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The Iceland Financial Renaissance Miracle Continues

Tyler Durden's picture


When it comes to the New Normal, there are just two precedents: complacent and doomed debt slaves, such as Greece, which continues to voluntarily hand over any and all of its real assets to the vampiric banking oligarchy in exchange for simply being the member of a doomed club, while trembling at constant threats of fire and brimstone if it dares to split away from its monetary parasites (and where unemployment rises by 3% in one quarter), or the rare success story such as Iceland, which showed the bankers a middle finger, took the red pill and disconnected from the globalization matrix. And while even Bloomberg recently extolled the virtues of the Iceland "case", which will likely be solitary until the entire ponzi scheme comes crashing down, we are heartened when we observe all incremental milestones of further economic and financial success by the one country that dared to call the banker bluff, and won. Such as this press release from the IMF.

Iceland to Repay Early Some Outstanding Obligations to the IMF
Press Release No.12/84
March 15, 2012


Iceland announced today that it repaid, ahead of schedule, obligations to the IMF amounting to some SDR 288.8 million (US$ 443.4 million). The payment was made on March 12.


The early repayment is about one fifth of the SDR 1.4 billion (US$2.15 billion) that Iceland borrowed from the IMF under its Stand-By Arrangement (SBA) (see Press Release 08/296). The amounts repaid early are the obligations falling due in 2013 under the original repayment schedule.


Together with a scheduled payment made in February 2012, this early repayment will reduce Iceland’s outstanding obligation to the IMF to SDR 1.041 billion (about US$1.60 billion). This outstanding balance is projected to be repaid during 2012-16.


After this early repayment, and taking into account a similar early repayment of Iceland’s Nordic loans, reserve adequacy—as measured by the ratio of reserves-to-short term debt—will remain above the standard benchmark of 100 percent.

Congratulations Iceland. We can only hope even one other country had the testicular fortitude to follow in your footsteps and realize that all hollow threats of mutual assured destruction if one dares to turn their back on the banking supercabal, are just that. Hollow.


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Thu, 03/15/2012 - 16:48 | 2259311 SheepDog-One
SheepDog-One's picture

SO everyone who says 'Well thats just the way it is, bankers run everything, and no one can do anything against it' is efficiently proven totaly wrong. All the talk about how bankers own it, and run it, and nothing you can do is just an excuse for their own normalcy bias comfort even though its slavery. 

Thu, 03/15/2012 - 16:51 | 2259323 Ahmeexnal
Ahmeexnal's picture

why on earth would they pay the IMF?

iceland should have bought PMs instead, and wait for the reset.


Thu, 03/15/2012 - 17:13 | 2259405 sessinpo
sessinpo's picture


why on earth would they pay the IMF?

iceland should have bought PMs instead, and wait for the reset.



Because Iceland still lives in fiat currency land. Thus to them, repaying debt would be the proper thing to do. Interest cost is a drag on GDP.

Thu, 03/15/2012 - 17:41 | 2259473 Ahmeexnal
Ahmeexnal's picture

"repaying debt would be the proper thing to do"

like taking a gardasil shot?


This week, the American Academy of Pediatrics (AAP), the same group that has said all 16-year-olds should get HIV tests, is now recommending that all boys 11 years and older be given HPV vaccines.

Thu, 03/15/2012 - 17:53 | 2259500 NotApplicable
NotApplicable's picture

Stiff the IMF and the miracle dies even quicker.

Thu, 03/15/2012 - 20:19 | 2260035 The trend is yo...
The trend is your friend's picture

hit the principal and say fuck you to the imf forever.  We don't need your stinkin loans

Thu, 03/15/2012 - 22:47 | 2260535 Green Leader
Green Leader's picture

The reset is coming, yes indeed.

Everyone will have a chance to "get out of Babylon".

Thu, 03/15/2012 - 17:15 | 2259413 resurger
resurger's picture

hmm let me see, i can see a similarity here .. when the government intervenes in a freemarket bad thinks happen! in iceland Kaupthing, Glitnir, and Landsbanki banks owned assets in excess of 1100% of Iceland's GDP, comprising nearly eighty percent of the island's total banking assets!

That reminds me .... yes


Thu, 03/15/2012 - 17:28 | 2259446 Divided States ...
Divided States of America's picture

Great the IMF just got extra cash that they can plow right back into the rest of the PIIGS.

