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With Its Economy On The Mend, Iceland Stuffs Bankers For Second Time

Tyler Durden's picture




 

In a shining example of how it can be done, Iceland, for the second time in as many years, by popular vote refused to provide up to $5 billion to Britain and Netherlands banks. The just completed referendum once again rejected a $5 billion Icesave debt deal, pushed on Iceland by its European banking brethren. "The debt was incurred when Britain and the
Netherlands compensated their nationals who lost savings in online
"Icesave" accounts owned by Landsbanki, one of three Icelandic banks
that collapsed in late 2008."
And while Iceland PM Johanna Sigurdardottir did a brief Mutual Assured Destruction tour claiming "economic and political chaos could follow" we can't help but think we are witnessing the early stages of Europe's most flourishing economy over the next decade, while all other countries in Europe fail one after another due to their inability, unwillingness and cowardice to force bankers to experience, gasp, losses for fear of "reprisals." As for the "isolation" that Iceland is threatened with experiencing should it give banksters the finger, we are certain it is just a matter of a few months before some enterprising hedge funds, scrambling for yield career risk offsets, decide to take on the role of the IMF or of repeatedly insolvent Dexia, and lend directly to Iceland.

From the Sunday Morning Herald:

Icelanders have rejected a depositor claims agreement with Britain and Netherlands for a second time in as many years as voters signalled they did not want tax funds to cover foreign losses by a private bank.

Initial results showed 59.1 per cent of voters said ''no'' to the so-called Icesave agreement, while 40.9 per cent said ''yes'', based on figures published by a regional electorate commission, with about 90 per cent of votes counted.

''This matter will now be settled in the European Free Trade Association's court,'' Prime Minister Johanna Sigurdardottir said.
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The government had hoped Icesave would restore investor relations and end the isolation that has stalled Iceland's resurrection from its banking collapse.

M.A.D. - the geyser tour:

 "The worst option was chosen. The vote has split the nation in two," Prime Minister Johanna Sigurdardottir told state television, saying it was fairly clear the "no" side had won.

State television said almost 60 percent of voters had rejected the agreement, based on results from five out of six voting districts, including capital Reykjavik. Many voters were against taxpayers footing the bill for irresponsible bankers.

Just over 169,000 votes had been counted out of the 230,000 eligible voters.

The prime minister, who had predicted a no vote would cause economic uncertainty for at least a year or two, did not say whether the government planned to resign.

"We must do all we can to prevent political and economic chaos as a result of this outcome," she said.

That's the fear mongering... And here are the facts in two easy charts.

Ever since Iceland decided to stop pandering to banker interests, and transfer its country's wealth to banks from Europe and Holland, its economy has in fact been on a constant upward trajectory.

Icelanders are angry:

Icelandic lawmakers in February backed a repayment plan agreed with creditors, but the president refused to sign the bill, triggering the vote. In March 2010, Iceland rejected an earlier Icesave repayment blueprint in a referendum.

"I know this will probably hurt us internationally, but it is worth taking a stance," Thorgerdun Asgeirsdottir, a 28-year-old barista, said after casting a "no" vote.

Svanhvit Ingibergs, 33, who works at a rest home, said: "I had no part in causing those debts, and I don't want our children to risk having to pay them. It would be better to settle this in a court."

Iceland is still pulling itself out of the recession which hit it after its bank crash, and policymakers and economists have said solving the Icesave issue would help the country get back into international financial markets.

Getting such funding is also part of a plan to end the controls on capital flows it imposed in 2008 to stabilise a tumbling currency.

The controls have left an estimated equivalent to a quarter of Iceland's gross domestic product in the hands of foreign investors, many of whom are expected to want to pull out. Ratings agencies follow the vote closely. Moody's has said it may lower its credit rating on Iceland in case of a 'no'.

And so a nation of 320,000 once again takes the baton of bankster liberation, while a country of 320 million continues to refuse to care, even as with each passing month another $150 billion in debt is added to the public debt total.

 

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Sun, 04/10/2011 - 11:19 | 1154852 King_of_simpletons
King_of_simpletons's picture

I hear UK and Netherland are suing Iceland for their money. HA HA !

Sun, 04/10/2011 - 11:35 | 1154877 masterinchancery
masterinchancery's picture

Yes, how is this "court" going to enforce any "judgment." Invade Iceland and confiscate fish?

Sun, 04/10/2011 - 12:03 | 1154939 AG BCN
AG BCN's picture

They will confiscate Bjork.

Sun, 04/10/2011 - 12:17 | 1154979 anarchitect
anarchitect's picture

Yes please.  This would end her meddling with my Magma Energy shares, the insular wench.

Mon, 04/11/2011 - 04:23 | 1156969 Popo
Popo's picture

...and yet, Ireland was apparently scared into submission.   Poor dumb Irish.   Slaves to the Brits for the next century... (again).

Sun, 04/10/2011 - 12:14 | 1154959 nonclaim
nonclaim's picture

A simple proposal for Iceland: those that voted for paying the bill should pool together and pay it. Show how it's done but do it with your own money.

Sun, 04/10/2011 - 12:15 | 1154976 anarchitect
anarchitect's picture

Precisely so, as is universally the case in all such things.

Sun, 04/10/2011 - 12:59 | 1155056 Normalcy Bias
Normalcy Bias's picture

They could confiscate Iceland's unfuckingbelievably beautiful women!

Sun, 04/10/2011 - 13:22 | 1155122 Popo
Popo's picture

...in their brief golden years before they spontaneously turn into fat grandmothers.

Sun, 04/10/2011 - 15:00 | 1155414 ThirdEye
ThirdEye's picture

Link Please!

Sun, 04/10/2011 - 17:12 | 1155701 JoeSexPack
JoeSexPack's picture

A nice blend of Norwegian (vikings) & Irish (slaves) DNA.

 

http://www.google.com/search?hl=en&client=firefox-a&hs=sk2&rls=org.mozil...

Sun, 04/10/2011 - 18:59 | 1155884 ColonelCooper
ColonelCooper's picture

We have a lot of that in the upper Midwest, only it's Norwegian/Swedish and German.  You end up with GIANT beautiful strawberry blondes that can kick the shit out of you like they're swatting a gnat.

Sun, 04/10/2011 - 17:22 | 1155713 JoeSexPack
JoeSexPack's picture

Methinks they got that hot from many severe famines & epidemics in Iceland's history.

If 1/3 of the people die, the beauties are among the last to go.

