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In The Meantime Iceland Is #Winning

Tyler Durden's picture





 

While Greece and Europe continue sinking ever deeper into the colonial quicksand of Pax Goldmania, Iceland, which blew up, pushed its banks into bankruptcy, and arrested its corrupt bankers, is well on its way to being the world's only normal country.

  • ICELAND RATINGS RAISED TO INVESTMENT GRADE BY FITCH
  • FITCH UPGRADES ICELAND TO 'BBB-'; STABLE OUTLOOK
  • FITCH DOES NOT EXPECT ICELAND TO SLIP BACK INTO RECESSION
  • FITCH SAYS ICELAND GOVERNMENT DEBT PEAKED AT 100% OF GDP IN '11

Too bad the Goldman colony of Greece (and soon everyone else - thank you first lien "bailout" debt) will not see headlines such as these written about it any time in the next century.

 


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Fri, 02/17/2012 - 11:48 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Defaulting is winning!

Fri, 02/17/2012 - 11:51 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

the bankers do it and then get bailed...hell yeah, defaulting is winning...

starve the beasts bitchez...

 

Fri, 02/17/2012 - 12:41 | Link to Comment xela2200
xela2200's picture

Go vikings! Killing ugly people and crazy clergy through out Europe for hundreds of years. Shiiit, no wonder Finland and Norway have such a high standard of living.

Fri, 02/17/2012 - 13:02 | Link to Comment VanillAnalyst
VanillAnalyst's picture

Where the fuck do I buy Icelandic Krona!?!?!?!?

Fri, 02/17/2012 - 15:30 | Link to Comment JW n FL
JW n FL's picture

 

 

Do we have a FEMA Camp big enough to put ALL! of Iceland in?

Cause they be needin sum re-edumakshun! STAT! Mother Fuckers!

Fri, 02/17/2012 - 11:57 | Link to Comment tmosley
tmosley's picture

Facing reality is winning.  Running from it is deadly.

Fri, 02/17/2012 - 12:03 | Link to Comment redpill
redpill's picture

More specifically, refusing to socialize private losses is #winning.

Fri, 02/17/2012 - 12:04 | Link to Comment battle axe
battle axe's picture

Iceland to the Europe: "Everyone who told me I was doing the wrong thing can now go fuck themselves. Oh wait, you already did"

Fri, 02/17/2012 - 12:59 | Link to Comment Ghordius
Ghordius's picture

why didn't Ireland do the same? why? instead, the had to bail out Anglo-Irish...

Fri, 02/17/2012 - 13:24 | Link to Comment Flakmeister
Flakmeister's picture

Read "Boomerang" for some insight....

Sat, 02/18/2012 - 03:50 | Link to Comment Sir Humphrey
Sir Humphrey's picture

Just to make it clear Iceland did not default on anything. What they did is to allow private companies to fail and refuse to completely socialise the losses (there was some intervention by the State). Capitalism without bankruptcies is like Chrisitanity without Hell, it just does not work!

Fri, 02/17/2012 - 11:50 | Link to Comment SMG
SMG's picture

GO ICELAND!!!!!

Fri, 02/17/2012 - 11:49 | Link to Comment Momauguin Joe
Momauguin Joe's picture

Iceland hasn't been around for 1000 years by lapping up to banksters.

Fri, 02/17/2012 - 11:50 | Link to Comment Theta_Burn
Theta_Burn's picture

+1 for reality

Fri, 02/17/2012 - 11:50 | Link to Comment Sophist Economicus
Sophist Economicus's picture

It isn't that great in Iceland -- but I guess that is true  pretty much everywhere

Fri, 02/17/2012 - 12:00 | Link to Comment dwdollar
dwdollar's picture

Knowing that some crooks are in jail and the worst may very well be behind you, does a lot to raise spirits and manifest REAL hope.

Fri, 02/17/2012 - 12:51 | Link to Comment Sophist Economicus
Sophist Economicus's picture

True, especially if you are not going through the hardship the crash has caused.   The inflation has hurt lots of folks there and the government is try various 'public works' projects to try and restimulate the economy (a potentially scary thought).    But, the worst is probably behind them -- which is more that I guess I can say for us living here....

Fri, 02/17/2012 - 11:52 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Who would've thunk that projectile purging and a major league bowel movement by Iceland of the internal rot and decay could have been so refreshing and invigorating?