Fri, 03/16/2012 - 03:02 | 2261009 moneyline
moneyline's picture

You are the exception though right?

Thu, 03/15/2012 - 16:49 | 2259315 GeneMarchbanks
GeneMarchbanks's picture

Huge Balls Iceland. Stone cold icey balled Scandanavians.

Thu, 03/15/2012 - 16:51 | 2259326 Shleprock
Shleprock's picture

But not Blue balls,  their women are smokin!!

Thu, 03/15/2012 - 17:06 | 2259390 kaiserhoff
kaiserhoff's picture

Long Thor, and Scandinavian Stewardesses;)

Thu, 03/15/2012 - 18:12 | 2259538 Rubicon
Rubicon's picture

They dont age well!


Thu, 03/15/2012 - 19:05 | 2259759 prains
prains's picture

can smell like pickled herring too

Thu, 03/15/2012 - 21:06 | 2260195 akak
akak's picture

Said the blind man in the lutefisk shop: "Hello, ladies!"

Thu, 03/15/2012 - 16:54 | 2259342 GeneMarchbanks
Thu, 03/15/2012 - 17:38 | 2259469 macholatte
macholatte's picture


I heard a rumor that the USS enterprise will be parking in Iceland as a show of force since they started thinking about maybe one day possibly having the Ruskies build them a nuke reactor and some guy has a cousin who met a guy who knows a Turk who thought Iran was an OK place to visit on vacation 10 years ago and might have married a North Korean girl he met in Kabul and all this was discussed in a secret closed door meeting between Barry and Cameron and George Clooney ....... or something like that.

Anybody else have any insight into this developing story?


Fri, 03/16/2012 - 08:12 | 2261232 Kobe Beef
Kobe Beef's picture

All I know is you just lit up the NSA's switchboard. Party on, Wayne!

Fri, 03/16/2012 - 09:12 | 2261375 TheFourthStooge-ing
TheFourthStooge-ing's picture

macholatte asked:

Anybody else have any insight into this developing story?

Stratfor said the same thing, with debka confirming it and saying the volcanic eruptions were actually accidents at a secret underground Iceranian nuclear weapons facility.


Thu, 03/15/2012 - 18:16 | 2259546 mkkby
mkkby's picture

Iceland may have won this battle.  But the bankers will come back for more.  Watch for ex-Goldman scum appointed to key positions in gov.  The empire WILL strike back.  Don't get complacent Iceland.

Thu, 03/15/2012 - 20:20 | 2260038 Hacked Economy
Hacked Economy's picture

Time to start a jedi academy and get some Ewoks together for the next round after this...

Thu, 03/15/2012 - 21:19 | 2260241 TheFourthStooge-ing
TheFourthStooge-ing's picture

GeneMarchbanks said:

Huge Balls Iceland.

NADS: The North Atlantic Dominion of Sackistan


Thu, 03/15/2012 - 16:49 | 2259317 AchtungAffen
AchtungAffen's picture

Well, Iceland nationalized dead banks. Did a whole public sector strategy. It was through the state that they gave the banks the finger. That won't happen anywhere else in the state-allergic populations of the western world...

Thu, 03/15/2012 - 16:50 | 2259322 SheepDog-One
SheepDog-One's picture

Yea because bottom line most people LIKE their slavery. Whatever.

Thu, 03/15/2012 - 17:17 | 2259403 LawsofPhysics
LawsofPhysics's picture

Don't shoot the messenger simply because he speaks the truth.  Although he did forget to also mention the rather uniform ethnic composition of Iceland.  A lot easier to get things done when 1) there are not many of you to begin with (what Iceland's GDP again?), 2) you all speak the same language and 3) have the same heritage so as to agree on what needs to be done.  I see states succeeding from the union before people in the U.S. start working in each other's best interest.

Fri, 03/16/2012 - 09:19 | 2261400 AchtungAffen
AchtungAffen's picture

I really don't think it's about race or ethnic background here. When the banks imposed several times GDP on debt over the population, it doesn't matter if you're Sudaca, Chicano, Muslim, Jew, Black, whatever. It's just common sense of social justice. And that has nothing to do with ethnicity.