Rinse & repeat over time to get this:

http://en.wikipedia.org/wiki/J%C3%B3hanna_Vala_J%C3%B3nsd%C3%B3ttir

 

 

Sun, 04/10/2011 - 13:07 | 1155083 FreedomGuy
FreedomGuy's picture

I would just like to see somewhere in some country the bankers and finance people going bankrupt and having their homes foreclosed as the ones who made the bad decisions with terrible consequences. Nowhere have I seen this, yet. What I see are millions of others unemployed, underemployed and taking pay cuts and suffering consequences. Everyone BUT those who created this problem suffer the consequences. That tells me something is profoundly wrong. You don't have to be a dedicated conspiracy theorist to sense something is wrong.

I wish Iceland well and I hope ZH will post articles on bankrupt bankers and financiers...somewhere in this world.

Sun, 04/10/2011 - 13:44 | 1155204 Jack Burton
Jack Burton's picture

Amen! When do these criminal bankers lose their asses instead of the average guy taking the hit!

Sun, 04/10/2011 - 15:57 | 1155542 Fíréan
Fíréan's picture

Sone fat cat Icelandic bankers, all with huge finanacial empires and living in London, were arrested some time ago ; included brothers Robert  and Vincent Tchenquiz.

 

Anyone to follow up on that story ?

Sun, 04/10/2011 - 17:04 | 1155689 FreedomGuy
FreedomGuy's picture

Fantastic! I would like to see that. I believe that U.S. negligence laws to be very applicable to the financial meltdown we had here in the U.S. and even the world. When "professionals" bought, sold, insured and invested in things they truly did not understand there is a de facto basis for negligence in my mind. As much as I hate lawyers and class action suits there are times for the real thing. Yet, I do not see these and I suspect we are past the point where they could be launched. In fact, there is government complicity as well as protection for these people.

Sun, 04/10/2011 - 19:36 | 1155946 tired1
tired1's picture

Have a close look at Russia, some of the bigger guys have fled to the the City of London, one is in prison. It's a start (actually it's where much of this began).

Sun, 04/10/2011 - 23:40 | 1156667 laughing_swordfish
laughing_swordfish's picture

+ 5 Billion

Sun, 04/10/2011 - 13:09 | 1155092 Mike2756
Mike2756's picture

Maybe there is a way for Iceland to turn the volcanoes on, lol. M.A.D. this!

Sun, 04/10/2011 - 18:46 | 1155861 Zero Govt
Zero Govt's picture

the Court will hopefully tell the bwankers when they loan money they risk losing it (Buyer beware) ...just like everybody else. Welcome to the real world dirt bags

Sun, 04/10/2011 - 11:38 | 1154887 AnAnonymous
AnAnonymous's picture

Good.

When a third world country performed the same trick as Iceland, they were punished by aggressive privatization of national assets in order to repay the Western involved countries. With the support of Western populations.

Funny how a location can change the perception of an act, in this US world order where supposedly the act is judged with no concern of the doer position.

Sun, 04/10/2011 - 12:06 | 1154947 sun tzu
sun tzu's picture

How is this a US world order? Anyone with a brain knows that London is the world's premier banking and financial center. 

Sun, 04/10/2011 - 12:19 | 1154982 caconhma
caconhma's picture

" London is the world's premier banking and financial center. "

No shit.

This statement is utterly misleading. The accurate statement should be: London is the leading world's banking center controlled by the criminal Rothschild family and their Zionist associates.

 

One thing more. The FED is not an American corporation. It is a foreign entity controlled by the Rothschild family from London. America is once again a British colony. So much for American founding fathers and the War for Independence.

Consequently, why should the FED and the Congress give a shit about America and its people? There are no reason for it!

Sun, 04/10/2011 - 12:48 | 1155037 frenchie
frenchie's picture

Amen

Sun, 04/10/2011 - 13:00 | 1155062 Slartebartfast
Slartebartfast's picture

Amen

Sun, 04/10/2011 - 14:29 | 1155335 Fiat Money
Fiat Money's picture

Here's the head slime-ball of them all, Evelyn de Rothschild, BLAMING EVERYONE BUT HIMSELF and his fellow mega-banksters for the economic crisis, in this short interview with fluff-ball host Maria Bartiromo. 

  http://www.youtube.com/watch?v=7Fw1RMKWypo

 EdR is actually very clever with his WEASEL words: "I don't think we shoud be talking about the past"... "the realization that we are all in this together," ..."the need for action must be taken very quickly," etc.

  Note his heavy use of  meaningless assertions ("we must," "we're all in this together," etc.) which lends him an air of reserved dignity while actually saying very little. 

Also note   "you had to face up to the facts that you couldn't let THESE PEOPLE collapse" - by which "people"  he means Mega-Bankers!   He EXPRESSES CONCERN for those who've lost their jobs & pensions... but NOTHING SPECIFIC.   

 He talks about the need for REGULATION, "regulation IS important.. but you have to have the regulators supervised" - without mentioning, that as OWNER of the pretend "moderate"  The Economist magazine, he and his minions PUSHED for DEREGULATION of financial markets, by the TAG TEAM of  rubin, summers, emanuel  "Democrats" and  greenspan, bernanke, geithner, enron ken lay, dick armey, phil gramm, thomas lynch, & jim bliley (et al) republicans,  which "Derivatives," CDOs, and especially Credit Default Swaps were INVITATIONS to  FRAUD,  eg. Golddamn-Sachs selling toxic bonds they KNEW were going to BLOW UP,  but GS taking out CDS contracts with AIG, hoping to double their money from the original fraud sales -  all this de Rothschilds PRETENDS IGNORANCE, as his fellow mega-banksters continue to suck every last drop of nutrients & vitality out of the corpse of the late, great Western democries' economies.

Sun, 04/10/2011 - 14:50 | 1155389 uno2well
uno2well's picture

+1

Sun, 04/10/2011 - 16:18 | 1155591 hardmedicine
hardmedicine's picture

AMEN

Sun, 04/10/2011 - 16:26 | 1155613 Moe Howard
Moe Howard's picture

Amen.

Mon, 04/11/2011 - 04:49 | 1156986 AnAnonymous
AnAnonymous's picture

Anyone with a working brain shall be able to know that banks are only one component of domination. One needs more attributes than only financial power to achieve hegemony.

Sun, 04/10/2011 - 12:13 | 1154961 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

When a third world country performed the same trick as Iceland, they were punished by aggressive privatization of national assets in order to repay the Western involved countries.

