Iceland

Tyler Durden's picture

First It Refused To Bail Out Its Insolvent Banks; Now Iceland Set To Officially Withdraw European Union Application





Iceland may be a small country, but when it comes to dealing with big problems it is truly the modern equivalent of David in the battle against the status quo Goliath. First, it was Iceland, and only Iceland, refusing to bail out its banks, when every other western nation was being held hostage by those who stood to lose the most from a financial collapse, and even going so far as throwing some of its banking executives in prison. And now, as MBL reports, Iceland's con­ser­v­a­tive In­de­pen­dence Party will sup­port a res­o­lu­tion in par­lia­ment to for­mally with­draw Ice­land's ap­pli­ca­tion to join the Eu­ro­pean Union.

 
Tyler Durden's picture

Steen Jakobsen Warns "Things Are About To Take A Different Turn In 2015"





People are becoming more critical of our current monetary system. In the past six years, central banks have promised us growth within six months’ time. They and the whole monetary and financial system have lost credibility. The banks’ profit to GDP is the highest in history in an economic environment where we have the highest amount of unemployment since WWII. There is something very wrong with the way the system works and this is all due to the overemphasis on trying to minimize the business cycle. The real conclusion of QE can only become visible if we experience the full business cycle. In Jakobsen's view, we have never been allowed to have a down cycle since 2008. But now, there is finally going to be a down cycle because central planners can’t print more money. As Jakobsen puts it: “Now is the time for the real economy to take over”.

 
Tyler Durden's picture

Oil & The Economy: The Limits Of A Finite World In 2015-16





Mainstream Media in the US seem to emphasize the positive aspects of the drop in prices. If our only problem were high oil prices, then low oil prices would seem to be a solution. Unfortunately, the problem we are encountering now is extremely low prices. If prices continue at this low level, or go even lower, we are in deep trouble with respect to future oil extraction. The situation is much more worrisome than most people would expect. Even if there are some temporary good effects, they will be more than offset by bad effects, some of which could be very bad indeed. We may be reaching limits of a finite world.

 
Sprott Money's picture

Economic Terrorism Against Russia Intensifies





The Russian ruble fell a further 7% Monday. What is the “reason” cited in the Corporate media for this latest, further plunge in its “value” (i.e. exchange rate)? An “economic report” which shows that Russia’s economy is shrinking. Here we see the pattern of the economic terrorism perpetrated by the One Bankexposed.

 
Tyler Durden's picture

2014 Year In Review (Part 2): Will 2015 Be The Year It All Comes Tumbling Down?





Despite the authorities' best efforts to keep everything orderly, we know how this global Game of Geopolitical Tetris ends: "Players lose a typical game of Tetris when they can no longer keep up with the increasing speed, and the Tetriminos stack up to the top of the playing field. This is commonly referred to as topping out."

"I’m tired of being outraged!"

 
Tyler Durden's picture

Iceland Unleashes Confiscatory "Exit Tax" On Wealth Deposits





While on the one hand, Iceland's decision to inch towards lifting its capital controls is a positive step, it appears what they give with one hand they are taking with another. Just as we predicted three years ago, the muddle-through has failed and there are only hard choices left and sure enough BCG's envisioned 'wealth tax' appears to be rearing its ugly head once more. As Morgunbladid reports, Iceland plans to impose an exit tax as part of removing capital controls, anticipating all bank assets will be subject to the levy, regardless of whether assets are held in local (ISK) or foreign exchange.

 
Tyler Durden's picture

Frontrunning: December 10





  • New Normal headlines: Global stocks up on hopes of China policy easing (Reuters)
  • China inflation eases to five-year low (BBC)
  • U.S. Lawmakers Agree on $1.1 Trillion Spending Bill (WSJ)
  • U.S. Braced for Blowback as CIA Report Lays Bare Abuses (BBG)
  • CIA tortured, misled, U.S. report finds, drawing calls for action (Reuters)
  • CIA Made False Claims Torture Prevented Heathrow Attacks (BBG)
  • Oil Resumes Drop as Iran Sees $40 If There’s OPEC Discord (BBG)
  • OPEC Says 2015 Demand for Its Crude Will Be Weakest in 12 Years (BBG)
  • Greek yield curve inverted as politics raise default fears (Reuters)
 
Tyler Durden's picture

The Greatest Crash In History Revisited





The DJ Cyprus Total Market Index is at present down 99.71% from its all time high made in 2007, so we would say it is definitely the most oversold stock market in the world in all of history. From 100 euro invested at the peak, a mere 29 cents are left. Let us briefly ponder the mathematics of this wipe-out: when the market was down by 90%, it fell by another 50% at which point it was down 95% from the high. Thereafter, it fell by another 50%, ending down 97.5% from the high. Then it fell by another 50%, at which point it was down 98.75% from the high. Then it fell by 50% again and was down 99.375%. Surely this was bad enough? Nope…it then fell by yet another 50%, landing at 99.6875% down from its 2007 high.

 
Tyler Durden's picture

Wall Street Stunned As Iceland Dares To Jail Banker Involved In 2008 Crash





"this sentence is a big surprise to me as I did nothing wrong..."

 
Tyler Durden's picture

And The 10th Most Prosperous Nation In The World Is...





USA! USA! USA!

 
Tyler Durden's picture

Frontrunning: November 6





  • LOL@Fundamentals: European Stocks Fall as Investors Seek Stimulus Clarity (BBG)
  • Obama, Republicans sound conciliatory note but battles loom (Reuters)
  • Firms drop Pimco funds from managed accounts (Reuters)
  • Not All QE Is Created Equal as U.S. Outpunches ECB-BOJ (BBG)
  • Ukraine Accuses Russia of Sending Troops as Truce Wobbles (BBG)
  • Lenovo Slumps After Projecting China ‘Hypergrowth’ to End (BBG)
  • Palo Alto Networks discovers new malware targeted at Apple devices (Reuters)
  • IPO That Brought In $1 Billion in March Implodes in Denmark (BBG)
 
Tyler Durden's picture

Child Poverty Jumps 2.6 Million Since 2008, While Number Of Billionaires Doubles





Two headlines came across my screen today, which taken together pretty much sum up the effects of policy decisions made by Central Bankers and politicians since the financial crisis. The financial oligarchs got bailed out, and the rich got richer due to decisions made by “leaders” around the globe. As such, the entire planet has now been transformed into a neo-feudal tinderbox.

 
Tyler Durden's picture

A New Age Of IMF Bailouts – Great Britain In The 1970s





Hearing of IMF interventions generally conjures up images of developing nations (and the occasional Eurozone peripheral economy of late) facing some kind of financial difficulty. But it was actually Great Britain, the cradle of the industrialized world, which in 1976 became one of the first countries ever to be "bailed out" by the IMF in the modern sense of the term.

 
Capitalist Exploits's picture

Credit Bubble Rhymes with Trouble





Low interest rates are a direct cause of credit bubbles, and this is what is happening in Singapore

 
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