93% Of Icelanders Reject "Icesave" Bill In Historic Referendum

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Sat, 03/06/2010 - 21:46 | 256518 Anonymous
Anonymous's picture

What will this do to the FX market on Sunday?

Sat, 03/06/2010 - 22:52 | 256567 Careless Whisper
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I dunno, but Hank Paulson said the unemployment ra ra rate will go to 150% if they don't pa pa pay back the ba ba banks.

Sun, 03/07/2010 - 01:23 | 256692 Anonymous
Anonymous's picture

@careless whisper. hahahaha. laughing at your co co comment. i know hank paulson is a crappy public speaker but you want to know my theory? i think hammering hank's public displays of excessive stu stu stuttering is all a contrived act to convince the public he is harmless even though he is close to being the devil reincarnate. in private conversations with his friends, i bet that hank paulson ne ne never ever stutters.

Sun, 03/07/2010 - 03:11 | 256723 Anonymous
Anonymous's picture

What like why does a guy who grew up in CT boarding schools sound like a Texan? Or why when there is no teleprompter does Obama say absolutely nothing with as many confusing words as possible?

Sun, 03/07/2010 - 21:59 | 257336 Problem Is
Problem Is's picture

"What like why does a guy who grew up in CT boarding schools sound like a Texan?"

Because he was a cheerleader at his all male prep school while busy flunking classes... I have a picture...

Sun, 03/07/2010 - 10:09 | 256810 Dr. Richard Head
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p-p-pl-pl-plus te-t-t-ttenn.

Sun, 03/07/2010 - 12:10 | 256878 Anonymous
Anonymous's picture

Mark-to-model accounting would icesave the banks and then nobody would have to pay. Somebody wasn't thinking.

Sun, 03/07/2010 - 13:34 | 256920 Anonymous
Anonymous's picture

Stuttering is directly proportional to stress.

Sun, 03/07/2010 - 13:36 | 256922 dnarby
dnarby's picture

Stuttering is directly proportional to stress.

Sun, 03/07/2010 - 13:09 | 256903 Anonymous
Anonymous's picture

Hank "Jimmy" Paulson: "Hey Ti ti ti Timmy. Why don't you bailout AIG for Gu gu gu Goldman?"

Tim "Timmy" Geithner: "Timmy? Timmy. Timmy!"

Ben "Cartman" Bernanke: "Yeah! That's a great idea. I'm glad I thought of that."

(The Fed's rendition of South Park)

Sat, 03/06/2010 - 23:14 | 256585 Anonymous
Anonymous's picture

so what is the argument in favor of saddling ordinary people for the failure of a private bank?

other than the bankers happy to be paid.

Sun, 03/07/2010 - 00:55 | 256675 faustian bargain
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The argument is in favor of default and start over with a real currency, no bailouts or moral hazard, and 'you get what you pay for' government services.

Sun, 03/07/2010 - 10:38 | 256816 SWRichmond
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Damned radicals!

Sun, 03/07/2010 - 11:29 | 256838 doublethink
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Damned Angelenos!


Los Angeles Fires First Shot In California's War On Banks, As Cities Seek To Wrangle Out Of Swaps



Sun, 03/07/2010 - 09:57 | 256806 Anonymous
Anonymous's picture

Well, don't you understand? If they could only borrow at 3.6% like Germany, their world would be all good.

Sun, 03/07/2010 - 10:56 | 256826 masterinchancery
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None--bravo Icelanders! Perhaps the new land of the free, home of the brave.

Sun, 03/07/2010 - 12:51 | 256894 Cistercian
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 The argument is that the morts must pay all losses..and the banks must keep all profits.At some point I am hoping people will understand that the BIG banks are actually operated by super-villains.And that they should be treated accordingly.

 Treated like the evil greed addled criminal scum they are.


Sat, 03/06/2010 - 23:52 | 256627 hedgeless_horseman
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How many little-teeny ceramic tiles had to come off the shuttle before the whole thing burnt up?

Sun, 03/07/2010 - 01:33 | 256695 ElvisDog
ElvisDog's picture

Just one actually. There was an impact cavity in one tile on the wing leading edge. It caused a heating  spike that burnt through the aluminum sub-structure like a blow torch.

Sun, 03/07/2010 - 14:47 | 256991 hedgeless_horseman
hedgeless_horseman's picture

Uh oh.  I count at least two so far on this mission.

Sun, 03/07/2010 - 17:45 | 257146 Anonymous
Anonymous's picture

Brilliant analogy.

Mon, 03/08/2010 - 19:10 | 258371 gold_tracker
gold_tracker's picture

That's a great analogy. A sad one for sure, but would appear rather applicable. 