Fri, 03/16/2012 - 10:41 | 2261662 NorthPole
NorthPole's picture


Fri, 03/16/2012 - 12:33 | 2262156 AchtungAffen
AchtungAffen's picture

So it is an ethnicity issue? Which is the "best" ethnicity to be then?

Sat, 03/17/2012 - 00:23 | 2264386 NorthPole
NorthPole's picture

LawsofPhysics, who you seem to disagree with, is right. Read his 2nd and 3rd sentences.

Mon, 03/19/2012 - 10:55 | 2269611 AchtungAffen
AchtungAffen's picture

Hm, the Swiss kinda make him wrong.

Fri, 03/16/2012 - 09:19 | 2261402 AchtungAffen
AchtungAffen's picture

People love their slavery. Specially when they're slaves for the private sector.

Thu, 03/15/2012 - 18:13 | 2259542 Rubicon
Rubicon's picture

Its easier when there are only 6 of them.

Thu, 03/15/2012 - 20:04 | 2259988 John Wilmot
John Wilmot's picture

We have a free-market procedure for dealing with these situations, it's called bankruptcy. No government required.

Fri, 03/16/2012 - 04:26 | 2261066 Ghordius
Ghordius's picture

not true - it's a government service, the bankruptcy court. In a free-market system without government nobody steps in if your creditor rounds up some muscle to squeeze the last drop of blood out of you, literally - no government, no police, remember?

Blue Pill, Red Pill, the Icelanders took both - they refused to bail out their banks to make the creditors whole, yes.

They still have their normal debt which they are servicing. Don't behave as if they defaulted.

And the reason why they are exploring the adoption of the Loonie is because they have understood that soon it's hard to have a small currency.

And they are still hoping that Brussels get's the hint and let's them adopt the EUR without making a huge bureaucratic hassle.

Folks, we are in a currency war, downward leg. Wake up. You are being bambozzled by propagandists.

Thu, 03/15/2012 - 16:53 | 2259331 Dr. Richard Head
Dr. Richard Head's picture

I hope my Google translation isn't rusty, but Fjandinn hirði þig bankastjóri.

Thu, 03/15/2012 - 17:05 | 2259382 DosZap
DosZap's picture

Dr. Richard Head

 Fjandinn hirði þig bankastjóri.

Sounds good, I second it.........LOL

Thu, 03/15/2012 - 17:33 | 2259458 Translational Lift
Translational Lift's picture


I don't know Icelandic (or is that Austrian) but it sounds like Fuck the pig banksters..............

Thu, 03/15/2012 - 16:53 | 2259334 Seize Mars
Seize Mars's picture

Guess what, geniuses. Iceland has just decided to peg its currency to the Canadian Dollar. This is equivalent to a peg to the US dollar. So Iceland is just another place that the US FED can off-load inflation into.

Do you understand that? As long as the USD is the reserve currency, US inflation is your inflation. That is the only reason the USD ponzi has gone on as long as it has, because the FED is drawing from a very deep well here.

War-Starting Psychopathic Killers 1

Iceland 0


Thu, 03/15/2012 - 17:10 | 2259399 resurger
resurger's picture

Iceland is the horse that realized it's more powerful than it's squid master..


Thu, 03/15/2012 - 17:18 | 2259422 sessinpo
sessinpo's picture


Iceland is the horse that realized it's more powerful than it's squid master



I wouldn't say that is necessarily correct until Iceland pegs it's own currency to its own GDP or some other store of value (some would suggest PM).

Thu, 03/15/2012 - 17:22 | 2259436 resurger
resurger's picture

any of that would be of a good deal, having it's own currency (& a printing press) is the best thing... and pegging the currency to gold is the ultimate thing!

if it's pegged to gold, i would expect 1 cent can buy you bread and milk! and 10 USD's (am just saying) seessinpo

Thu, 03/15/2012 - 17:57 | 2259512 redpill
redpill's picture

"Iceland has just decided to peg its currency to the Canadian Dollar. This is equivalent to a peg to the US dollar."

Not really.  Canada certainly has its issues, but over the last decade the loonie has appreciated significantly vs the USD, and even dipped below parity earlier this year iirc.  A more commodity-oriented economy, slightly less fiscally irresponsible political leadership, and no massive wars help to make a more stable currency.

Thu, 03/15/2012 - 19:25 | 2259836 Jim in MN
Jim in MN's picture

In other words, a loonie peg is a roundabout gold standard.  Very, very roundabout.  But still.