3rd world country loans were to their spendthrift, crony pinko _governments_, not to their corrupt private banks.  There's no reason that anyone who isn't a share- or bondholder in any of these shit banks should lose a plug nickel.

Sun, 04/10/2011 - 12:01 | 1154937 goldfish1
goldfish1's picture

http://www.nytimes.com/reuters/2011/04/10/business/business-us-iceland-r...

REYKJAVIK (Reuters) - Iceland faces more economic uncertainty and a drawn-out European court case after its voters rejected for a second time a plan to repay $5 billion to Britain and the Netherlands from a bank crash.

The British and Dutch governments voiced disappointment with the result of Saturday's referendum, in which almost 60 percent of voters opposed the repayment deal.

...The debt was incurred when Britain and the Netherlands compensated their nationals who lost savings in online "Icesave" accounts owned by Landsbanki, one of three overextended Icelandic banks that collapsed in late 2008, triggering an economic meltdown in the country of 320,000 people...

...But voters rejected the idea that taxpayers should foot the bill for what they see as bankers' irresponsibility.

"I know this will probably hurt us internationally, but it is worth taking a stance," Thorgerdun Asgeirsdottir, a 28-year-old barista, said after casting a "no" vote.

Sun, 04/10/2011 - 12:26 | 1154989 A Man without Q...
A Man without Qualities's picture

The situation with Icesave had echoes of the collapse of BCCI decades ago.  People deposited with Icesave because they paid a much higher rate of interest than other banks, but didn't consider the reasons why.  The funny thing was that just like BCCI, quite a few accounts were those for businesses and local government, where the person responsible was supposed to place in a large UK institution, but secretly put the funds in the higher interest account and pocketed the difference.

However, a big part of the blame should go to the "financial" media - i.e. the "money" sections of the press, that recommended the bank in return for the advertising revenue they got from Icesave, and didn't ever explain the risk or the fact it was not a UK domiciled bank.

 

Sun, 04/10/2011 - 13:28 | 1155144 Husk-Erzulie
Husk-Erzulie's picture

Britain and the Netherlands compensated their nationals who lost savings in online "Icesave" accounts owned by Landsbanki  Why don't I believe this describes even the first sentence of the first chapter of the whole story.

Sun, 04/10/2011 - 15:09 | 1155445 anonnn
anonnn's picture

...in return for the advertising revenue...

A clever myth!

 The person, a specific human, who makes the  decision what is printed/said in the newspaper, tv program, etc is simply paid-off, well and irresistably, in cash, sex, gifts, career promotion or any of unlimited manner of "favors". Untraceable and unprovable, if done right.

 

 

 

 

Sun, 04/10/2011 - 12:05 | 1154950 bonddude
bonddude's picture

Icelandic volcanoes will shit all over Europe in...3...2...1...

Sun, 04/10/2011 - 11:19 | 1154857 unwashedmass
unwashedmass's picture

good for iceland!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

Sun, 04/10/2011 - 11:36 | 1154883 DeadFred
DeadFred's picture

Point man is a very dangerous position.  Good luck to them.  I'll be interested to see which scenario plays out.  1 the threats were hollow bogeymen stories and they get away with it. 2 The banksters know it's vital to nip this sort of thing in the bud and pull out the stops to make Iceland into an object lesson for others to fear.  Hope the good guys win.

Sun, 04/10/2011 - 12:12 | 1154968 mick_richfield
mick_richfield's picture

Dangerous: true.  But if I had to pick anyone to walk point, the people of the Elder Edda would be at the top of my list.

Doesn't it seem like the big banks would be just the kind of place where Loki would work?

If I were not now here
inside the hall of Aegir,
I would carry thy head in my hand,
and thus would thy lies be punished
.

 

 

Sun, 04/10/2011 - 13:40 | 1155183 cossack55
cossack55's picture

+14.4 trillion

Thats freakin' it. I am buying a 4' x 6' Iceland flag from an Iceland store and will fly that baby at the top of the pole from now on. I am herby declaring Icelandic Liberty.  Do you think they have a Iceland Gadsden flag with a volcano rather than a snake?

Sun, 04/10/2011 - 11:21 | 1154858 gordengeko
gordengeko's picture

Sweet, tell those King George heirs to fuck off Iceland!

Sun, 04/10/2011 - 11:21 | 1154860 Fix It Again Timmy
Fix It Again Timmy's picture

FooK You bankers, we will not bail out your stupidity and greed... you go, Iceland!!!

Sun, 04/10/2011 - 11:49 | 1154910 ZeroPower
ZeroPower's picture

Ya! You go lefty socialist nut! Free money for ALL! And gold plated food stamps!!

Sun, 04/10/2011 - 12:08 | 1154952 sun tzu
sun tzu's picture

Socialists are the ones that want the bailouts you dumbass jerkoff

Sun, 04/10/2011 - 12:12 | 1154967 ZeroPower
ZeroPower's picture

This rhetoric has been spewed before - it was socialist to save GM et al., but its not socialist to redistribute private wealth to the public.

Im all for mandating private corps to clean up their shit, but Iceland is simply a failed case. If the nation will choose to go down this path, the country's lending situation will be similar to Russia during the Ruble Crisis.

I suggest you take a look outside of the box at what refusing to provide the $5Bn will do.. hint: a precedent.

 

Sun, 04/10/2011 - 12:47 | 1155036 frenchie
frenchie's picture

how do you call redistributing private losses to the public then ?

Sun, 04/10/2011 - 12:57 | 1155058 weinerdog43
weinerdog43's picture

Reaganomics.

Sun, 04/10/2011 - 13:45 | 1155200 Rick64
Rick64's picture

Lol.

Sun, 04/10/2011 - 12:51 | 1155040 pan-the-ist
pan-the-ist's picture

Because Icebank, a company that does business internationally, lost money in Iceland, the people of Iceland need to pay it back?

If you come to my door and claim that you lost 5bn in my yard and I should pay it back, I would tell you to fuck off.  Privatize gains, socialize lossed eh?

Sun, 04/10/2011 - 13:24 | 1155123 Fox Moulder
Fox Moulder's picture

"This rhetoric has been spewed before - it was socialist to save GM et al., but its not socialist to redistribute private wealth to the public."

 

I've never heard anyone deny that providing social services is not "socialist", it's more like where you draw the line - national defense, fire & police, welfare, healthcare, etc. Using public money to bail out private corporations is probably more akin to fascism in the Mussolini definition of the term.