Sun, 03/07/2010 - 00:07 | 256642 GoldSilverDoc
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Could it be that finally a nation will choose the right path? Can the citizens of Iceland choose a non-governmentally controlled currency, and immediately change the course of all of history? 
Imagine - "Iceland Declares Krona Worthless, Converts To Gold" 
"Iceland Gold Krona Begins Circulation On May 1" 
"Enormous Boom Seen In Iceland Since Announcement" 
"Iceland Repeals All Property And Income Taxes; Declares Open For International Business" 
"IBM Announces Relocation Of Worldwide Headquarters To Reykjavik" 
"Huge Immigration Backlog In Iceland" 
"Capital Pours Into New Icelandic Banks; Banks Promise 100% Gold Reserve" 
One can dream....

Sun, 03/07/2010 - 00:56 | 256676 faustian bargain
faustian bargain's picture

If they did that, I would have to seriously consider learning Icelandic (or whatever their crazy language is called).

Sun, 03/07/2010 - 01:01 | 256678 Frank Owen
Frank Owen's picture

How about... over the last few weeks they've been converting their money into another currency knowing that the financial terrorists would be coming to give them a beating for not doing as they're told. They come, beat the shit out of the Krona, and then the citizens of Iceland laugh as they look at their bloodied krona and pull out another currency, convert it to worthless kronas and pay of all their mortgages and debts. Then declare the krona dead, and start off fully owning what is theirs instead of being peasants on the king's land. Fantasy?

Sun, 03/07/2010 - 02:07 | 256706 Rick64
Rick64's picture

Or they could short the krona and then announce they aren't paying the debt.

Sun, 03/07/2010 - 04:58 | 256740 A Man without Q...
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The lunacy is that mortgage and car loan debts have been converted into a Euro notional (at a historic rate), so they don't have this option.  The thing about the Icelandic banking crash is that no money has been destroyed in the round.  The Icelandic banks paid stupidly high rates on their current accounts (bizarrely depositors failed to grasp the possibility that higher return implies higher risk) then leveraged to the max and paid way too much money to buy crappy overseas assets.  The flow of funds was little guy lends money to Iceland that pays far to much to the big guys for worthless assets.  Iceland was no more than a pass through.  But now, the little guys in Iceland need to pay back the little guys in the UK and Netherlands.  

It's a combination of the worst bits of capitalism and the worst bits of socialism.

Sun, 03/07/2010 - 07:36 | 256771 Zippyin Annapolis
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Good summary of the situation


-- However once the British navy finishes off the Argentines over that latest Falklands oil dust up I might want to spend a little more time looking over horizon South toward their 2 Imperial tormentors: the UK and Netherlands.


At the end of the day the dutch will drop this passive/ agrressive and destructuve stance but never ever count the Brits out--they invented Imperialism.

Sun, 03/07/2010 - 07:02 | 256757 Anonymous
Anonymous's picture

Frank Owen, Iceland has done close to what you depicted.

Iceland did well for this crisis.

Iceland is located on the outskirts of a consumption sink (Europe) with the known consequences of availability of goods in Iceland.

To counter that, they implemented carry trade which allowed them to grow a lot richer and benefited their society as a whole.

As they knew this would have to end, they designed an exit plan: borrowing from themselves to constitute a basket of currencies (mainly USD, EURO, YEN), this when the Krona was strong against the other currencies.

With that, they have been able to clean a part of their Krona denominated debt when they devalued it as they offered debtors holding debts in a devaluated Krona to be paid back with the reserve basket of currencies.

Icelandic people pocketed the difference(which was invested in real wealth) and now it is trapped in Iceland.

Iceland did very well with the cards hand they had.

More impressively, while this process is nothing new, they seem to be on verge to get away with it. This will have a deep impact on the international scene as some much poorer countries were punished very severely (national resources being privatized stuff like that) for trying a similar scheme to Iceland.

Sun, 03/07/2010 - 17:47 | 257150 Anonymous
Anonymous's picture

HOw do the kids say it? Epic fai? Powned?

Mon, 03/08/2010 - 04:40 | 257539 Anonymous
Anonymous's picture

I dont know but I will certainly not qualify the icelandic case as a failure. Greed has grown so sharp nowaday that any kind of investment is felt as a loss.

What Iceland is going to pay back is straws compared to what they already pocketed in.

Like those firms which know that going against this pecular law might earn them a sizeable profit while earning them a fine.

Yes, they do have to pay a 1 million fine but in the meanwhile, they gain five millions.

