

Oh, did you notice how much of the world is drowning in financial chaos?  It is because the “Crown” controls almost all central banks and they are consolidating and tightening their grip.  They are coming out in the open, we are beginning to meet our masters.  Please don’t take my word for this – instead, check out what I am saying.  It must be your own discovery and truth.     

Of course the Icelandic mass-media, like all mass-media fully in the hands of the elites, is now busy at work convincing people that they would have to agree to pay debts they haven´t made. We are now told night and day that all hell will break loose if we don´t. As far as we know, the per capita debts on the people of Iceland because of Icesave is even now greater than the per capita debts the allies put unto the heads of the German people after WWI. This, by the way, was one of the reasons for the total destruction of the German financial system, the German economy and later on the rise of Nazism.  – complete Notsilvia Night link

The media in Iceland is owned by the same seven mega corporations as in the U.S., Australia, Germany, etc.  By media I mean TV, music, movies, radio, magazines, newspapers, etc.  Welcome to international fascism.

Iceland is not alone by the way.  Others are starting to fight.  See Ellen Brown’s article (Web of Debt) “EU/IMF Revolt: Greece, Iceland, Latavia lead the way.”

When will we take a stand?  Are we willing to live on our knees?  God bless Iceland!

Larry

  • Fri, Jan 08, 2010 - 12:39am

    #5
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    Re: Iceland

Thank you for chiming in Larry!  This is why I said I think Iceland was attacked by economic hitmen.  When Britain used the “terrorist” laws and froze Iceland’s accounts I recall thinking it is clear to me who the terrorist is here and it is not Iceland.

Nickbert may very well be right.  If Iceland puts there foot down now and refuses to pay this money that was stolen by criminals (in Iceland, the UK and the US)  they have a chance to uncouple their economy some and will recover faster.  But, what this will do to the UK and other countries if it becomes a more widespread debtors revolt at the international level?

I fear we live in interesting times.

  • Fri, Jan 08, 2010 - 04:15am

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    Re: Iceland

This is the best piece of financial news I have read in a long time! We can only hope that the people of Iceland don’t give in to the threats and attempts to blackmail them – and that others take note and heart from their example!

  • Fri, Jan 08, 2010 - 06:57am

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    Re: Iceland

[quote=DrKrbyLuv]

The British and Dutch governments, under pressure of the international financial elites represented in the IMF, however, didn´t allow for any reasonable conditions. They wanted the total surrender and if Iceland couldn´t make the payments they wanted the surrender of all Icelandic natural resources to them.

[/quote]

I knew it! I knew someone would start a war for these icebergs! After all, fresh water is running out 🙂

Next on the list of countries supporting terrorism: Canada! We’re not digging oil out fast enough!

Samuel

  • Sat, Jan 09, 2010 - 05:15am

    #8
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    Re: Iceland

Actually I thought the BBC Spin on this was funny…

http://news.bbc.co.uk/2/hi/business/8449661.stm

[quote]The bill, narrowly approved by the parliament on 31 December 31, defines the terms of the payout of 3.8bn euros (£3.4bn) to the British and Dutch governments – which had to compensate savers after the Icesave collapse in October 2008.[/quote]

Erm no they didn’t. Thats like saying you had to rush out and buy a car after seeing it’s commercial. They chose to compensate, which is entirely different than having to compensate.

[quote]A successful resolution to the dispute is essential if Iceland is to continue accessing the $7bn of financing from the International Monetary Fund and other Nordic countries.[/quote]

This is the teeth of the threat. Hmm… So Iceland went bankrupt,with access to $7B in financing from the IMF and Nordic Countries (which is weird since Holland and Britain are not Nordic, but I digress), and they’re supposed to shoulder $30,000 in debt for every person on Iceland, to gain access to the fund they had access to prior to them going bankrupt.

To repeat and sum up that last paragraph, if you accept an additional $30k per person in debt you can access the funds you accessed when you went bankrupt.

Ok So that’s like saying here’s some cake, oh you had a heart attack, well if we shoot you, then you can have more cake. I really do not understand the logic in that statement from the BBC. or actually any logic in that threat. It’s completely insane. I’d go tell the UK, Holland and the IMF  to go shove a red hot poker into their rectum. What a bunch of jerks, “Go Iceland” and Yay! to Birgitta Jónsdóttir.

I’d recommend since Iceland is pretty much the last bastion of the Vikings, and there is still state recognition of worshipping Ódin, they should go A-Viking back on the damned British Isles again, that’ll get ’em the $30k per person very quickly.

Update: While digging around on this I came across this from the Times http://www.timesonline.co.uk/tol/news/world/europe/article6981623.ece?openComment=true

It’s actually a relatively well written unbiased opinion. Of course some of the comments are sickening with the typical British, the government should pay, not “our” government in this case, but a government. Thank god I left that cesspool behind, even at it’s worst the US is not quite so naive.

  • Sun, Jan 10, 2010 - 05:26pm

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    Re: Iceland

If iceland succeeds in refusing to pay this what will it do to the UK?  WIll they print money to make it up to their people?  Will they let people crash?

What really comes next?

  • Sun, Jan 10, 2010 - 05:46pm

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    Re: Iceland

The UK taxpayer has already bailed out the investors, so they’re left footing the bill, however as they were providing $5B in aid to Iceland anyway…

Maybe Iceland will only get $1.8B now.

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