Thu, 03/15/2012 - 23:03 | 2260585 Matt
Matt's picture

The Canadian Dollar is near parity due to a long-time, now on ice, plan to bring about a currency union in North America. In ~2002 the Government of Canada sold all the gold reserves and replaced them with USD. Mark Carney, head of the Bank of Canada, used to work at Goldman Sachs. The Bank of Canada is a primary dealer for the Federal Reserve.

The CAD deviates a bit either side of the USD to accomodate fluctuations in USD and commodities, but I'd be shocked if it's ever off by more than $0.10 to either side, ever again, for any length of time.

Even without wars, we're still back to running deficits. We may lag behind in debt-to-GDP, but then again, our mortgages are explicitly backed by the federal government with $600 Billion in backing, equal to our whole federal debt, and our housing bubble is just starting to pop.

Fri, 03/16/2012 - 14:08 | 2262623 Seize Mars
Seize Mars's picture

No, man. I'm not saying the Candian central bank is good, bad, sideways. That they have or haven't done a good job of printing or non printing, whatever.

I'm saying that the USD is the reserve currency of the CDN. That means American inflation is Canadian inflation. And now, Canadian inflation is Icelandic inflation.

It's like Bela Lugosi. If you leave the door open, the vampires walk right in.

The bankers are back in charge in Iceland all over again, because the Icelandic money supply is now a function of whatever the Bernank says it is.

the Bernank 1

Iceland 0

Thu, 03/15/2012 - 22:00 | 2260367 brent1023
brent1023's picture

While in the past the $C has moved with the $US that linkage is weakening.

$C is now a petro/commodities dollar, no longer a manufacture and sell to the US dollar.

At $C=.65$US in 2002 to parity today, with bit of a crash in 2008, like the $AU, the $C will not crash with the $US over the next few years.

Thu, 03/15/2012 - 16:54 | 2259337 sgt_doom
sgt_doom's picture

I would expect nothing less from the country which produced the colossal mystery writer, Yrsa Sigurdardóttir.


Thu, 03/15/2012 - 19:52 | 2259946 Acet
Acet's picture

The sad bit is that I only guessed she's a woman because of her surname.

Fri, 03/16/2012 - 03:42 | 2261043 Ghordius
Ghordius's picture

It's not even a surname or family name in our sense, Sigurdardóttir just means Daughter of Sigurdar...

Fri, 03/16/2012 - 04:06 | 2261052 akak
akak's picture

Yes, as hard as it is for most non-Icelanders to believe, not only do ALL Icelanders NOT have a surname ("family name"), but taking such a name is LEGALLY FORBIDDEN to them as a way of upholding Icelandic (and old Norse) tradition.  Instead, each person takes their father's given name, appending to it either "son" (for a male) or "dottir" (for a female) as their "last name". So in essence, every member of an Icelandic family has a different "last name" --- which, again, is NOT a family name as most other societies use them.

Fri, 03/16/2012 - 23:17 | 2264312 Blue Zeal
Blue Zeal's picture

Well, all the sons and all the daughters of the same father have the same last names. The Russians have both patronyms and surnames--the patronym would be the equivalent of our middle name, but again, sons of the same father would have the same patronym, e.g., Aleksandr Ilyich Ulyanov and his more famous kid brother, Vladimir Ilyich Lenin

Sat, 03/17/2012 - 00:17 | 2264377 akak
akak's picture

Yes, you are correct --- for some reason, I was only thinking of the classic nuclear family of father, mother, one son and one daughter.

Sat, 03/17/2012 - 04:55 | 2264551 Ghordius
Ghordius's picture

the roman familia was one man/citizen, his children and his slaves. All bearing his cognomen.

The wife was legally either lent to him or bought into the familia by him.

In the first case she was a guest of the familia, in the second she was "like a daughter", part of his dominion, i.e. his familia and therefore also bearing the cognomen.

Sat, 03/17/2012 - 05:06 | 2264560 akak
akak's picture

Interesting --- really!

Now, if you can possibly explain to me the cryptic and endlessly variable nuances of Hispanic personal nomenclature (which have baffled me for decades), I would be ever so grateful.

As an aside, I always found it interesting that Polish surnames (many of them, anyway) are formally changed in the suffix for a female --- for example, Madame Curie was born Maria Sklodowska, whereas her father was Pan (Mr.) Sklodowski.  I believe some Russian names change in a similar manner based on gender as well.