Who would've thunk?

Fri, 02/17/2012 - 12:12 | Link to Comment DaveyJones
DaveyJones's picture

they are my heroes. In the whole world, just this island. OK now I'm depressed again.

Fri, 02/17/2012 - 12:38 | Link to Comment Bay of Pigs
Bay of Pigs's picture

+1 My great grandparents were from Iceland.

Fri, 02/17/2012 - 15:58 | Link to Comment DaveyJones
DaveyJones's picture

Go rub palms with as many americans as possible. Feed them skyr and hangikjot, whateverthehellittakes 

Help me Obi Wan, you're our only hope

Fri, 02/17/2012 - 11:51 | Link to Comment Burnsy
Burnsy's picture

Of course it is. This is not a surprise. Like the famous fictitious banker P. Bateman would say: Just - say - no.

Fri, 02/17/2012 - 11:53 | Link to Comment Raskolnikoff
Raskolnikoff's picture

Finally something to cheer about on Zerohedge! Now we need a leader that will take us where Iceland went.

Fri, 02/17/2012 - 12:00 | Link to Comment tabasco71
tabasco71's picture

Houlihan Lokey?

Fri, 02/17/2012 - 13:03 | Link to Comment Non Passaran
Non Passaran's picture

Sounds good but if I can choose, heather locklear pleeeeze!

Fri, 02/17/2012 - 13:50 | Link to Comment Jackfish
Jackfish's picture

Snake Plisskin more likely

Fri, 02/17/2012 - 13:19 | Link to Comment ChacoFunFact
ChacoFunFact's picture

“the government should create, issue, and circulate all the currency and credit needed to satisfy the spending power of the Government and the buying power of consumers.  The privilege of creating and issuing money is not only the supreme prerogative of Government, but it is the Government’s greatest creative opportunity.  By the adoption of these principles… the taxpayers will be saved immense sums of interest.  Money will cease to be master and become the servant of humanity.”

--Abraham Lincoln

Fri, 02/17/2012 - 11:52 | Link to Comment oogs66
oogs66's picture

Should be required reading in Greece

Fri, 02/17/2012 - 11:53 | Link to Comment uno
uno's picture

they should change their name from Iceland to Utopia

Fri, 02/17/2012 - 11:54 | Link to Comment swissaustrian
swissaustrian's picture

If it wasn't so cold and dark during the winters and the population wouldn't look all the same due to serious inbreeding, I'd consider moving there.

Fri, 02/17/2012 - 11:58 | Link to Comment alexwest
alexwest's picture

no more in-bred than people here west to Chicago, or blacks of South.

alx

Fri, 02/17/2012 - 12:03 | Link to Comment tired1
tired1's picture

It could be worse, much worse. Just wait and see as history rhymes.

Fri, 02/17/2012 - 11:55 | Link to Comment alexwest
alexwest's picture

WAY TO GO... VIKINGS RULE

ALX

Fri, 02/17/2012 - 11:57 | Link to Comment Zola
Fri, 02/17/2012 - 11:58 | Link to Comment Ikea nesting in...
Ikea nesting instinct's picture

When rating agencies turn bullish the one should short...  and by the way, how can government debt peak when there is still a fiscal deficit that exceed GDP growth?

Fri, 02/17/2012 - 11:58 | Link to Comment pods
pods's picture

Eyjafjallajökull Bitchez!

Fri, 02/17/2012 - 11:59 | Link to Comment AccreditedEYE
AccreditedEYE's picture

Hey Greeks, get a f-ing clue. THIS is what you need to do. Iceland is THE model to follow. Storm parliment, burn it to the ground and tell Euro-Political-Banksters to go screw themselves. Take hold of your prosperity and the short term pain that will come with it.

Fri, 02/17/2012 - 12:00 | Link to Comment FromGaltsGulch
FromGaltsGulch's picture

Guess it's time to drop an "i" from the PIIGS...

Long live the PIGS!!

 

way to show the way Iceland

 

 

Fri, 02/17/2012 - 12:09 | Link to Comment FromGaltsGulch
FromGaltsGulch's picture

ignore this fellow zerohedges..got my piigs mixed up..this marke tputs my brains to sleep

Fri, 02/17/2012 - 12:07 | Link to Comment lolmao500
lolmao500's picture

 

Too bad the Goldman colony of Greece (and soon everyone else - thank you first lien "bailout" debt) will not see headlines such as these written about it any time in the next century.

