Iceland is not bankrupt (yet)

[jonhallur]

Hi

A lot of whistle blowers are now mentioning Iceland as the first nation to go bankrupt in the current economic crisis. This does not add to these whistle blowers credibility.

I am Icelandic, and I live in Iceland. Iceland has not gone bankrupt (and I say "yet" in the title because it might go bankrupt someday but as of right now it isn't.)

If whistle blowers can be so fundamentally wrong about something, it makes me wonder what other things they might be wrong about.

Regards,

Jón Hallur
of Iceland.

[Steve_A]

Hi jonhallur,

I think we need to understand that we can only make assumptions from the information we receive. We knew that Icelands' major bank went bell up and that the UK banks wanted their money back. That was the beginning as I understand it.

We also know that the Icelandic currency has been smashed by around 15% of its' value making imported products very expensive for the local people.

However, on the plus side, Iceland is now a very good place to go for international tourism as the visitors will get a favourable exchange rate and localproducts will be alot cheaper for these tourists.

I think Iceland is very interesting as it was one of (if not the) first nation to go into a serious crisis. Could it be the first to come out of one?

It could well be, as with being only a small country and the values that we are talking about are not all that great in relation to the global crisis in general, that with a strategy which works could set precedent for the rest of the world to follow suit. Could Ireland follow the Iceland recovery model?

Also it's good to communicate with an Icelandic person living in Iceland to give first hand information, which is ever so important these days. We all know what the media is like!

Best regards,

Steve

Originally Posted by jonhallur

Hi

A lot of whistle blowers are now mentioning Iceland as the first nation to go bankrupt in the current economic crisis. This does not add to these whistle blowers credibility.

I am Icelandic, and I live in Iceland. Iceland has not gone bankrupt (and I say "yet" in the title because it might go bankrupt someday but as of right now it isn't.)

If whistle blowers can be so fundamentally wrong about something, it makes me wonder what other things they might be wrong about.

Regards,

Jón Hallur
of Iceland.

[gibonos]

I think we have to define bankrupcy.

For me the fact that IMF and Russia
http://www.nowpublic.com/world/imf-kiss-death
http://www.bloomberg.com/apps/news?p...d=a3FLoXHmazOs

is even worse than bankrupcy!
When your clear your debt (chapter 11) and say GTFO it's my country, your banks screwed this up, not the people.

In reallity the country is now owned by third parties, which can dictate what the reforms should or shouldn't be, they have to secure thier investments.

gibonos

[jonhallur]

Originally Posted by gibonos

I think we have to define bankrupcy.

For me the fact that IMF and Russia
http://www.nowpublic.com/world/imf-kiss-death
http://www.bloomberg.com/apps/news?p...d=a3FLoXHmazOs

is even worse than bankrupcy!
When your clear your debt (chapter 11) and say GTFO it's my country, your banks screwed this up, not the people.

In reallity the country is now owned by third parties, which can dictate what the reforms should or shouldn't be, they have to secure thier investments.

gibonos

Second news item is wrong, Iceland never got the loan from Russia, it fell through. Iceland is under the thumb of IMF, and it looks to me that if we accept to pay the British and Netherlands governments for the "awesome" loan they gave us (5.4% interest rate) we will go bankrupt.

Regards,

Jón Hallur

[gibonos]

As I see it it's better to go bankrupt and start from zero point.
Once in debt, in debt always :-)

gibonos

ps. didn't know about Russia

[jonhallur]

Originally Posted by Steve_A

Hi jonhallur,

I think we need to understand that we can only make assumptions from the information we receive. We knew that Icelands' major bank went bell up and that the UK banks wanted their money back. That was the beginning as I understand it.

We also know that the Icelandic currency has been smashed by around 15% of its' value making imported products very expensive for the local people.

However, on the plus side, Iceland is now a very good place to go for international tourism as the visitors will get a favourable exchange rate and localproducts will be alot cheaper for these tourists.

I think Iceland is very interesting as it was one of (if not the) first nation to go into a serious crisis. Could it be the first to come out of one?

It could well be, as with being only a small country and the values that we are talking about are not all that great in relation to the global crisis in general, that with a strategy which works could set precedent for the rest of the world to follow suit. Could Ireland follow the Iceland recovery model?