Sat, 03/17/2012 - 11:59 | 2264898 NorthPole
NorthPole's picture

In Slavic languages (so Russian, Polish, Czech etc ) every nuon, adjective and adverb has a gender. So for example a table, however crazy it may sound, is a male whereas a chair is neuter. Ditto for last names. 

The letter 'a' signifies a female (well, it is really more complicated than that but I dont want to write a dissertation here ) So if a name ends with an 'a', it is a lady's name. Anna Kurnikova - but her father's name is Kurnikov. ( consonants are male, 'o' is a child, i.e neuter ).

I suspect this is not a Slavic invention - the Romance languages seem to have the same thing. Think of Hispanic female names - Maria, Anna, Nina, Silvia, Sandra etc etc



Thu, 03/15/2012 - 16:54 | 2259338 resurger
resurger's picture

Tyler & ZH!

The Redpill is the one which keeps you in wonderland right! the Bluepill is reality, or am i wrong here?

So they took the bluepill

sorry am not a doctor!

Thu, 03/15/2012 - 16:56 | 2259351 CvlDobd
CvlDobd's picture


Thu, 03/15/2012 - 16:59 | 2259357 Börjesson
Thu, 03/15/2012 - 17:01 | 2259364 resurger
resurger's picture

Fuck that Vodka!


Thu, 03/15/2012 - 17:21 | 2259430 gwar5
gwar5's picture

Red for Reality

Blue for Bitches

Thu, 03/15/2012 - 20:10 | 2260006 John Wilmot
John Wilmot's picture

reality bitchez

Thu, 03/15/2012 - 16:55 | 2259343 chubbar
chubbar's picture

They better set up permanent checkpoints at the airports to make sure these fucking bankers never get another toehold in their economy. Good for them.

Thu, 03/15/2012 - 21:35 | 2260285 UP Forester
UP Forester's picture

I heard they have trapdoors in the customs line that go straight down lava tubes if a bankster is detected....

Thu, 03/15/2012 - 16:55 | 2259346 LawsofPhysics
LawsofPhysics's picture

What is the employment outlook in Iceland again?

Thu, 03/15/2012 - 17:20 | 2259429 Ms. Erable
Ms. Erable's picture

Depends on the sector. Farming, Fishing, geothermal energy, health care - all good. If you're looking to make a killing by selling or swapping worthless paper, they have openings secured on the local scaffold for immediate fulfillment.

Thu, 03/15/2012 - 17:01 | 2259366 DosZap
DosZap's picture

Contrary to popular beliefs(hopes) Iceland has simply WON but a respit.

When TPB get finished with everyone else, tiny Iceland, will be swallowed up.

And LIKE it..........or else.

NO ONE get's away from the END game..............sorry.

Thu, 03/15/2012 - 17:02 | 2259369 El Oregonian
El Oregonian's picture

J.P. Morgan whistle-blower busts company with open letter on comment section of CFTC website.

Copy and paste and save because it will be scrubbed shortly.

Thu, 03/15/2012 - 17:06 | 2259391 chunga
chunga's picture

Comment for Public Information Collection 77 FR 8817

Dear CFTC Staff,

Hello, I am a current JPMorgan Chase employee. This is an open letter to all commissioners and regulators. I am emailing you today b/c I know of insider information that will be damning at best for JPMorgan Chase. I have decided to play the role of whistleblower b/c I no longer have faith and belief that what we are doing for society is bringing value to people. I am now under the opinion that we are actually putting hard working Americans unaware of what lays ahead at extreme market risk. This risk is unnecessary and will lead to wide-scale market collapse if not handled properly. With the release of Mr. Smith’s open letter to Goldman, I too would like to set the record straight for JPM as well. I have seen the disruptive behavior of superiors and no longer can say that I look up to employees at the ED/MD level here at JPM. Their smug exuberance and arrogance permeates the air just as pungently as rotting vegetables. They all know too well of the backdoor crony connections they share intimately with elected officials and with other institutions. It is apparent in everything they do, from the meager attempts to manipulate LIBOR, therefore controlling how almost all derivatives are priced to the inherit and fraudulent commodities manipulation.


I printed the bitch.