Or until revolution... whichever comes first.

Fri, 02/17/2012 - 12:08 | Link to Comment Vincent Vega
Vincent Vega's picture

Iceland to be declared terrorist nation in need of being wiped off the map in 3...2...1  (it's for their own good).  <sarc>

Fri, 02/17/2012 - 12:07 | Link to Comment hangemhigh77
hangemhigh77's picture

This is NOT na outcome that the banksters favor.  Send in Jamie Dimon to rectify this.

Fri, 02/17/2012 - 12:08 | Link to Comment alien-IQ
alien-IQ's picture

if only their food were not so completely frightening, I'd live there in a heartbeat.

Fri, 02/17/2012 - 12:10 | Link to Comment hangemhigh77
hangemhigh77's picture

just close your eyes and hold your nose, it all tastes like chicken then.

Fri, 02/17/2012 - 18:46 | Link to Comment BidnessMan
BidnessMan's picture

Uhh.... the rotting shark the Icelanders consider a national delicacy does not taste like chicken.  But the Blue Lagoon football field size hot tub near the airport is pretty relaxing.

Fri, 02/17/2012 - 12:08 | Link to Comment hangemhigh77
hangemhigh77's picture

Bankster help is needed here. Send in NATO and save the people.

Fri, 02/17/2012 - 12:09 | Link to Comment Slartibartfast
Slartibartfast's picture

Proof positive that the customer is always right. Banks can threaten to smother the customer, but then they wind up with...you guessed it...a lloss of the customer.

 

What I want to see is governments now explore the option of taxing commodities producers in the commodities they produce, and use them to backstop their currency. For example, lower the tax rate on gold producers but only on the proviso that their taxes are paid in gold. Same with silver, copper, oil, etc.

 

Would this work? Would this begin to put a solid floor under currencies? By all means, please comment...the question is theoretical.

Fri, 02/17/2012 - 12:13 | Link to Comment hangemhigh77
hangemhigh77's picture

The only problem with your plan is I'm SICK of governments TAXING everything. Then you turn around and court clerks cops and all govt workers are driving Mercedes, living in 5k sq ft houses and vacationing in the south of France.  These aholes are making TWICE what we make for stamping paper and taxing us for everything we do.  Soon there will be a fart tax.  And it's pretty obvious the money isn't being spent on us.  How about this,........get RID of all this friggin GUBMINT!!!!

Fri, 02/17/2012 - 12:35 | Link to Comment xela2200
xela2200's picture

You are asking if government command economy works. What do you think?

Read the article again.

Fri, 02/17/2012 - 12:09 | Link to Comment rpboxster
rpboxster's picture

Thanks for the Iceland update. So refreshing!  Can anyone comment about life in the streets through the default to date?

Fri, 02/17/2012 - 12:35 | Link to Comment Tortuga
Tortuga's picture

Yes,

It's freakin cold.

Fri, 02/17/2012 - 12:42 | Link to Comment xela2200
xela2200's picture

Do you ever get used to it?

Fri, 02/17/2012 - 12:10 | Link to Comment chunga
chunga's picture

From today's Chicago Tribune...

Foreclosure abuse rampant across U.S., experts say

Gee...only about 80% are illegal. That's not too bad.

Fri, 02/17/2012 - 12:13 | Link to Comment xela2200
xela2200's picture

So they let the markets handle the mess. The banks that made bad business decisions went bankrupt and those who committed fraud were sent to jail.

But Zarcozy said that capitalism doesn't work anymore and Europe will be fixed once they get rid of it for good.

Fri, 02/17/2012 - 12:17 | Link to Comment Alpacanio
Alpacanio's picture

It say's so much about the slavery the banks have us into. Fuc$ 'em and defalut, Everyone! Break the bondage!

Fri, 02/17/2012 - 12:17 | Link to Comment Squid Vicious
Squid Vicious's picture

shots of Brennivin all around...

Fri, 02/17/2012 - 12:18 | Link to Comment aerial view
aerial view's picture

NICELAND: fairness, no one above the law, free of debt enslavement and on it's way to prosperity!

Fri, 02/17/2012 - 19:54 | Link to Comment smiler03
smiler03's picture

Free of debt enslavement.

