August1991 Posted October 10, 2008 Report Posted October 10, 2008 People go bankrupt all the time. Companies do, too. But countries?Iceland was on the verge of doing exactly that on Thursday as the government shut down the stock market and seized control of its last major independent bank. That brought trading in the country's currency to a halt, with foreign banks no longer willing to take Icelandic krona, even at fire-sale rates. As the meltdown in the Icelandic financial system quickened, with the government seemingly powerless to do anything about it, analysts said there was probably only one realistic option left: for Iceland to be bailed out by the International Monetary Fund. "Iceland is bankrupt," said Arsaell Valfells, a professor at the University of Iceland. "The Icelandic krona is history. The IMF has to come and rescue us." IHTThis is a remarkable story. Quote
moderateamericain Posted October 10, 2008 Report Posted October 10, 2008 IHTThis is a remarkable story. Classic example of why socialism does not work. And why the US should not move forward with the Bail out plan. Government and Business should not mix. Quote
White Doors Posted October 10, 2008 Report Posted October 10, 2008 And to consider that they do not import any oil and do not pay for any military at all... only complete incompetence could have precipitated this Quote Those Dern Rednecks done outfoxed the left wing again.~blueblood~
GostHacked Posted October 10, 2008 Report Posted October 10, 2008 Classic example of why socialism does not work. And why the US should not move forward with the Bail out plan. Government and Business should not mix. You'd be correct if Iceland was indeed socialistic when it comes to their money. They have a central private bank like most countries. Considering now that the US gov wants to buy up bad debt. And now the Canadian gov is looking at the same thing in regards to a couple Canadian banks. White Doors And to consider that they do not import any oil and do not pay for any military at all...only complete incompetence could have precipitated this Incompetence across the board in many countries. Quote
moderateamericain Posted October 10, 2008 Report Posted October 10, 2008 You'd be correct if Iceland was indeed socialistic when it comes to their money. They have a central private bank like most countries. Considering now that the US gov wants to buy up bad debt. And now the Canadian gov is looking at the same thing in regards to a couple Canadian banks. I know that, the act of buying up the banks is a soicalist idea. Is the point im trying to get across White Doors Incompetence across the board in many countries. NO argument here whatsoever Quote
guyser Posted October 10, 2008 Report Posted October 10, 2008 Silver lining time....hopefully plenty of the women will move to TO. ohhhhh Icelandic women...... Quote
M.Dancer Posted October 10, 2008 Report Posted October 10, 2008 Considering now that the US gov wants to buy up bad debt. And now the Canadian gov is looking at the same thing in regards to a couple Canadian banks. Ummm...no Quote RIGHT of SOME, LEFT of OTHERS If it is a choice between them and us, I choose us
Oleg Bach Posted October 10, 2008 Report Posted October 10, 2008 Silver lining time....hopefully plenty of the women will move to TO.ohhhhh Icelandic women...... Now they can go fishing and play Viking and drink beer - talk about an Icolation policy through tossing your hands up in the air and admitting you have no money - oh well - back to the old way - Herring anyone? Quote
Riverwind Posted October 10, 2008 Report Posted October 10, 2008 Classic example of why socialism does not work. And why the US should not move forward with the Bail out plan. Government and Business should not mix.The crisis was caused but good-olde capitalist banks trying to expand over seas and amassing debts that are several times the GDP of Iceland. This meant it was impossible for the government to bail the banks out which led to a collapse of the financial system.The Iceland example illustrates why letting Canadian Banks get too big may be very bad for Canada and the current ban on mergers is a sound strategy. Quote To fly a plane, you need both a left wing and a right wing.