Thu, 03/15/2012 - 17:16 | 2259417 DosZap
DosZap's picture

I printed the bitch.

That's not all of it.

Thu, 03/15/2012 - 18:00 | 2259518 chunga
chunga's picture

gotta click-through. I did a screen-shot on a big monitor including the url

Thu, 03/15/2012 - 17:13 | 2259406 DosZap
DosZap's picture
El Oregonian



It would be too good to be believed..........

Mon, 03/19/2012 - 13:09 | 2270139 chunga
chunga's picture

the comment has been removed from CFTC

Thu, 03/15/2012 - 17:06 | 2259387 spentCartridge
spentCartridge's picture

Off topic everybody, but I just had to chime in with some interesting news, for the more IT literate amongst us ...


Anonymous have released a Linux distro, looks a bit like a skinned down version of Backtrack.


Sourceforge :

Thu, 03/15/2012 - 17:14 | 2259409 Ahmeexnal
Ahmeexnal's picture

Fuck that shit.
Anonymous is a CIA operation. Just look at that sabu shill who turned in those not smart enough to see through.

Use tails instead:

Fri, 03/16/2012 - 01:33 | 2260932 StychoKiller
StychoKiller's picture

Thanks for the reminder, I gotta burn that onto a CD and try it out!

Thu, 03/15/2012 - 17:17 | 2259420 onebir
onebir's picture

Anonymous just disowned this & said it was full or malware...

Thu, 03/15/2012 - 17:39 | 2259472 NotApplicable
NotApplicable's picture

It's also not been updated since 2006 (the .ISO file).

Thu, 03/15/2012 - 19:27 | 2259843 Jim in MN
Jim in MN's picture

Gotta love ZH, shit is dissected in minutes, no matter the topic.

Thu, 03/15/2012 - 21:05 | 2260188 WmMcK
WmMcK's picture

(A)ll ingress traffic is denied -- that's one way to go, I guess.

Thu, 03/15/2012 - 17:07 | 2259395 IveBeenHad
IveBeenHad's picture

Iceland GDP is a whopping $12B so yeah that saids enough.  Skeptics would wonder if their model for the crisis is scalable without a worldwide meltdown. 

Thu, 03/15/2012 - 19:28 | 2259848 Jim in MN
Jim in MN's picture

It may be preferable to scale it WITH a 'worldwide meltdown', Grasshopper.

Thu, 03/15/2012 - 17:21 | 2259431 onebir
onebir's picture

Iceland's also put their former PM on trial:

So perhaps we'll finally see some accountability...

(Albeit in Iceland, and not obviously the right place even there.)

Thu, 03/15/2012 - 17:24 | 2259442 leathaface
leathaface's picture

Well done!

Thu, 03/15/2012 - 17:32 | 2259453 nameless narrator
nameless narrator's picture

did Iceland have a significant portion of its population in or near retirement, and expecting a rather amazing pension?

I think not.  There is a demographic difference between iceland and greece  -- that's why greece didn't have the cajones to choose the icelandic route.  The iceland demographics were consistent with their choice -- its not that iceland has cajones and greece doesn't...

nevertheless, I do applaud iceland for making the right choice ;)


Thu, 03/15/2012 - 18:27 | 2259595 T-roll
T-roll's picture

And it is our demographics that are screwing us.  The Baby Boomers don't care that SS and Medicare are going to bankrupt the country.  They just want their check and healthcare.

Thu, 03/15/2012 - 21:13 | 2260219 ronslim
ronslim's picture

Fuck you t-roll> Go get your mommy to change your diaper. You have no fucking idea what boomers care about.

Thu, 03/15/2012 - 17:35 | 2259459 spentCartridge
spentCartridge's picture

It might be a nefarious attempt to dupe more fools, but at sourceforge, were anybody can dissect the code and figure out how it works?

A double blind perhaps?

Thu, 03/15/2012 - 17:36 | 2259460 Kaiser Sousa
Kaiser Sousa's picture

Id like to send a shout out to all u balless Irish and Greek debt whores who continue to let the bitch ass bankers rape u and ur lands and dare u to do something about it....

Thu, 03/15/2012 - 17:39 | 2259471 AUD
AUD's picture

So Iceland borrowed billions from the IMF & you're saying they have testicular fortitude?

