Do Your Best Eddie Murphy & Sing- 'We Got McDonalds... And You Don't Have None...'
The AP has released that Iceland's three McDonalds franchises will close in a week's time, as falling profits and the collapsed Icelandic krona force closure.
Costs have doubled in the past year thanks to the poor economic situation making it too expensive to sell Big Macs in Reykjavik.
The Big Mac currently retails for around $5.29 equivalent, but a hike in prices to make it profitable would have pushed it to $6.36- which would have been the world's most expensive Big Mac, more than Switzerland's and Norway's $5.75 heart clogger according to The Economist's 2009 Big Mac Index rating.
McDonalds has stores in some 119 countries on six contients, and has closed stores due to recessions in several nations in the past.
I find it interesting how a nation's wealth and expansion is represented on how well it affords the most disgusting, fattening sandwich on a double-cut bun. Double patty, special sauce and all... I'd be curious to see the correlation of healthcare costs in these countries to go with the Big Mac Index.
(5 votes)
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on Mon, 10/26/2009 - 15:01
#110830
Or maybe the Icelanders just figured out that the McD merchandise is not fit for human consumption.
on Mon, 10/26/2009 - 15:09
#110832
Think about your own life. I don't eat the stuff, nor do I let my family, but if you can't afford McDonalds, you know, THINGS ARE BAD OUT THERE.
on Mon, 10/26/2009 - 15:18
#110842
Ummmm, yeah.
And it also strongly suggests that the exchange rate is all out of wack. It's not as if things are expensive in Iceland because of their terrific economy and the demand for Kobe beef displacing demand for Big Macs.
on Mon, 10/26/2009 - 15:28
#110853
Here's the most important question, as I see it...are Norway's hamburgers too expensive, or are ours too cheap?
on Mon, 10/26/2009 - 15:35
#110862
The solution is to buy Steak.
on Mon, 10/26/2009 - 15:43
#110869
Any word on what a Black Taco is going for?
http://www.avendesigns.com/mypros/taco2/store/girls_black_taco_tank.jpg
I mean...
http://www.mightysweet.com/mesohungry/wp-content/uploads/2009/10/02-Blac...
on Mon, 10/26/2009 - 18:03
#111010
I'm pretty sure the two pictures are equally accurate in describing that piece of shit.
http://sdhintz.files.wordpress.com/2009/05/motivational-tacobell.jpg
on Mon, 10/26/2009 - 16:14
#110894
The Iceland Kroner lost some 80% of its former value.
All the stuff for the hamburgers got imported and too expensive.
on Mon, 10/26/2009 - 15:11
#110833
Wow Zero has been called out by Ed Harrison, will the sniping ever stop?
Why is Zero Hedge claiming the Fed is intervening in equities markets?
By Edward Harrison of Credit Writedowns
on Mon, 10/26/2009 - 15:38
#110866
SNARKY, SNARK SNARK!
http://en.wikipedia.org/wiki/Snark
I think we're about to experience a Jerry Springer show moment...
on Mon, 10/26/2009 - 17:55
#111003
Alright, I'll take on the fat broad....
on Mon, 10/26/2009 - 15:38
#110867
Some people just won't or can't go there. Leap of faith it is not. Reality it is conspiracy theory or not. This will cause quite a stir.
on Mon, 10/26/2009 - 17:24
#110970
HAHAHA quote from the article.
Wow, this sets my mind at ease! It was meant to opaque...thats the counter argument folks. You can refrain from clicking that link and donating traffic to the worthless fed apologist.
What a heap of garbage.
on Mon, 10/26/2009 - 17:32
#110985
Thanks, I wish you had posted earlier and I had not contributed to the count over there. That post was a nothing. I think anything evil we can think of to do, the Fed already did it or is currently doing it. I thought the Fed was probably directly buying equities when the rally first got started. Also the 5 or so companies who had computers trading with each other, I just assumed the Fed was giving them the money out right, or at least promising some kind of back door back stopping. Otherwise in bidding it up, you could be stuck holding the bag. These fuckers are not altruistic and willing to take that risk for their country.
I am also fairly certain they are just printing, period.
Someone give the Fed a ticket for littering. Fed pollution.
on Mon, 10/26/2009 - 18:25
#111027
Phycial printing presses are at full capacity. They can't possibly hope to cover everything with papers unless they increase the denomination, which will inevitably trigger a full blown panic. And they can't directly give the banks money, other than the established POMO programs because they don't want to lie under oath.