Any claim that we still have any form of capitalism is bogus.

Sun, 04/10/2011 - 16:20 | 1155593 James
James's picture

If it's all the same to you could I have my food stamps in silver?

Mon, 04/11/2011 - 08:09 | 1157155 BigJim
BigJim's picture

Sorry? Why should Iceland's taxpayers be on the hook for the losses of a privately owned bank?

You're the socialist here, calling for gold-plated food stamps - for the bankers.

Sun, 04/10/2011 - 11:25 | 1154861 reader2010
reader2010's picture

Thats the way to do it. But we should be aware of power of direct democracy which we don't have in this doomed land. How I can move to Iceland from Florida? 

Sun, 04/10/2011 - 11:43 | 1154900 Jreb
Jreb's picture

Was just thinking the same thing... except from Canukistan.

Sun, 04/10/2011 - 12:54 | 1155049 pan-the-ist
pan-the-ist's picture

Direct democracy would lead to the re-distibution of wealth, when over 50% of the population is poor, it would be very easy to pass.  Be happy you live in a republic.

Sun, 04/10/2011 - 11:22 | 1154862 MacedonianGlory
MacedonianGlory's picture

Go Iceland!!!!!!!!!!!!!!!!!!!!!!

Sun, 04/10/2011 - 11:32 | 1154865 AnAnonymous
AnAnonymous's picture

Iceland, such a nice story. 

 

Started only two years ago. Or such.

 

Reality is that Iceland had issues of consumption, thinking of it and went with a plan to inflate their money,  which made them the poster child of free market capitalist think tanks, with cartels run Hong Kong.

Started at least in the 1990s. They had also an exit plan which is laudated here.

Yet nothing on the preparation phase, the implementation of the stage before the genius stroke.

 

Like sellink a bank robbery by showing only the carjacking at the end "look, all you have to do to succeed a bank robbery is to succeed to rob a car at the end"

 

Nice story.

Sun, 04/10/2011 - 12:06 | 1154945 Money Squid
Money Squid's picture

The Iceland story started more than two years ago. In August 2007 Max Keiser did a report or exactly what was happening and what the result would be. Here is the proof he called it right long before the collapse  http://www.youtube.com/watch?v=JjglR2KYz5o

 

Sun, 04/10/2011 - 13:52 | 1155224 Jack Burton
Jack Burton's picture

Indeed!  Max was way out front on this issue. The sad part was that some of the Icelanders he interviewed were believeing that the Iceland miracle was real. One banker said that Icelanders were just so much smarter at allocating capital that it stood to reason they should be making so much money in banking.

This of course was a cruel hoax, and now the average Icelander knows it. Just like the Celtic Tiger in Ireland, Icelands fake prosperity based on financial highjinks could not last.

Mon, 04/11/2011 - 04:54 | 1156990 AnAnonymous
AnAnonymous's picture

The Iceland story started more than two years ago. In August 2007 Max Keiser did a report or exactly what was happening and what the result would be. Here is the proof he called it right long before the collapse

 

Of course, it started much earlier.

Icelandic people had an issue, they wanted to up their standard of life and consume more. They put up a plan to achieve that. They succeeded.

What is currently reported is their exit strategy. Picturing the icelandic story only through their exit strategy is missing a lot of the action.

Sun, 04/10/2011 - 11:29 | 1154866 ragedmaximus
ragedmaximus's picture

 Just like any RAPE CASE  .......NO MEANS NO!!!!!!!!!!!

Sun, 04/10/2011 - 11:27 | 1154867 Pepe
Pepe's picture

I have never been in Iceland, but I am moving there. 

Sun, 04/10/2011 - 12:11 | 1154958 Stimme der DDR
Stimme der DDR's picture

To do what exactly?

 

 

Sun, 04/10/2011 - 13:43 | 1155194 cossack55
cossack55's picture

Anything. Nothing. Who fuckin cares.

Sun, 04/10/2011 - 13:57 | 1155239 Jack Burton
Jack Burton's picture

I have been there. Wonderful people, but bleak as hell. It was freezing rain when I arrived on Septmeber 1st and the grass, such as it was, had already turned brown. In Scandinavia Iceland is considered a bleak, bleak place, though the people have done a wonderful job in making this awful landscape a liveable place.

Sun, 04/10/2011 - 11:30 | 1154871 Caviar Emptor
Caviar Emptor's picture

The only sensible country in the Western World. In a word, they refuse to reward criminal enterprise. They want to end the abuse and cut their losses while there's still a chance. 

Sun, 04/10/2011 - 11:34 | 1154875 AnAnonymous
AnAnonymous's picture

In a word, they refuse to reward criminal enterprise. They want to end the abuse and cut their losses while there's still a chance. 

 

Nice story but if there is criminal enterprise, it was the way Icelanders inflated their own currency in order to attract capital and the way they trapped the attracted capital into Iceland.

Nothing new actually. The Iceland story is interesting in the way they were allowed to perform the trick where others in the past were severely punished for acting the same.

Sun, 04/10/2011 - 11:40 | 1154891 Buckaroo Banzai
Buckaroo Banzai's picture

Let me fix your post.

 

Nice story but if there is criminal enterprise, it was the way the international banking conspiracy inflated Iceland's sovereign currency in order to attract capital and the way they trapped the attracted capital into Iceland.

Nothing new actually. The Iceland story is interesting in the way the international banking conspiracy were allowed to perform the trick where no international banksters in the past were ever punished for acting the same.

 

 

Sun, 04/10/2011 - 11:43 | 1154901 AnAnonymous
AnAnonymous's picture

Poor fix.

Actually, the international banking conspiracy should not be interested in attracting capital elsewhere but to their coffers.

 

Why whould they attract capital in Iceland and try to trap it there? On the contrary, a banking conspiracy cartel works for extracting as much as possible from its victims, you know, that story about debt slavery and all that US citizens are fond of.

Sun, 04/10/2011 - 12:13 | 1154963 sun tzu
sun tzu's picture

Then the British and Dutch bankers can sue the Icelandic bankers. This has nothing to do with the citizens of Iceland who had nothing to do with the banking scams.  Why should the losses be socialised? 

Mon, 04/11/2011 - 04:55 | 1156991 AnAnonymous
AnAnonymous's picture

The profits were socialized. The icelanders have benefited largely from the actions of their banks.  They took  their share of the crime.

