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The Iceland Financial Renaissance Miracle Continues
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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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.
why on earth would they pay the IMF?
iceland should have bought PMs instead, and wait for the reset.
Ahmeexnal
why on earth would they pay the IMF?
iceland should have bought PMs instead, and wait for the reset.
Comment
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.
like taking a gardasil shot?
http://www.prisonplanet.com/american-academy-of-pediatrics-backs-mandato...
Stiff the IMF and the miracle dies even quicker.
hit the principal and say fuck you to the imf forever. We don't need your stinkin loans
The reset is coming, yes indeed.
Everyone will have a chance to "get out of Babylon".
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
Great the IMF just got extra cash that they can plow right back into the rest of the PIIGS.
You are the exception though right?
Huge Balls Iceland. Stone cold icey balled Scandanavians.
But not Blue balls, their women are smokin!!
Long Thor, and Scandinavian Stewardesses;)
They dont age well!
can smell like pickled herring too
Said the blind man in the lutefisk shop: "Hello, ladies!"
http://www.amazon.com/Independent-People-1902-1998-Halldr-Laxness/dp/009...
Repelling financiers is tradition apparently.
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?
All I know is you just lit up the NSA's switchboard. Party on, Wayne!
macholatte asked:
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.
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.
Time to start a jedi academy and get some Ewoks together for the next round after this...
GeneMarchbanks said:
NADS: The North Atlantic Dominion of Sackistan
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...
Yea because bottom line most people LIKE their slavery. Whatever.
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.
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.
Wrong.
So it is an ethnicity issue? Which is the "best" ethnicity to be then?
Hm, the Swiss kinda make him wrong.
People love their slavery. Specially when they're slaves for the private sector.
Its easier when there are only 6 of them.
We have a free-market procedure for dealing with these situations, it's called bankruptcy. No government required.
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.
I hope my Google translation isn't rusty, but Fjandinn hirði þig bankastjóri.
Dr. Richard Head
Fjandinn hirði þig bankastjóri.
Sounds good, I second it.........LOL
>dickhead
I don't know Icelandic (or is that Austrian) but it sounds like Fuck the pig banksters..............
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
Iceland is the horse that realized it's more powerful than it's squid master..
resurger
Iceland is the horse that realized it's more powerful than it's squid master
Comment
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).
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
"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.
In other words, a loonie peg is a roundabout gold standard. Very, very roundabout. But still.
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.
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
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.
I would expect nothing less from the country which produced the colossal mystery writer, Yrsa Sigurdardóttir.
The sad bit is that I only guessed she's a woman because of her surname.
It's not even a surname or family name in our sense, Sigurdardóttir just means Daughter of Sigurdar...
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.
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
Yes, you are correct --- for some reason, I was only thinking of the classic nuclear family of father, mother, one son and one daughter.
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.
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.
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
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!
Switcheroo!
You are incorrect.
http://en.wikipedia.org/wiki/Red_pill_and_blue_pill
Fuck that Vodka!
thnx
Red for Reality
Blue for Bitches
reality bitchez
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.
I heard they have trapdoors in the customs line that go straight down lava tubes if a bankster is detected....
What is the employment outlook in Iceland again?
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.
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.
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.
comments.cftc.gov/PublicComments/ViewComment.aspx?id=57019&SearchText
Comment for Public Information Collection 77 FR 8817
I printed the bitch.
I printed the bitch.
That's not all of it.
gotta click-through. I did a screen-shot on a big monitor including the url
Ruh-Roh!!!!!!!!!!!!!!
It would be too good to be believed..........
the comment has been removed from CFTC
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 : http://sourceforge.net/projects/anonym-os/
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:
https://tails.boum.org/
Thanks for the reminder, I gotta burn that onto a CD and try it out!
Anonymous just disowned this & said it was full or malware...
It's also not been updated since 2006 (the .ISO file).
Gotta love ZH, shit is dissected in minutes, no matter the topic.
(A)ll ingress traffic is denied -- that's one way to go, I guess.
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.
It may be preferable to scale it WITH a 'worldwide meltdown', Grasshopper.
Iceland's also put their former PM on trial:
http://www.guardian.co.uk/world/2012/mar/05/former-icelandic-prime-minister-trial?newsfeed=true
So perhaps we'll finally see some accountability...
(Albeit in Iceland, and not obviously the right place even there.)
Well done!
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 ;)
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.
Fuck you t-roll> Go get your mommy to change your diaper. You have no fucking idea what boomers care about.
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?
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....
ICELAND - KEEP ROCKIN HOMIES.....
So Iceland borrowed billions from the IMF & you're saying they have testicular fortitude?
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
So you mean its tough for iran to stand against these suckers?
UK zero down loans to begin....
First-time buyers could get government-backed 95% mortgageshttp://www.guardian.co.uk/society/2011/nov/21/housing-strategy-governmen...
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.....
I want to make love to Iceland.
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.
Hey everything is great in Iceland the land of 600k people....btw, currency value, i.e., purchasing power cut in half, stock market down 93%...how 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.
ddtrader said:
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.
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.
"..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
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.
Greece is a ball-less wonder.
I guess that is why all those Classical marble statues had a fig leaf over the groin --- to avoid embarrassing the castrated models.
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!
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.
Puuuurrrrrrrr.....ple.
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.
Interesting and thought-provoking comment, as always Chindit --- thank you.
GO VIKINGS GO!!!!!!!
ALX
its the fish not the people stupid
There's still some Viking Blood going on there.
http://www.amazon.com/Simple-Wealth-Mr-Andrew-Costello/dp/1463523017/ref
Is the IMF charging Iceland prepayment penalty fees?
TESTICULAR FORTITUDE.
They are now trying to pay back their loans to the IMF. That's a miracle?