This period is analogous with the economic period leading up the civil war. Although Jackson imposed limits on denominations of bills of credit and the amount that could be issued. (I think it was something like five dollars...with a dollar, hypothetically sans FRB, = 357 grains of silver; the amount was two times the specie backing... this is all from memory so dont quote me on it) Anyways the banks instead created checkbook money and when they coundn't redeem it, because they created so much crap, the government legalized fraud by letting them no redeem they contractual obligations. It just made it mandatory to pretend that the "froth" wasn't there.
The only difference is that back then the banks rushed gold from bank to bank faster than the examiners could get there. Now they rush paper. It organized crime. A giant RICO case is what we need. I see no other legal solutions.
on Mon, 10/26/2009 - 23:17
#111319
Who knows what the fed is doing. Maybe it'll intervene in Iceland's appetizing Big Mac and Happy Meal market. I can't why they wouldn't, they've printed money for just about every other piece of junk on Planet Earth.
on Mon, 10/26/2009 - 19:45
#111111
Ed Harrison: Enemy of Transparency.
on Mon, 10/26/2009 - 15:16
#110839
tell ed harrison to lick your penis
on Mon, 10/26/2009 - 15:16
#110840
I'm starting to get worried about Iceland.
on Mon, 10/26/2009 - 15:24
#110844
no need to worry unless CAP'N TRADE fails to pass - then they're sunk (of course if it does pass than we will all be $unk)
on Mon, 10/26/2009 - 18:49
#111048
I think you should be happy for Iceland to be able to break away from at least part of the western vampire squid. I personally think McDonalds is a punishment rather than sustenance.
on Mon, 10/26/2009 - 15:19
#110843
Hey what the fuck ? I thought a weak currency was good ????
on Mon, 10/26/2009 - 15:25
#110847
Beef producers have been taking it up the cornhole these past couple of years. First the commodity spike of 2008 meant that it was more economic to slaughter one's herd than feed them. Then after the commodity crash they faced the opposite problem. The price of beef fell so low that it made more economic sense to the rancher to just slaughter the herd and exit the business entirely as margins collapsed. The end result of this process has been far fewer ranchers and heads of cattle in this country.
So, all ye inflationistas talking about $2000 gold and $200 oil, you can go ahead and include ground chuck at $10 a pound or higher in those forecasts.
on Mon, 10/26/2009 - 16:02
#110883
Not sure I'm buying this. I just finished a 12-day roadtrip through about half of the western US and saw more ranches, and cattle grazing on those ranches, than I expected to see in my lifetime. A couple full feedlots too. No need to lecture me on our 300M people and our export markets, the amount of living beef I saw was still incredible.
Local supermarkets are starting to lower prices some as well, though of course I live in a midwestern farm state anyway.
on Mon, 10/26/2009 - 16:19
#110907
Thanks for the additional color, most of what I posited was pulled from NPR stories, but I have no direct experience with the subject matter. The underlying point is that ranchers have been squeezed both ways and at some point it should be reflected in higher prices or less beefies.
on Mon, 10/26/2009 - 16:25
#110921
All true, but a lot of it is now past-history even if only a few months old. Milk producers (dairy farms) are actually getting squeezed much worse, at least in the midwest.
Continuing our massive tangent, going forward I think the main cost pressures on beef will be oil prices (huge transportation distances, mostly by truck and the rest by train) and the possibility of serious legislation on greenhouse gases. Beef - ruminants genearlly - is worse for GHG emissions than most transportation, and legislation intended to actually do something would target it accordingly. Of course, no one on here believes that crap n'trade is intended for honest goals.
As for Iceland, I guess all those viking fisherman-turned-investment bankers will have to go back to fishing, or else starve. And I'm half serious. Anyone got recent emigration data for Iceland?
on Wed, 10/28/2009 - 08:24
#112799
Bet there are more "empty" feedlots than full facilities. Check out the number of dairy loans that are upside down. Those cattle will get dumped on the market when the lenders squeeze for repayment.
on Mon, 10/26/2009 - 16:04
#110885
you forgot about mad cow. producers got smoked on that one, too.
on Mon, 10/26/2009 - 15:30
#110851
This just in
Obama says he won't be rushed on his Afghan decision
http://content.usatoday.com/communities/theoval/post/2009/10/620000465/1
on Mon, 10/26/2009 - 15:29
#110856
Correction - world's most expensive Big Mac is at Disney if I am not mistaken (excluding park entry of course).
on Mon, 10/26/2009 - 15:32
#110860
The Economist has a Big Mac index but now it requires a subscription
http://www.economist.com/businessfinance/displaystory.cfm?story_id=14036918
on Mon, 10/26/2009 - 15:31
#110857
The Great Recession remake of the Eddie Murphy classic:
Bernanke:
U.S. Citizens:
Bernanke:
U.S. Citizens:
Bernanke:
on Mon, 10/26/2009 - 15:32
#110858
"I find it interesting how a nation's wealth and expansion is represented on how well it affords the most disgusting, fattening sandwich on a double-cut bun. Double patty, special sauce and all... "
Man ... i am speechless. That is the best description of this industry. Thanks!