The situation would be better if they did not have to pay that fine. That's the greedy's position. Others think that well, having to pay a 1 million fine to be able to pocket four millions is still better than not having to pay that 1 million and not pocketing that four million.

Sun, 03/07/2010 - 01:03 | 256681 jesus
jesus's picture

you goldbugs are hilarious


Sun, 03/07/2010 - 01:36 | 256697 faustian bargain
faustian bargain's picture

you cynics are pathetic.

Sun, 03/07/2010 - 04:16 | 256737 Anonymous
Anonymous's picture

Gold isn't the answer, but neither is transferring private debt to the public account. Iceland is giving suggesting a very different path to an economic takedown of Europe.

Sun, 03/07/2010 - 08:01 | 256775 Anonymous
Anonymous's picture

I can understand why silver might make you a little uneasy...but gold?

Sun, 03/07/2010 - 12:27 | 256880 35Pete
35Pete's picture

Do you know anything about silver fundamentals? Silver has more upside. 

Sun, 03/07/2010 - 13:01 | 256899 Anonymous
Anonymous's picture

I was going for a Jesus joke.
(I agree with you.)

Sun, 03/07/2010 - 13:34 | 256919 WaterWings
WaterWings's picture


Sun, 03/07/2010 - 16:52 | 257105 merehuman
merehuman's picture

Up on silver=real money, cant fold it, but a 10 oz bar feels like 500 bucks, no its better than that. It doesnt compare.I admit it , i am enamored of it. All my life i got paid in dollars and was always aware it was nothing but paper. A transitional tool and a measurement of value. Part of that value was time invested as well as labor.

The more we value(love) ourselves the more we treasure time. As we age time ranks higher in importance. And no time is more important than now.

I venture that silver as well as time are undervalued.


Sun, 03/07/2010 - 17:52 | 257157 Mr Lennon Hendrix
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4 stars to that!  Time is of the essence!

Sun, 03/07/2010 - 10:44 | 256819 Anonymous
Anonymous's picture

They would be declared as financial terrorists and be invaded.

Sun, 03/07/2010 - 19:15 | 257237 Anonymous
Anonymous's picture

LOL! I thought that said IceSLAVE.

Sun, 03/07/2010 - 10:45 | 256820 alexdg
alexdg's picture

They would be declared financial terrorists and be invaded, "for their own good".

Sun, 03/07/2010 - 11:40 | 256852 Careless Whisper
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They already have been declared regular terrorists by Britain. You see, my friends, these anti-terror laws have many uses.



Sun, 03/07/2010 - 12:35 | 256885 35Pete
35Pete's picture

This "terrorism" thing is so way out of control. The sick part is that so many people still salivate everytime the terrorism bell is rung. 

I check under my bed, in the closet, and even under the hood of the car everyday to make sure that terrorists aren't hiding there, ready to pounce and rain doom on me for the sole reason that they hate my freedoms. 

I'm on guard. Ever vigilant against the political boogeyman. 

Sun, 03/07/2010 - 14:14 | 256953 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Someone is going to do it.  The US wants to be the first, but they will not back currentsea until the total demise of the doelarr.  You know what I want...State Banks backed with gold/silver/hemp/etc.  I could totally see Iceland going for the jugular now though.  One CAN dream!

Sun, 03/07/2010 - 17:07 | 257119 merehuman
merehuman's picture

I understand they had a country wide referendum, chances we have that are ?%

I feel like a farm animal! Duped, disgusted and impoveraged and homeless, a sheep asleep at the wheel of life. This is us!

I am better of than many of my neighbors who really dont want to admit how things are and are slow to prepare.

Not until the dollar actually gets devalued will they believe, and then of course , its too late 



Sat, 03/06/2010 - 21:52 | 256524 Harbourcity
Harbourcity's picture

Can we get a vote like that in Canada?


Sat, 03/06/2010 - 22:01 | 256530 Anonymous
Anonymous's picture

Would love it.

Sat, 03/06/2010 - 22:07 | 256534 SWRichmond
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Getting one in the U.S. would require legislators and/or chief executives that actually represent the people and not the goddamned banks and the MIC.  In other words, not a snowball's chance in hell.  Instead, we get TARP.

Governments are hungry for money and are looking for ways to tap into it.  If we could verify this: http://frontpage.americandaughter.com/?p=2453

Tonight, a correspondent who has just come home from a Tea Party Townhall Meeting in Salado, Texas with US Representative John Carter (R-Round Rock) issued the warning. She said, “Representative Carter informed the crowd that talk has been bandied about Congress to appropriate every state’s pension plans into the bankrupt Social Security System.” She is absolutely 100% sure that she understood him correctly.


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