GostHacked Posted October 10, 2008 Report Posted October 10, 2008 Ummm...no Are you replying no as to the buy outs?? Quote
M.Dancer Posted October 10, 2008 Report Posted October 10, 2008 Are you replying no as to the buy outs?? I'm saying that... Considering now that the US gov wants to buy up bad debt. And now the Canadian gov is looking at the same thing in regards to a couple Canadian banks. The Gov't is not planning on buying up bad debt. Quote RIGHT of SOME, LEFT of OTHERS If it is a choice between them and us, I choose us
PoliticalCitizen Posted October 10, 2008 Report Posted October 10, 2008 IHTThis is a remarkable story. Can they join EU or something? I feel sorry for the poor guys stranded on a volcano in the middle of northern seas... Quote You are what you do.
guyser Posted October 10, 2008 Report Posted October 10, 2008 Can they join EU or something?I feel sorry for the poor guys stranded on a volcano in the middle of northern seas... Dont worry, they have free home heating and lots of swimming pools are year 'round. Quote
jdobbin Posted October 10, 2008 Report Posted October 10, 2008 This is a remarkable story. I wonder if Buffet can buy it. Quote
August1991 Posted October 11, 2008 Author Report Posted October 11, 2008 I wonder if Buffet can buy it.Iceland is for sale on ebay... but that doesn't include Bjork. (Sorry, Morris.)Iceland for sale on eBay for 99p As the advert says, it's a "unique opportunity to buy a Northern European country", albeit one in a "somewhat sketchy financial situation". The auction started at 99p but has already jumped to £10,000,000, which would still be a bit of a bargain... 1) Bjork isn't included. Daily TelegraphBe the first kid on your block to own a North Atlantic island with people whose family name ends in son or dottir. Quote
PoliticalCitizen Posted October 11, 2008 Report Posted October 11, 2008 Iceland is for sale on ebay... but that doesn't include Bjork. (Sorry, Morris.)Daily Telegraph Be the first kid on your block to own a North Atlantic island with people whose family name ends in son or dottir. eBay took it off already (according to Russian news). But they still need help. I wonder if Arab emirates would be interested in acquiring a blonde resort? Quote You are what you do.
GostHacked Posted October 11, 2008 Report Posted October 11, 2008 I'm saying that...The Gov't is not planning on buying up bad debt. They are buying/nationalizing at least two banks that have recently come under huge fire. Freddie and Fannie. So if they are not buying up bad debt, they are buying up bad banks. It is to shore up those institutions, but taking a stake in the game as well. Yes, the government IS buying up debt. Quote
Argus Posted October 11, 2008 Report Posted October 11, 2008 IHTThis is a remarkable story. It is an amazing story, really. Apparently Icelanders got into banking in a big way. Everyone and his brother became a banker, and Iceland's banks borrowed money from all over the place, and loaned to anyone and everyone who would pay, without much regard for risk. As the bills mounted, they just borrowed more money to pay off what they'd borrowed earlier. There was a WSJ story on this yesterday which left me shaking my head. It featured this "banker" who was a fisherman. About ten years ago he got bored with that and took up - banking. Yes, everyone was getting into it, and he flew around the world making deals and investments. Now he says, oh well, I guess I'll go back to fishing again. It's like this was a fad they all got involved with, and their government ignored it. The whole country has about 300k people and its banks owe $100 billion. People are talking about how greedy and stupid the people on Wall Street was but making asinine loans and idiotic investments appears to have been a world-wide phenomenon. Quote "A liberal is someone who claims to be open to all points of view — and then is surprised and offended to find there are other points of view.” William F Buckley
PoliticalCitizen Posted October 13, 2008 Report Posted October 13, 2008 It is an amazing story, really. Apparently Icelanders got into banking in a big way. Everyone and his brother became a banker, and Iceland's banks borrowed money from all over the place, and loaned to anyone and everyone who would pay, without much regard for risk. As the bills mounted, they just borrowed more money to pay off what they'd borrowed earlier. There was a WSJ story on this yesterday which left me shaking my head. It featured this "banker" who was a fisherman. About ten years ago he got bored with that and took up - banking. Yes, everyone was getting into it, and he flew around the world making deals and investments. Now he says, oh well, I guess I'll go back to fishing again. It's like this was a fad they all got involved with, and their government ignored it. The whole country has about 300k people and its banks owe $100 billion. People are talking about how greedy and stupid the people on Wall Street was but making asinine loans and idiotic investments appears to have been a world-wide phenomenon. The really scary thing is that Iceland may be but the first of few or many countries that could go under... Do you think US could ever go bankrupt? Or would they just print more money? Quote You are what you do.