As for the above post - well the crisis has a few good things. For once people might start cooking themselfs and thinking what exactly their body needs. And it def is NOT mcdolands fat!
on Mon, 10/26/2009 - 15:33
#110861
Thats funny, ive seen the first ever store closing of a McDonalds myself a few weeks ago. Well, not actually the closing itself. Basically the little bit of commerical property where the McDs was at, was literally taken apart (no more signs, no emblems, no nothing) in literally a weekend's time. Store is in Montreal (lots of 'diverse' people here willing to eat that shit, you know who), but just goes to show that McDs i guess doesnt want anyone to know they are closing stores based on how quickly they can make a store disappear.
I wonder if the employees are sworn to secrecy as well?
on Mon, 10/26/2009 - 16:09
#110889
I am really hating the ZeroHedge too-small avatars right about now...
on Mon, 10/26/2009 - 15:36
#110863
A nation mourns. Not.
on Mon, 10/26/2009 - 15:41
#110868
If you've seen a Big Mac lately you would think 'lil' Mac, that is no hamburger. It's a five layer little piece of crap with stuff smeared inside. A real burger is either an In and Out double double or a Tommies double chili cheese.
on Mon, 10/26/2009 - 16:21
#110910
Monster style with extra spread and peppers on ze side :-D
on Mon, 10/26/2009 - 15:58
#110881
It's not McDonalds, it's McDarrell's...
on Mon, 10/26/2009 - 16:24
#110914
It's McDowells!
http://media.photobucket.com/image/eddie%20murphy%20coming%20to%20americ...
http://www.youtube.com/watch?v=pKYl6y8qGqw
on Mon, 10/26/2009 - 17:24
#110971
And who eats at McDs?
McDidiots?
Sort of like McMansions. Little wannabe idiots who are not quite smart enough to be full fledged idiots.
I am not Chumbawamba
on Mon, 10/26/2009 - 16:18
#110902
Updated videos of the Showdown in Chicago protests.
http://www.huffingtonpost.com/2009/10/25/bank-protests_n_333155.html
on Mon, 10/26/2009 - 16:18
#110903
How will they launder money now?
on Mon, 10/26/2009 - 16:35
#110936
Don't forget, they are big consumers of whale meat. So, I guess it's cheaper to hunt and process a whale, than a cow.
on Mon, 10/26/2009 - 16:57
#110949
So this is what happens when a country's currency collapses. The population can't even afford a Big Mac.
on Mon, 10/26/2009 - 17:03
#110956
They need to sell fillet o' fish sandwiches, instead. Fried whale blubber rinds, instead of fries. And icies, but not butterscotch or lemon flavor (never eat the yellow ice). Then they wouldn't have to import so many expensive exotic ingredients.
Let my flogging commence!
on Mon, 10/26/2009 - 17:30
#110980
I've been to Iceland a couple of times -preLehman- and I tell you... it rocks! lovely locals, it wasn't as expensive as all travelling bloggers warned me and it was fine to hit McDonalds now and then. Specially after some late night whale hunting in Reykjavik's neat discos!!! mmmmm... filling up with the good ol' BigMac after houchie-couchie rubbing, was a finger-licking experience! And now is half-price!!! Don't miss it!
on Mon, 10/26/2009 - 18:29
#111032
So they are the new center of civilization now?
on Mon, 10/26/2009 - 20:30
#111163
I think of them more as the crest of the first wave of the tsunami that is our future, rolling over, bearing down on us. But, you know, it's just a thought...
on Tue, 10/27/2009 - 02:15
#111433
bitch.
i like big macs.
on Tue, 10/27/2009 - 08:08
#111552
The more people eat big macs the sooner they die. This probably decreases health care costs, not increases. Same goes for smoking.
on Tue, 10/27/2009 - 16:06
#112186
The equipment and services they burn through keeping you alive is outrageous. Diabetes is a huge drag on the economy.