Thu, 03/15/2012 - 17:55 | 2259507 Trader47
Trader47's picture

Dont pay the bastards, cancel the cheuqe,, let them try and invade your country, any Oil/Gold there,,Oh no sorry, just fish, 

You safe? still few bankers there hiding in the bunkers, who need to be exterminated


Thu, 03/15/2012 - 20:03 | 2259983 zerozulu
zerozulu's picture

So you mean its tough for iran to stand against these suckers?

Thu, 03/15/2012 - 18:12 | 2259539 847328_3527
847328_3527's picture

UK zero down loans to begin....

First-time buyers could get government-backed 95% mortgages


Well, almost zero down. However, when you add in the builders incentives, they often cone out to be similar to the USA NINJA loans (zero down, no job verification and no assets)  my cousin said who lives over there.....

Thu, 03/15/2012 - 18:16 | 2259547 Sokhmate
Sokhmate's picture

I want to make love to Iceland.

Thu, 03/15/2012 - 18:49 | 2259696 toadold
toadold's picture

Hmmm, I wonder if Spain is thinking real hard about doing an Iceland. Spain had some manufacturers that evaported due to EU regulations and "globalization".  The borrowing by the Socialist government didn't help of course but I think the Spainish may not be ready to roll over and let the Brussels Bandits loot them. 

Thu, 03/15/2012 - 18:54 | 2259709 ddtrader
ddtrader's picture

Hey everything is great in Iceland the land of 600k people....btw, currency value, i.e., purchasing power cut in half, stock market down does that feel.....they may have given the bird to the banks, but the people are suffering.  Word has it the little people are even possibly going to get their debts reduced by as much as 25% by the new banks which bought the old debt for literally a penny on the kroner.  OF course by signing up for that deal the "muppets" are once again reaffirming the old debt.  Same game different bank players.   

Thu, 03/15/2012 - 21:59 | 2260361 TheFourthStooge-ing
TheFourthStooge-ing's picture

ddtrader said:

Hey everything is great in Iceland the land of 600k people....btw, currency value, i.e., purchasing power cut in half, stock market down does that feel.....they may have given the bird to the banks, but the people are suffering.

Nobody ever said it would be easy. Instead of kicking the can, though, they had the courage to do what had to be done, knowing that they would have to work through the consequences. The coward's choice of can kicking, while delaying the inevitable, would have resulted in consequences more severe than what they are now enduring.

Word has it the little people are even possibly going to get their debts reduced by as much as 25% by the new banks which bought the old debt for literally a penny on the kroner. OF course by signing up for that deal the "muppets" are once again reaffirming the old debt.

This new wave of parasites must be mashed like bugs. They will keep coming back until it is made clear that buying old debt, even for a penny on the kroner, results in a total loss every single time.



Thu, 03/15/2012 - 19:31 | 2259858 Zero Govt
Zero Govt's picture

"..and where unemployment rises by 3% in one quarter.."

Ah, you see that was a rounding error, you weren't supposed to see that until the seasonal adjustments are completed and wipe the 3% away

Thu, 03/15/2012 - 19:31 | 2259859 Jim in MN
Jim in MN's picture

The main point is the fight against corruption and the gutting of freedom by unaccountable international cabals run by and for psychopaths.

All else is gravy....delicious, delicious gravy.

We have to fight the same corruption and the same psychopaths here.  Everywhere. 

Thanks for the shining example Iceland.  A country that doesn't normally throw rocks at its elected leaders, showed up and threw the rocks.  Way to go.

Thu, 03/15/2012 - 21:11 | 2260214 chump666
chump666's picture

Greece is a ball-less wonder. 

Fri, 03/16/2012 - 02:39 | 2260994 akak
akak's picture

I guess that is why all those Classical marble statues had a fig leaf over the groin --- to avoid embarrassing the castrated models.

Thu, 03/15/2012 - 21:18 | 2260237 Fix It Again Timmy
Fix It Again Timmy's picture

It's really quite simple - I owe the bank, $300.00 - it's my problem.  I owe the bank, $300,000,000,000.00 - the bank evidently has a problem!

What to say to the banksters - "Bite Me."  - Congrats Iceland - you da man!

Thu, 03/15/2012 - 21:46 | 2260327 VelvetHog
VelvetHog's picture

When the festering shitheap of America finally becomes more than our olfactories can stand what color pill do you think The People will prefer?  There's no doubt in my alcohol-clouded mind.

