This page has been archived and commenting is disabled.

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.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 02/17/2012 - 11:48 | 2169674 GeneMarchbanks
GeneMarchbanks's picture

Defaulting is winning!

Fri, 02/17/2012 - 11:51 | 2169697 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 | 2169997 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 | 2170114 VanillAnalyst
VanillAnalyst's picture

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

Fri, 02/17/2012 - 15:30 | 2170914 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 | 2169731 tmosley
tmosley's picture

Facing reality is winning.  Running from it is deadly.

Fri, 02/17/2012 - 12:03 | 2169761 redpill
redpill's picture

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

Fri, 02/17/2012 - 12:04 | 2169769 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 | 2170095 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 | 2170205 Flakmeister
Flakmeister's picture

Read "Boomerang" for some insight....

Sat, 02/18/2012 - 03:50 | 2172512 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 | 2169685 SMG
SMG's picture

GO ICELAND!!!!!

Fri, 02/17/2012 - 11:49 | 2169686 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 | 2169689 Theta_Burn
Theta_Burn's picture

+1 for reality

Fri, 02/17/2012 - 11:50 | 2169690 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 | 2169739 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 | 2170059 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 | 2169692 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 | 2169837 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 | 2169991 Bay of Pigs
Bay of Pigs's picture

+1 My great grandparents were from Iceland.

Fri, 02/17/2012 - 15:58 | 2171010 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 | 2169698 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 | 2169708 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 | 2169750 tabasco71
tabasco71's picture

Houlihan Lokey?

Fri, 02/17/2012 - 13:03 | 2170119 Non Passaran
Non Passaran's picture

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

Fri, 02/17/2012 - 13:50 | 2170368 Jackfish
Jackfish's picture

Snake Plisskin more likely

Fri, 02/17/2012 - 13:19 | 2170181 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 | 2169710 oogs66
oogs66's picture

Should be required reading in Greece

Fri, 02/17/2012 - 11:53 | 2169712 uno
uno's picture

they should change their name from Iceland to Utopia

Fri, 02/17/2012 - 11:54 | 2169713 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 | 2169743 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 | 2169768 tired1
tired1's picture

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

Fri, 02/17/2012 - 11:55 | 2169720 alexwest
alexwest's picture

WAY TO GO... VIKINGS RULE

ALX

Fri, 02/17/2012 - 11:57 | 2169728 Zola
Fri, 02/17/2012 - 11:58 | 2169732 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 | 2169735 pods
pods's picture

Eyjafjallajökull Bitchez!

Fri, 02/17/2012 - 11:59 | 2169745 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 | 2169749 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 | 2169802 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 | 2169780 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 | 2169782 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 | 2169783 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 | 2169784 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 | 2169813 hangemhigh77
hangemhigh77's picture

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

Fri, 02/17/2012 - 18:46 | 2171695 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 | 2169792 hangemhigh77
hangemhigh77's picture

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

Fri, 02/17/2012 - 12:09 | 2169794 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 | 2169848 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 | 2169862 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 | 2169804 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 | 2169981 Tortuga
Tortuga's picture

Yes,

It's freakin cold.

Fri, 02/17/2012 - 12:42 | 2170014 xela2200
xela2200's picture

Do you ever get used to it?

Fri, 02/17/2012 - 12:10 | 2169806 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 | 2169846 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 | 2169860 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 | 2169868 Squid Vicious
Squid Vicious's picture

shots of Brennivin all around...

Fri, 02/17/2012 - 12:18 | 2169879 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 | 2171861 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 | 2169884 Puffin
Puffin's picture

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

Fri, 02/17/2012 - 12:19 | 2169885 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 | 2172360 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 | 2173978 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 | 2169887 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 | 2169951 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 | 2171864 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 | 2174000 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 | 2169975 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 | 2170087 Omen IV
Omen IV's picture

The just say NO defense !

Sat, 02/18/2012 - 21:01 | 2174006 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 | 2169993 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 | 2171872 smiler03
smiler03's picture

Hear Hear!!

Fri, 02/17/2012 - 12:46 | 2170026 Shizzmoney
Shizzmoney's picture

Goldman colony of Greece

I LOL'd

 

Fri, 02/17/2012 - 12:51 | 2170057 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 | 2170191 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 | 2170105 vh070
vh070's picture

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

Fri, 02/17/2012 - 13:11 | 2170151 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 | 2170155 lolmao500
lolmao500's picture

Winning, Greece style...

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

Fri, 02/17/2012 - 13:24 | 2170206 Piranha
Piranha's picture

Congrats Island!

Fri, 02/17/2012 - 13:33 | 2170254 Mongrel
Mongrel's picture

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

Fri, 02/17/2012 - 15:02 | 2170785 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 | 2171179 Archon7
Archon7's picture

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

Sat, 02/18/2012 - 02:59 | 2172466 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 | 2172838 sickray
sickray's picture

any other nations on earth with free energy?

Sun, 05/13/2012 - 23:27 | 2422685 qiongqiong
qiongqiong's picture

Coach Factory Outlet
Coach Outlet USA
Coach Wallets
Cheap Coach Purses
Coach Outlet
Coach Purses Outlet
Coach Factory Outlet Online
Coach Outlet
Coach Store Outlet
Coach Outlet Online
Coach Outlet
Coach Factory Online
Coach Factory Store
Coach Bags
Nike Air Max

Our Coach Factory Outlet goal is to let everyone be able to buy the Coach Outlet USA for her own. Coach Wallets or Cheap Coach Purses in the cheap Coach Purses Outlet are available now with the best condition and Coach Outlet in the lowest price. Coach products from Coach Factory Outlet Online have classic design yet in top fashion sense. The artwork of Coach in the Coach Outlet is so delicate and distinctive, perfect in details. Coach Store Outlet is a great Coach Outlet Online store not only selling top Coach Bags but also other Coach accessories. Coach Outlet does not let you down on Coach quality, design and workmanship. Coach Factory Online also is a good place for you to enjoy Coach items. In this Coach Factory Store, you could get the best Coach Bags at the best price. So are other Coach accessories, like Coach shoes, Coach wallets or Coach jewelries. Of course, if you love other brand shoes, Nike Air Max is a top one for you! Welcome!

Tue, 06/12/2012 - 10:04 | 2517735 zagam2
zagam2's picture

Good article is brought to share, see good article can always mood letting a person is cheerful, let oneself happy also to widen my view, to the thing understanding also have more understanding. Believe that will see more such a good article to share.... VPN service thanks

Do NOT follow this link or you will be banned from the site!