Oleg Bach Posted October 13, 2008 Report Posted October 13, 2008 The really scary thing is that Iceland may be but the first of few or many countries that could go under...Do you think US could ever go bankrupt? Or would they just print more money? The mythical biblical "Beast" is the collective activity of a mass of humans behaving like a singular entity. Much like an ant hill gone crazy - the beast has no mind just one hell of a raging consumptive hunger called greed. Collective humanity developes it's own central mind - but like a dragon the brain is small...this phenomena will not be perminent...You have to have faith that there is something higher than us bugs - and depend on it - Hope is your only real wealth. Quote
August1991 Posted October 23, 2008 Author Report Posted October 23, 2008 The really scary thing is that Iceland may be but the first of few or many countries that could go under...On the contrary, the experience of Iceland will probably bring many small countries into line, unless the IMF bails out Iceland and makes the whole experience seem easy.The US poses a different problem. For this, the world will have to trust the US Constitution. And then again, Europe poses a similar problem. What if Europe goes bankrupt/into cataclysm? On past experience, the violent Europeans are pacified by civilized (North) Americans. Quote
Wilber Posted October 24, 2008 Report Posted October 24, 2008 They are buying/nationalizing at least two banks that have recently come under huge fire. Freddie and Fannie. So if they are not buying up bad debt, they are buying up bad banks. It is to shore up those institutions, but taking a stake in the game as well. Yes, the government IS buying up debt. When did Freddie and Fannie become Canadian banks? Quote "Never trust a man who has not a single redeeming vice". WSC
jbg Posted October 25, 2008 Report Posted October 25, 2008 And to consider that they do not import any oil and do not pay for any military at all...only complete incompetence could have precipitated this No. Use of leverage for unproductive purposes. Quote Free speech: "You can say what you want, but I don't have to lend you my megaphone." Always remember that when you are in the right you can afford to keep your temper, and when you are in the wrong you cannot afford to lose it. - J.J. Reynolds. Will the steps anyone is proposing to fight "climate change" reduce a single temperature, by a single degree, at a single location? The mantra of "world opinion" or the views of the "international community" betrays flabby and weak reasoning (link).
jbg Posted October 25, 2008 Report Posted October 25, 2008 The US poses a different problem. For this, the world will have to trust the US Constitution.The provisions of the U.S. Constitution providing for Federal assumption of State revolutionary debt, and providing that the credit of the U.S. is unquestioned both have interesting histories. The former, assumption of State Revolutionary War debt, was arranged by Alexander Hamilton for the purposes of empowering the Federal government and placing golden handcuffs on the states. Virginia opposed it. Washington, D.C. was made the capital in place of the first capital city, New York, in exchange for debt assumptioon. In other words Virginia, relatively solvent at the time, did not want Federal assumption of the debt, since that effectively killed any foreign policy role for the states. Virginia also learned that secession was bloody, painful and ultimately impossible. The constitutional provisions against Federal default were similar. That had its roots in the end of the Civil War, and the U.S.'s understandable refusal to honor Confederate debt. The explicit repudiation of Confederate debt and the granting of Constitutional status to U.S. debt made any later secession attempt impossible as only a madman would finance a seceded U.S. state. Quote Free speech: "You can say what you want, but I don't have to lend you my megaphone." Always remember that when you are in the right you can afford to keep your temper, and when you are in the wrong you cannot afford to lose it. - J.J. Reynolds. Will the steps anyone is proposing to fight "climate change" reduce a single temperature, by a single degree, at a single location? The mantra of "world opinion" or the views of the "international community" betrays flabby and weak reasoning (link).
William Ashley Posted October 26, 2008 Report Posted October 26, 2008 IHTThis is a remarkable story. I'd buy Iceland for 5$ Cad? Quote I was here.
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.