Sun, 04/10/2011 - 12:11 | 1154964 sun tzu
sun tzu's picture

Then the British and Dutch bankers can sue the Icelandic bankers. This has nothing to do with the citizens of Iceland who had nothing to do with the banking scams.  Why should the losses be socialised? 

Sun, 04/10/2011 - 11:54 | 1154922 ZeroPower
ZeroPower's picture

Haha, cute. Another socialist.

The free market decides how to value currencies. Because the Icelandic banks got greedy and were offering up the higher interest savings accounts, why shouldn't UKers (their main target) take advantage of the fact? Why shouldn't one be involved in the AUDJPY carry trade if there are no strings attached? 

Iceland got greedy and their bankers gave their system too much credit.

Sun, 04/10/2011 - 12:02 | 1154941 Rick64
Rick64's picture

Iceland got greedy and their bankers gave their system too much credit.

 This happened right after they were privatized what a coincidence.  The banks became greedy overleveraging same old story. Easy credit.

Sun, 04/10/2011 - 12:07 | 1154949 goldfish1
goldfish1's picture

The free market decides how to value currencies

When a free market exists, get back to me.

 


Sun, 04/10/2011 - 14:00 | 1155252 Jack Burton
Jack Burton's picture

Full fledged Communism for the banks [reward failure!].

Free markets for the people. [dog eat dog, austerity].

Sun, 04/10/2011 - 12:09 | 1154957 sun tzu
sun tzu's picture

Haha look in the mmirror you dumbass socialist. The bankers are the ones who want welfare and socialism to cover their bad investments.

Sun, 04/10/2011 - 12:23 | 1154986 anarchitect
anarchitect's picture

"Iceland got greedy..."

As a fellow Canadian, this is typical collectivist thought.

Some specific Icelanders got greedy. The rest of them refuse to suffer for it.

Don't fuck with Icelanders. They're the only ones who could still speak to Vikings, were they still around.

Sun, 04/10/2011 - 12:36 | 1155014 ArmchairRevolut...
ArmchairRevolutionary's picture

Haha, cute. another socialist ... for the bankers.

ZeroPower = ZeroSense.

Sun, 04/10/2011 - 20:22 | 1156128 msamour
msamour's picture

This still has nothing to do with with the Icelandic people. Seems to me you would punish regular citizens for mistakes done by professionals that knew what would eventually happen, and yet thought they could get away with it.

What you suggest is akin to me showing up at your neighbour's house to shoot him, then get you convicted for the murder just because you live next door to him. At some point people have to say no. The Iclandic people did say no, and the banksters should bear the losses for their stupidity in investment.

Sun, 04/10/2011 - 13:01 | 1155072 samsara
samsara's picture

Timmy, Is that YOU?

Sun, 04/10/2011 - 11:31 | 1154872 Jay Gould Esq.
Sun, 04/10/2011 - 11:30 | 1154873 AN0NYM0US
AN0NYM0US's picture

And so a nation of 320,000 once again takes the baton of bankster liberation, while a country of 320 million continues to refuse to care, even as with each passing month another $150 billion in debt is added to the public debt total.

 

It's not that Americans don't care, they just don't realize that their government was taken over in a silent coup d'Etat

Sun, 04/10/2011 - 11:46 | 1154902 Seasmoke
Seasmoke's picture

not realizing , is the same as not caring, maybe even worse

Sun, 04/10/2011 - 12:41 | 1155021 goldfish1
goldfish1's picture

not realizing , is the same as not caring, maybe even worse

 

In what reality? Please expound on the level of education and intelligence needed to understand the criminal enterprise at work here. Include orwellian programming from birth. Then apply this to the population as a whole.

I think it's more accurate to say they don't understand and they don't know what to do or have any leadership to inspire them.

Sun, 04/10/2011 - 11:45 | 1154905 gordengeko
gordengeko's picture

That's right, only two outcomes for the defunct bankrupt corporation otherwise known as the U.S.A,... 1-reverse takeover from within but need help from the power brokers that aren't the keynesian eugenic fucktard inbred types, starts at local level and physical revolt that starts with filing bankruptcy for each of the little people on all of their defunct debt to these foreign bank conglomorates, then not leave their house!  Just like the affluent are ALLOWED to do because the banks don't wanna fuck with them and further depreciate shit assets still overpriced in those affluent neighborhoods that they can't sell.  The rich know this but yet they squat happily saving $$$$'s in mortgage payments,  While the little people get called deadbeats.lol  2- do nothing and hope for change and look your kid in the eye and say "sorry son, good luck trying to keep our bloodline going!  I lived well, look at my SUV and giant LCD (which is a form of fuck you son."

Sun, 04/10/2011 - 12:41 | 1155025 goldfish1
goldfish1's picture

need help from the power brokers that aren't the keynesian eugenic fucktard inbred types, starts at local level and physical revolt that starts with filing bankruptcy for each of the little people on all of their defunct debt

 

good comment

Sun, 04/10/2011 - 11:59 | 1154933 lynnybee
lynnybee's picture

It's not that Americans don't care, they just don't realize that their government was taken over in a silent coup d'Etat     .... true.   Most Americans do not have a clue, are simply ignorant of the facts & busy struggling with their day-to-day lives.   

I was out with dinner companions a month ago & told them that the United States of America is being taken over by a criminal group of European & off-shore banking interests & they all LAUGHED AT ME !!   The rest of the people in the restaurant were looking over at my table as my dinner companions rolled in the aisle with uncontrollable laughter at the silly nonsense coming out of me !  

I sat there stunned ..... felt like crying .

Sun, 04/10/2011 - 12:17 | 1154974 Money Squid
Money Squid's picture

No need to cry lynnybee, you can warn them but the if they are too blind to see they will be the ones crying later. I find almost no one that has any idea or interest in what is going on...the social engineering is so thorough that I think the vast majority simply do not care, and the ones that suspect something is wrong are too affraid/ashamed to link under the cover out of fear of what they might find. I work in a culturaly diverse office, the american born are totally clueless, the foreign born see exactly what is going on (as they have seen it already in their countries) but will not discuss it unless I bring it up with them. The foreign born a diversified in gold, silver and maintain accounts in other countries. The american born are busy watching dancing with the stars or are trying to feed themselves.

If you insist on trying to educate, you may want to start off with a simple discussion of how much food prices have gone up, then move to inflation, the money supply, and how the Fed is pushing up the stock market. Do not go too far, let them answer the questions, if they want, let them think about it a while, but do not push or they will slam the mental door shut.