Also it's good to communicate with an Icelandic person living in Iceland to give first hand information, which is ever so important these days. We all know what the media is like!

Best regards,

Steve

British and Netherlands governments wanted the money back from savings accounts insurance.

Currency is now 126 isk for the dollar, was before around 60, so currency has dropped 50%. Back in 2001 the isk went to 112 for the dollar, so it's not an unprecedented disaster.

Tourism has dropped somewhat from last year, but I guess that is a global phenomenon due to the credit crunch.

My opinion (can not stress that more) is if we accept to pay UK and NL for the insurance on savings accounts we will go bankrupt (if a nation can go bankrupt, the Icelandic loan rating just dropped 60 points yesterday). These debts are were made by private banks, but like always the whole nation has to pay it back.

My point with the previous post was that for instance P. Peterson spoke with such conviction, like he knew what he was talking about, when he clearly does not know what he is talking about. Perhaps Iceland is technically bankrupt, I'll give him that, but that is not what he said.

Except for the fact that everything that is imported is 30-50% more expensive my life hasn't changed all that much after the crash. I can still travel abroad, import goods, etc. and the unemployment rate here is about 8%, which is way less then most European countries.

If anyone has other question about Iceland I'd be happy to answer them.

Regards,

Jón Hallur

[jonhallur]

Originally Posted by gibonos

As I see it it's better to go bankrupt and start from zero point.
Once in debt, in debt always :-)

gibonos

ps. didn't know about Russia

I don't think a nation state can go bankrupt, there is not world court you'd file a bankruptcy claim to.

Regards,

Jón Hallur

[enemyofNWO]

Originally Posted by jonhallur

I don't think a nation state can go bankrupt, there is not world court you'd file a bankruptcy claim to.

Regards,

Jón Hallur

Hi John ,

I think that to make the population pay for the mistakes of private banks sucks .... I should no be that way . One rule for the banksters and one for common people , simply does not compute . Good luck . We are watching the end of this faulty economic system .

[Kundaflower]

Hi Jon !

Some countrys like Argentina decleared their debts off to international bankers simply by refusing to pay them since they came impossible to pay.
Simple

Situation like that is great opportunity for monetary reform.

There is no need to any country be in debt.
Debt is connected to tax and intrest from which intrest is unnecessary.

Its silly that countrys, companys, privet citizens are all in debt to up to their eyeballs to some bankers.

So, i know that some people from monetary reform movements have been
there in your country (from US/Canada) what is your understanding
how much people are aware about this ?

Love
K

[giovonni]

Too all bankers



Let them eat cake!


GO~ ICELAND!

[pineal-pilot-in merkabah]

Originally Posted by jonhallur

I don't think a nation state can go bankrupt, there is not world court you'd file a bankruptcy claim to.

Regards,

Jón Hallur

not to worry all the western govts. are in bankruptcy or are about to go into it.. to the imf.. then they will remove coinage and paper and go electronic and tie that in with carbon credits.. money is dead and dying.

im sure the carbon bubble will be short and harsh then we can deal with the free energy, anti grav,war,famine,bio weapons ect..

[jonhallur]

Originally Posted by Kundaflower

Hi Jon !

Some countrys like Argentina decleared their debts off to international bankers simply by refusing to pay them since they came impossible to pay.
Simple

Situation like that is great opportunity for monetary reform.

There is no need to any country be in debt.
Debt is connected to tax and intrest from which intrest is unnecessary.

Its silly that countrys, companys, privet citizens are all in debt to up to their eyeballs to some bankers.

So, i know that some people from monetary reform movements have been
there in your country (from US/Canada) what is your understanding
how much people are aware about this ?

Love
K

Quick update on the situation.

Iceland has passed a law which states that the state will back up the loans to pay back IceSave (presumably with our natural resources as collateral, but that is disputed)

The decision now lies with the president how has taken an unprecidented time to decide if he is going to sign the law.

Over 50.000 have signed a petition asking him not to sign it (alot if you consider that Icelanders are only about 300.000)

Alister Darling UKs finance minister has threatened that if the president doesn't sign the law things will get a lot more difficult for us.