TSHTF in Iceland!!-- its bankrupt

[Texan4Life]

today Iceland's currency has dropped 25%!!

https://www.kitcomm.com/showthread.php?t=24585

This is a first hand account of whats going on in Iceland. Basically this shit is hitting the fan over there.

Bank runs, Food runs, and government power grabs! and no other countries will loan them money.

I think I just peed a little.... Is this what the US has in store?

this was originaly posted in the economic section by rrcamp here (http://www.ronpaulforums.com/showthread.php?t=161336). but I think it deserves to get more attention.

[ihsv]

http://www.ronpaulky.org/bump.gif

[powerofreason]

25% inflation? hyperinflation inc!

[LittleLightShining]

Holy cow.

[Kludge]

People actually live in Iceland...?

[DFF]

That's bad. But lets be realistic - there is no comparison between Iceland's economy and the United States. Anyway, I'm glad (whomever) got their money in Gold before it was too late.

[John E]

Its a good thread to read --

[misericordia]

prepareprepare pray

[tropicangela]

http://www.reuters.com/article/marketsNews/idUSSAT00564420081006

Iceland adopts sweeping powers in banking overhaul-PM
Mon Oct 6, 2008 1:24pm EDT

REYKJAVIK, Oct 6 (Reuters) - Iceland has agreed legislation that gives the government wide-ranging authority over its banks, including the option to merge them or force them to declare bankruptcy, the country's prime minister said on Monday.

Icelandic Prime Minister Geir Haarde said the bill, which parliament is due to adopt later on Monday, will also allow the government to take over housing loans held by the banks and put them in a government housing fund.

[Bern]

That is a fascinating thread - detailing the collapse of the currency and banking system over a span of the last five days. If you only read the first post, you missed most of the story.

[powerofreason]

that is a fascinating thread - detailing the collapse of the currency and banking system over a span of the last five days. If you only read the first post, you missed most of the story.

qft

[crackyflipside]

Damn, I got a friend that lives there...

[Highland]

there inflation was out of control months ago as I remember...this is more like the nail in the....

[eredeath]

char

[powerofreason]

In the thread the dude said the inflation is estimated by some to be 60%. All the banks have gone bankrupt and the govt. will nationalize them all.

[ItsTime]

That's bad. But lets be realistic - there is no comparison between Iceland's economy and the United States. Anyway, I'm glad (whomever) got their money in Gold before it was too late.

Ya our economy will tank harder than that. We are a debtor nation and do not have the ability to call in loans. People are calling in our loans....

[tropicangela]

That's bad. But lets be realistic - there is no comparison between Iceland's economy and the United States.

What are the main differences?

[heavenlyboy34]

People actually live in Iceland...?

Yep. http://en.wikipedia.org/wiki/Iceland

Want an Icelandic woman? http://www.friendfinder.com/search/p74888.sub_iceland_women_girls_ladies&show=F&country=iceland ;)

[Texan4Life]

There is a new post, here is a snippit:


- What will happen to the people who took out mortgages in foreign currencies (euro, swiss franc, dollar, yen etc.)? - Their salary cannot afford one monthly payment now... and they are likely screwed.

damn... Does that count as hyperinflation?

[Original_Intent]

That's bad. But lets be realistic - there is no comparison between Iceland's economy and the United States. Anyway, I'm glad (whomever) got their money in Gold before it was too late.

Yeah our large economy has more inertia so it will crash slower but will also be harder to recover.

[Vote Waterman 2028]

People actually live in Iceland...?

There is actually very little ice in iceland. It's a common geographical misconception. Greenland is actually the icy country. Whatever genius thought that up i dont know.

[Original_Intent]

There is actually very little ice in iceland. It's a common geographical misconception. Greenland is actually the icy country. Whatever genius thought that up i dont know.

Maybe they got named before the last global climate change - you know the one caused by all the wooly mammoths emitting too many greenhouse gases.

[CGeoffrion]

There is actually very little ice in iceland. It's a common geographical misconception. Greenland is actually the icy country. Whatever genius thought that up i dont know.

I could be wrong, but I thought they got their names from the Vikings, who called iceland iceland to keep people away, and greenland greenland to attract them away from iceland. Something like that.

[noxagol]

I could be wrong, but I thought they got their names from the Vikings, who called iceland iceland to keep people away, and greenland greenland to attract them away from iceland. Something like that.
Yup.

[Texan4Life]

maybe they got named before the last global climate change - you know the one caused by all the wooly mammoths emitting too many greenhouse gases.

lol