Sun, 04/10/2011 - 12:56 | 1155051 ArmchairRevolut...
ArmchairRevolutionary's picture

"If you insist on trying to educate, you may want to start off with a simple discussion of how much food prices have gone up..."

+++

This is very true.  You cannot start with the conclusion. Almost all people have an inability to consider information that falls outside their belief system.  Instead of considering such information, they will pre-process it to fit their belief system.  In linnybee's case, the audience was presented with a piece of information that was too far out and conflicting with their belief system. Their minds rejected it without any consideration.

If linnybee started the conversation from the point of view of "where does inflation come from?" and offered subtle ideas, their belief system would not have placed a defense mechanism in front of the information. They then would have had an opportunity to change their belief system based upon new and better information, instead of rejecting or modifying the information to fit their belief system.

Sun, 04/10/2011 - 14:00 | 1155244 gordengeko
gordengeko's picture

If I could offer one more little piece of advice. Just don't let all of this consume you, it's a very deep rabbit hole should you decided to take the plunge. It will eventually lead you to want to research ancient spiritual texts. You still have to live in accordance to the principles you establish for yourself, not some organization beit it religious, political or otherwise. Enjoy nature and the time spent with those you care about and gently fill them with knowledge if they choose to want to learn, if they don't want to talk about it don't force it and instead cherish the good times you experience with them.  Those moments are priceless.

Sun, 04/10/2011 - 12:22 | 1154984 sun tzu
sun tzu's picture

Americans did care, but their representatives didn't. The calls to congress were 99% against the bailouts. Everyone who voted in favor of the bailouts should have been kicked out of office then tarred and feathered.

Sun, 04/10/2011 - 13:25 | 1155138 goldfish1
goldfish1's picture

Americans did care, but their representatives didn't. The calls to congress were 99% against the bailouts. Everyone who voted in favor of the bailouts should have been kicked out of office then tarred and feathered.

That's exactly correct. The people were and are still duped into thinking their vote counts.

Diebold ensured the success of the coup.

Sun, 04/10/2011 - 12:35 | 1155005 TimmyM
TimmyM's picture

I love you.

Sun, 04/10/2011 - 12:36 | 1155011 gordengeko
gordengeko's picture

lynnybee, many of times I have left family, friends and strangers (which I just end up in a conversation with and somehow sometimes leads to deep talks which I enjoy) in absolute silence.  I speak with passion about this subject because I have been an avid researcher for the better part of 4 years as well as had a passion for markets since the mid 90's.  We are living in two separate realities, the reality which most americans experience everyday in their personal life and the real reality which will very soon smash into their closed world and they will be forced to look at things they otherwise didn't know were there.  I've learned how to backwards lead/segue a conversation into having them ask questions which almost forces them to find answers themselves, or at the very least starts to open their mind up a little and make them more aware.  Knowledge isn't for everyone because some will use it against you and attack you.  Imagine shining a spotlight in someone's face at 4am after they've just drank all night at a party on July 4th, telling them wake up the country is taken over by foreign inbreds.lol

 

Sun, 04/10/2011 - 12:42 | 1155028 goldfish1
goldfish1's picture

Guess what...who's the idiot? (hint: not you.)

Sun, 04/10/2011 - 13:12 | 1155099 Dr. Porkchop
Dr. Porkchop's picture

It's ok.

Some of the people laughing are probably crying on the inside, because they're going broke trying to play the game according to the rules they were taught. They know something isn't quite right but they can't articulate it, so the thought scares them. They want a nice kindly, smiling president, preferably an old white guy, who will tell them sweet lies about the good times that are just around the corner. This allows them to look at their negative net worth and continue to get up in the morning and go to work, rather than quietly committing suicide in the garage.

I know you want to help, but they aren't ready to admit the truth that they probably already know.

Sun, 04/10/2011 - 13:19 | 1155115 tired1
tired1's picture

For me this inquiry really began about three years ago when my Chinese freind asked me: If Japan attacked the US at Pearl Harbor, why did the US go to war in Europe first?

 Long story short: I began to look at conflicts through the lens of banking interests and capital flow. I thought I knew world history, I knew nothing. I am in the process of re thinking everything  thought I knew, but I have no choice as I wish to follow the truth wherever it takes. If I find myself alone that's ok, I've had enough of bad company.

II also have come to realize why my elders said so little while I was growing up; they tried to drop clues, but it seems that one must ask the questions first before any answers can be digested.

Cheer up! No one gets out of here alive, so figure out what you are here to learn. The answers are for you alone.

Sun, 04/10/2011 - 11:32 | 1154874 Lord Welligton
Lord Welligton's picture

"The worst option was chosen. The vote has split the nation in two," Prime Minister Johanna Sigurdardottir told state television, saying it was fairly clear the "no" side had won.

It is astounding how politicians throughout the "Western" world continually refuse to acknowledge the settled will of the people in favour of the banks.

"no side had won".

It is absolutely clear that the people won and the bankers lost.

And given that Sigurdardottir tried to terrorise the people it is also clear that they knew the consequences.

 

Sun, 04/10/2011 - 11:37 | 1154879 AnAnonymous
AnAnonymous's picture

It is astounding how politicians throughout the "Western" world continually refuse to acknowledge the settled will of the people in favour of the banks.

 

Comical.  The Iceland miracle was accomplished through banks. The story started not in 2008 as people on this site propagate.

The issue started when Icelanders had to take into account the fact of living on the edge of a consumption pit and what they could to increase their consumption, attract and trap wealth to their country.

Sun, 04/10/2011 - 11:39 | 1154884 Lord Welligton
Lord Welligton's picture

The banks when privatised ended up being run as criminal enterprises.

Sun, 04/10/2011 - 11:40 | 1154893 AnAnonymous
AnAnonymous's picture

Criminal entreprises that really helped to up the Icelandic standard of life then.

But hey, this is a US world order.  You are supposed to inherit the good consequences of an action while denying and rejecting the bad consequences, shifting this burden on a third person. US style.

Sun, 04/10/2011 - 11:44 | 1154898 Buckaroo Banzai
Buckaroo Banzai's picture

But you forgot to mention, the "good consequences" were a temporary illusion, and the bad consequences were permanent and real

Sun, 04/10/2011 - 11:50 | 1154916 AnAnonymous
AnAnonymous's picture

A temporary illusion? A temporary illusion that has lasted for two decades at least. It is enough to have travelled to Iceland in the late 1980s and in the mid of the 2000s to see how much Icelanders have benefited from the criminal entreprise in the mean time.