Thu, 03/15/2012 - 22:28 | 2260467 Jim in MN
Jim in MN's picture


Thu, 03/15/2012 - 22:50 | 2260534 chindit13
chindit13's picture

Iceland is not Greece is not Iceland.  There is nothing analogous about Iceland and Greece, nor any lesson Greece can take from Iceland.  The main reason is that absent its brief delusional drift into becoming Private Banker to the World, Iceland had a viable economy.  Greece, at least a euro-using Greece, does not have a viable economy.

Iceland is tiny.  Really tiny.  Foxconn employs three times as many people as Iceland has citizens.  AAPL has ten times as much cash as Iceland has GDP.  Bill Gates is worth more than five times total Icelandic yearly output.  In Iceland one has to be careful whom one marries, because they might well be a first cousin.  It’s that small.

Tiny Iceland was shuffling along just fine until a few folks there decided to impersonate Allan Stanford and Angelo Mozilo.  Once that got rolling, about half of Iceland's citizens then decided they wanted to play Flip This House.  A half dozen years of false glory followed.

At its genesis, Icelandic bankers, for reasons as old as humanity (greed, hubris and stupidity), began to look for a way to increase assets in a globalized and increasingly borderless world.  Their conclusion:  simply offer higher rates of return than anybody else.  As brilliantly simplistic as their plan was, it ran into a small problem:  how to generate the money to pay those promised higher rates of return.  Their answer to this dilemma was to let the money flow, like lava from Eyjafjallajökull, into the hands of anyone who wanted to buy anything.  Icelanders decided that since they were now home to the most brilliant and innovative bankers in the history of finance, something that made everyone from Cosimo de Medici to Meyer Rothschild green with envy, they should have a property market befitting such greatness.  Home prices jumped a thousand percent.  Everybody was both rich and savvy.

When this self-created Ponzi collapsed, Icelanders stiffed the foreign depositors, the proverbial Scottish widows and orphans (thank you Michael Lewis), then went back to fishing and eating really foul smelling rancid shark flesh.  If there is an analogy to what Iceland did, it is in MF Global's acts with its own customer base.  Anyone who admires Iceland should revere Jon Corzine.

Greece is entirely different.  Greeks, like most people, wanted to live above their means.  Joining the EU, with the economies of scale and implied cross guarantees such membership bestows, found a way to borrow their way to the lifestyle to which they wanted to become accustomed.  That worked until it didn't.  Lenders, fearful they would not get their money back, began to demand concessions in return for more lending.  Greeks then (now) had two choices:  dance to the lenders' tune, or say no and begin to live within their means without anybody outside the country funding it.  Seeing what they can truly afford, rather than what EU membership allowed them to afford, is an unpleasant awakening.  The Greek's choice is actually a Hobson's Choice;  it's either austerity or austerity.  Doing it without feeling obligated to bankers might be the right thing, but it is small consolation.  Poor is poor.

There may be analogies to both Iceland and Greece in America's future (also just about every other country on Earth).  Everyone is going to find out the true value of their labor and the real lifestyle they can afford.  Some countries, and some areas within countries that are largely self-sufficient, will do better than others.  Iceland, after it stiffed small European depositors, was largely self-sufficient and could adjust pretty quickly, humbled but able to get by.  Greece is addicted to a lifestyle beyond what it can produce through its own efforts, so its transition back to reality will be much more painful.


Fri, 03/16/2012 - 00:22 | 2260805 akak
akak's picture

Interesting and thought-provoking comment, as always Chindit --- thank you.

Thu, 03/15/2012 - 23:13 | 2260618 alexwest
alexwest's picture


Fri, 03/16/2012 - 00:00 | 2260749 nah
nah's picture

its the fish not the people stupid

Fri, 03/16/2012 - 00:53 | 2260864 AndrewCostello
AndrewCostello's picture

There's still some Viking Blood going on there.

Fri, 03/16/2012 - 02:00 | 2260961 natty light
natty light's picture

Is the IMF charging Iceland prepayment penalty fees?

Fri, 03/16/2012 - 02:29 | 2260986 Powerslave
Powerslave's picture


Sun, 03/25/2012 - 23:53 | 2289960 Monk
Monk's picture

They are now trying to pay back their loans to the IMF. That's a miracle?


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