Well if you consider debt to GDP of 90% is free, then, well, you aren't quite right in the head.

"The four credit rating agencies which monitor Iceland's sovereign debt all lowered their ratings during the crisis, and their outlook for future ratings changes is negative. The Icelandic government had a relatively healthy balance, with sovereign debt of 28% of GDP and a budget surplus of 6% of GDP (2007). Debt is now 90% of GDP and Iceland has a budget deficit.".

http://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis#Sovereign_debt

Fri, 02/17/2012 - 12:19 | Link to Comment Puffin
Puffin's picture

Ísland - geothermal energy and plenty of fishes, bitchez ...

Fri, 02/17/2012 - 12:19 | Link to Comment monopoly
monopoly's picture

Why is it that the people of other nations do not see this and do not rebel against their slave masters?. Including US.

Sat, 02/18/2012 - 00:53 | Link to Comment e-recep
e-recep's picture

the average icelander must be better educated than the rest of the world.

Sat, 02/18/2012 - 20:47 | Link to Comment TerraHertz
TerraHertz's picture

My guess would be - small enough population that personal social interaction was able to counteract the mainstream media disinformation and suppression of social Will.

 

In larger countries, the situation is well past the point where there would have been violent revolutions, if the only influence was what people discussed with their friends and colleagues.

The mainstream media really are effective social conditioners, and so Sheep become Lemmings...

Burning down parliaments and banks would not be enough. The Zionist/Elite media apparatus also needs purging.

Fri, 02/17/2012 - 12:19 | Link to Comment gwar5
gwar5's picture

Exactly, TD. Iceland is the story the NWO do not want anyone to hear. Iceland´s turnaround is buried in the news so EU taxpayers don't get any funny ideas about an alternative model how to deal with the odious debts pushed on the sovereigns. The banks made big bets on the fiat socialist Ponzi schemes and they lost, and now they have to pay. 

The PIIGS need to work together as a bloc against the banks. The banks certainly don't have any problems coordinating against them, picking them off one by one. Default is the Sovereign's big hammer and they need to collectively make the threat real or just do it before bankers replace every elected politician with Goldman alums. 

Are they still Sovereign or not?

 

Fri, 02/17/2012 - 12:27 | Link to Comment Alpacanio
Alpacanio's picture

Right gwar5, This is war. A sovereign country vs. the banksters except, the only bullets are those being fired against protesters.

Fri, 02/17/2012 - 19:57 | Link to Comment smiler03
smiler03's picture

You're another one ignorant of the current state of Iceland's sovereign debt. And the 8 people who upvoted you.

"The four credit rating agencies which monitor Iceland's sovereign debt all lowered their ratings during the crisis, and their outlook for future ratings changes is negative. The Icelandic government had a relatively healthy balance, with sovereign debt of 28% of GDP and a budget surplus of 6% of GDP (2007). Debt is now 90% of GDP and Iceland has a budget deficit.".

http://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis#Sovereign_debt

Sat, 02/18/2012 - 20:58 | Link to Comment TerraHertz
TerraHertz's picture

Bearing in mind that Iceland is now Sovereign non grata with the international banking cartel. Aka 'international jewry'.

Can anyone recall what happened last time a country cheesed off the banker tribe by cutting loose from the banker monopoly on creating money as debt? This-

http://www.wintersonnenwende.com/scriptorium/english/archives/articles/j...

Well I guess it won't go quite the same this time. WWIII with Iceland vs everyone else seems unlikely. Though, that's pretty much what happened to Libya, for similar reasons.

But for sure there'll be a great deal of vindictive credit downgrading and disinformation, slandering Iceland.

Fri, 02/17/2012 - 12:33 | Link to Comment Dr. Engali
Dr. Engali's picture

I just hope that there will be some sanity in other governments and they all tell the bankers to go to hell.

Fri, 02/17/2012 - 12:57 | Link to Comment Omen IV
Omen IV's picture

The just say NO defense !

Sat, 02/18/2012 - 21:01 | Link to Comment TerraHertz
TerraHertz's picture

Most unlikely, since the other governments are owned by the bankers. Or in many cases, actually are the bankers.