The bad consequences are little for Icelanders as they have shifted the burden of them onto other people.

Sun, 04/10/2011 - 12:17 | 1154975 Rick64
Rick64's picture

 They have experienced high unemployment, devaluation of their currency, and high interest rates  which impacts people to a great degree. Also they will have to pay back all those IMF loans with interest, so they have their share of the burden.

Sun, 04/10/2011 - 13:00 | 1155066 Bay of Pigs
Bay of Pigs's picture

"The bad consequences are little for Icelanders as they have shifted the burden of them onto other people".

Are you for real? Do some research. They got wiped out.

 

Sun, 04/10/2011 - 13:32 | 1155150 goldfish1
goldfish1's picture

How much have they really benefitted in terms of their social fabric?  The benefit is in their rejection of the international enslavement. Hopefully they won't be volcanoed, earthquaked and tsunamied, if such a weapon as haarp does exist and is being used.

Mon, 04/11/2011 - 05:04 | 1156993 AnAnonymous
AnAnonymous's picture

How much have they really benefitted in terms of their social fabric?

 

Well enough. Capital attracted to Iceland has been trapped there under the form of improved housing, improved infrastructure, better job opportunities and more. 

Mon, 04/11/2011 - 05:07 | 1156998 AnAnonymous
AnAnonymous's picture

How much have they really benefitted in terms of their social fabric?

 

Well enough. Capital attracted to Iceland has been trapped there under the form of improved housing, improved infrastructure, better job opportunities and more. 

Sun, 04/10/2011 - 13:15 | 1155107 Dr. Porkchop
Dr. Porkchop's picture

Define upping the standard of life.

Does that mean the ability to buy more shit? There are other ways to be happy that don't include chasing money and filling your home with toys.

Mon, 04/11/2011 - 05:08 | 1156997 AnAnonymous
AnAnonymous's picture

Better job opportunities, better infrastructure, better housing, greater diversity in consumption items, more money to spend on leisure time etc

 

Sun, 04/10/2011 - 11:54 | 1154927 ZeroPower
ZeroPower's picture

So i assume you believe GM, AIG, Fannie/Freddie are being BETTER run now?

Comical.

Sun, 04/10/2011 - 11:59 | 1154932 Lord Welligton
Lord Welligton's picture

No.

Sun, 04/10/2011 - 12:05 | 1154951 Rick64
Rick64's picture

Not a fair comparison. Our banks own the government where in Iceland that wasn't the case.

Sun, 04/10/2011 - 12:16 | 1154977 ZeroPower
ZeroPower's picture

Fair point, but i think in the States this is now an accepted fact; whereas in other countries people believe their respective systems are not in fact run by TPTB.

Sun, 04/10/2011 - 12:27 | 1154994 sun tzu
sun tzu's picture

Your solution is even more comical. All bad investments should be guaranteed against losses? There should be no risk in the financial world? One country alone cannot inflate its own currency. If it is so easy, why didn't Zimbabwe or Cuba attract foreign capital? It took the efforts of the financial world. Now let the financial world eat some of the crap that they have sown. 

Sun, 04/10/2011 - 11:48 | 1154912 Old Poor Richard
Old Poor Richard's picture

Let me get this straight--if ordinary citizens don't vote to meekly cover the gambling losses of the criminal banksters, there will be "consequences," namely the stubborn banksters will refuse to enslave them with further debt?  Thank you, Sir, may I have another?

Sun, 04/10/2011 - 11:52 | 1154921 AnAnonymous
AnAnonymous's picture

Repo could be in the box. Look at what happened during SEA crisis, when foreign banking institutions forced repos on the locals. Got a few of them to burn down their houses, them   inside.

Sun, 04/10/2011 - 12:32 | 1154999 sun tzu
sun tzu's picture

That can be easily overcome with a 50% property tax on homes held by banks. Or they could let the bankers enforce the repos themselves.

Sun, 04/10/2011 - 12:08 | 1154955 Rick64
Rick64's picture

 The US will export some Diebold voting machines, and the problem of democracy will be overcome. Damn peasants.

Sun, 04/10/2011 - 13:32 | 1155158 goldfish1
goldfish1's picture

 The US will export some Diebold voting machines, and the problem of democracy will be overcome.

+1

Sun, 04/10/2011 - 12:16 | 1154970 lynnybee
lynnybee's picture

thank you for saying GAMBLING LOSSES !!   That is exactly what these losses are ! ....... they are GAMBLING LOSSES ............ I REFUSE TO  BAIL OUT GAMBLERS or MONEY ADDICTS !!!

Sun, 04/10/2011 - 13:17 | 1155110 Dr. Porkchop
Dr. Porkchop's picture

Wall St. is a casino. Except, in a casino, when you lose on a bad bet, you lose your own money. When bankers make a bad bet, the house pays them with your money. It's better than gambling.

Sun, 04/10/2011 - 13:36 | 1155169 goldfish1
goldfish1's picture

May I suggest the omission of capital letters as emphasis? It comes off as a bit hysterical and imo, your insghts are better delivered without it.

Sun, 04/10/2011 - 12:22 | 1154983 Urban Redneck
Urban Redneck's picture

When pestered about the massive issuance of US debt FDR cracked a smile and said, "We owe it to ourselves..."  The current monetization of the US debt is reducing the holders of US debt to the 1) US Taxpayer and 2) the FED.  When there are actually only two chairs left, why wouldn't Chairsatan demand that his serfs beg him for another.  Iceland's debt is to outsiders, we started importing our debt the day we began monetizing it.     

Sun, 04/10/2011 - 11:34 | 1154876 imaginalis
imaginalis's picture

It's refreshing to see Iceland refuse to bail out the criminal bond holders. A bright star in a very dull sky.

Sun, 04/10/2011 - 13:17 | 1155109 Bay of Pigs
Bay of Pigs's picture

Bay of Pigs has some Icelantic blood in his veins. I'm proud of them. 

The banksters are rotten and evil. What part of that don't people get? I'd rather be poor and free than to kiss the toes of those fuckers.

Mon, 04/11/2011 - 00:28 | 1156764 imaginalis
imaginalis's picture

Multiple shots of Bennivin for everyone

Sun, 04/10/2011 - 11:36 | 1154881 Seasmoke
Seasmoke's picture

its amazing how after the first NO , it just gets easier and easier to say NO

Sun, 04/10/2011 - 13:38 | 1155178 goldfish1
goldfish1's picture

"No" is a complete sentence.

Sun, 04/10/2011 - 13:57 | 1155249 King_of_simpletons
King_of_simpletons's picture

Yale Education: "No" means "Yes", "Yes" means "Anal"

Sun, 04/10/2011 - 11:38 | 1154888 chunga
chunga's picture

You Fight Club Lawyers get the fuck out there and fight. Check this bastard out.

JP Morgan cannot foreclose in RI without a written assignment from FDIC. Was appealed to Supreme Court a month ago. Appeal dismissed. Filed Motion to Reconsider, Motion for Relief Denied based on Law of the Case. Take your medicine banksters....

Diana v. WAMU

Where are you pricks gonna appeal now? Go for it you pricks. You'll just lose again.

Sun, 04/10/2011 - 12:36 | 1155009 chunga
chunga's picture

Anybody in Rhode Island (or any other state for that matter) who understood what that meant would tell JPMorgue to shove their mortgage up their fat asses and sue the shit out of them.

Tea Party? Tea Party my ass

Sun, 04/10/2011 - 13:38 | 1155185 goldfish1
goldfish1's picture

Next up:

End the war.

BAGHDAD — A day after Defense Secretary Robert M. Gates suggested that American troops could remain here for years, tens of thousands of protesters allied with Moktada al-Sadr, the radical anti-American Shiite cleric, flooded the streets demanding an end to the American military presence.

http://www.nytimes.com/2011/04/10/world/middleeast/10iraq.html?ref=world

 

Sun, 04/10/2011 - 14:17 | 1155315 chunga
chunga's picture

That's the last damn thing TPTB want. Fighting aged males on our own soil. Bring 'em home. We've seen the enemy and it is right here.

Sun, 04/10/2011 - 18:39 | 1155839 johnnynaps
johnnynaps's picture

TPTB aren't going to bring any troops home and risk their power. They know the troops will side with the people and therefore, the military will spend the rest of their days on foreign soil. Damn, it's historical. If you aren't going to study History.....just watch Gladiator.

Sun, 04/10/2011 - 11:40 | 1154894 uno
uno's picture

Time to go to Iceland for a vacation and help their economy.

Sun, 04/10/2011 - 11:50 | 1154913 VogonPoet
VogonPoet's picture

+182 ISK

Sun, 04/10/2011 - 11:41 | 1154897 stormsailor
stormsailor's picture

i want federal reserve blood

Sun, 04/10/2011 - 13:39 | 1155188 goldfish1
goldfish1's picture

Perhap a federal penitentiary with Manson as a cell neighbor.

Sun, 04/10/2011 - 11:46 | 1154903 I am Jobe
I am Jobe's picture

Way to go iceland. Americans are sleeping and getting fucked over day after day and are worried about baseball and football being cancelled on TV. Americans deserve this crap, and Govt will provide them with vaseline.

Sun, 04/10/2011 - 11:46 | 1154907 tmosley
tmosley's picture

Hmmm, so the total cost to their GDP was a mere ~5%, whereas their currency gained ~50%?  Doesn't anyone in any government around the world realize that this is a HUGE net gain for the Icelandic people, or at least, the savers?

The only way those of us in the West (outside of Iceland) can experience such gains is to own gold and/or silver.  Of course, our GDP is still being crushed by these foolish government policies, and will continue to suffer for as long as these fools are in power, but at least our purchasing power is rising.

Sun, 04/10/2011 - 11:52 | 1154917 They_Live
They_Live's picture

God bless the Icelanders. Are you watching Irishmen?

Sun, 04/10/2011 - 11:52 | 1154918 Highrev
Highrev's picture

Hip Hip Hooray Iceland!

 

BTW, I posted a chart in the Equity Forum than might be of interest. http://www.zerohedge.com/forum/supersize-snapback

 

 

Sun, 04/10/2011 - 11:58 | 1154920 Volaille de Bresse
Volaille de Bresse's picture

"It's refreshing to see Iceland refuse to bail out the criminal bond holders"

 

Hey you all, don't be too quick at fantasizing about what's going on up there. You should talk to someone who lives there instead... (if you know any) ;-)

In short : the people of Iceland are WILLING to pay the debt (sth like 12000 Euros per person). But they want a decent schedule and decent interest rates.

Nothing more nothing less...

 

Sorry to burst the bubble  :-)

Sun, 04/10/2011 - 11:52 | 1154925 Holodomor2012
Holodomor2012's picture

"Iceland granted [Bobby Fischer] right of residence as a "stateless" alien and issued him a passport.[7] When Japan refused to release him to Iceland on that basis, Iceland's parliament voted in March 2005 to give him full citizenship.[8] The Japanese authorities then released him to that country, where he lived until his death in 2008" (http://en.wikipedia.org/wiki/Bobby_Fischer).

Iceland knows what's up.

Sun, 04/10/2011 - 11:59 | 1154934 MasterB
MasterB's picture

I may be movin' to Mosfellsbaer soon.

Sun, 04/10/2011 - 12:01 | 1154935 franzpick
franzpick's picture

Some may be interested to read about the 1991 bank nationalization Nordic solution to the Swedish, Finland and Norway crises, which approach is regarded by many as the politically fair and best responce:

http://docs.google.com/viewer?a=v&q=cache:GgIrbTeiTNwJ:research.stlouisfed.org/publications/es/09/ES0910.pdf+scandanavian+bank+crisis+1991&hl=en&gl=us&pid=bl&srcid=ADGEESjob57sGrJhIBgZSoPvJnaX02KAwrxv3e7Op1CktnFvUkCKcIeFY8hLmDeaGuz1ExXJavigtuLlZ0VL7xwNJk45X_euguh7aFhuoFED6dT8NCTWdXW07w0qnU2GgCjfsKfuTE2Z&sig=AHIEtbSdv4l08QApS_suxyhNZs-Pugv5NQ

Yet, Mankind swims daily in the Sea of Knowledge, emerging completely dry.

Sun, 04/10/2011 - 12:02 | 1154942 ArmchairRevolut...
ArmchairRevolutionary's picture

I plan to do two things: 1) make a trip to iceland in the coming year. I have always wanted to check it out and I like the idea of spending my money with people I like. I now really like the Icelanders. 2) I will look for products from Iceland that I can import.

Way to go Iceland!!!

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