Fri, 02/17/2012 - 12:48 | Link to Comment Zero Govt
Zero Govt's picture

i just purchased some Icelandic currency today ..i figure they've already had their banking meltdown and have passed (with flying colours) the diseased part and returned to good health (let the cancerous banker scum go bust, just as capitalism intended)

a nice wadge of Icelandic gives me a better feeling than the flogged currencies from the British, USSSR and EUSSR propped up zombie economies

and full credit to the Icelandic people for voting against bailouts of their gambling junkie bankers and Icelands politicians for giving the people a democratic vote on the issue... they've out-thought every politician, civil service and banker across Europe and America (not hard to do with the dumbest most corrupt bunch of village idiots since Rome 2,000 years ago - also destroyed by thieving bankers)

Refreshing

Iceland Rules

Fri, 02/17/2012 - 19:59 | Link to Comment smiler03
smiler03's picture

Hear Hear!!

Fri, 02/17/2012 - 12:46 | Link to Comment Shizzmoney
Shizzmoney's picture

Goldman colony of Greece

I LOL'd

 

Fri, 02/17/2012 - 12:51 | Link to Comment Zero Govt
Zero Govt's picture

can a Goldman bwanker get into Greece without being skinned alive?

Hardly a 'colony' then, more like a no-fly zone ...time we followed and made bwankers feel uncomfortable and knock em out of their cushy thieving arrogance

Fri, 02/17/2012 - 13:22 | Link to Comment AccreditedEYE
AccreditedEYE's picture

Hysterically funny and sad all at the same time. The Squid will have more "colonies" if there is no push back... modern day Knights Templar.

Fri, 02/17/2012 - 13:00 | Link to Comment vh070
vh070's picture

Not only that, but all the distraction was good for fish stocks.  Bullish!

Fri, 02/17/2012 - 13:11 | Link to Comment Swain
Swain's picture

Iceland's government of 2008 failed to save the banks, they were just too big.

The current governmetn has socialized lot of private bank debt. 

But the Icelandic public voted twice overwhelmingly in plebicites against a sovereign guarantee of cross border deposits of a failed private bank (Icesave dispute).

Given the opportunity, the Icelandic public would probably reject all attempts to backstop banks with taxpayer money.

The lesson from Iceland is: do not socialize of debts of private banks. 

Swain the Icelander

Fri, 02/17/2012 - 13:12 | Link to Comment lolmao500
lolmao500's picture

Winning, Greece style...

http://9gag.com/gag/2681884

Fri, 02/17/2012 - 13:24 | Link to Comment Piranha
Piranha's picture

Congrats Island!

Fri, 02/17/2012 - 13:33 | Link to Comment Mongrel
Mongrel's picture

Goldman Sachs is a den of vipers. Crush the infernal thing!

Fri, 02/17/2012 - 15:02 | Link to Comment slackrabbit
slackrabbit's picture

Correction
ICELAND RATINGS RAISED TO INVESTMENT GRADE BY FITCH
FITCH UPGRADES ICELAND TO 'BBB-'; STABLE OUTLOOK
FITCH DOES NOT EXPECT ICELAND TO SLIP BACK INTO RECESSION
FITCH SAYS ICELAND GOVERNMENT DEBT PEAKED AT 100% OF GDP IN '11
ICELAND TELLS FITCH TO GO F**K ITSELF

Fri, 02/17/2012 - 16:26 | Link to Comment Archon7
Archon7's picture

GO ICELAND!  Iceland's leading the way for the rest of the free world.

Sat, 02/18/2012 - 02:59 | Link to Comment littleenglander
littleenglander's picture

I absolutely love Iceland. Been twice now. (Pre and post crash).

Partying on Friday and Saturday nights is absolutely off the hook. Lots of hot women and the bars don't shut.

For us foreigners, pre crash beer = $20, post crash = $8.

Was there in August and speaking to quite a few locals, who said they are still struggling with inflation. Of course this is cost-push inflation due to Krona devaluation.

Took a tour of the geothermal power plant. Amazing, 3 staff run the whole place!

Greece doesn't have this luxury (of being nearly energy self sufficient).

Fitches Icelandic upgrade to me is some spin they will use on the Greeks to say how they need to follow Iceland's example...

.. unless Greece becomes 97% energy self sufficient, and drops it's population by 10m to match the model doesn't work.

Sat, 02/18/2012 - 12:02 | Link to Comment sickray
sickray's picture

any other nations on earth with free energy?

Sun, 05/13/2012 - 23:27 | Link to Comment qiongqiong
qiongqiong's picture

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