The government of Iceland has passed emergency legislation either nationalising or semi-nationalising the country's banks, as the nation faces the real possibility that the country itself could go bankrupt in the spreading credit crisis.
Serious question: if that happens, what then? Is this anything the US has to worry about happening to it? The FT today quoted some anonymous person in Reykjavik reporting a run on food stores and hoarding, but another person said it wasn't so bad. Still, if their currency is worthless, what, will the people be reduced to eating nothing but cod? I'm not being facetious.
Save Bjork, dammit!
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What? No screeds about the SINFUL GREED of those dang Icelanders, with their McMansions and big screen TVs?
I keep reading in this blog about how our current economic woes are the payback we deserve for our evil materialism. Aren't you going to come down like a hammer on the Icelanders (who must surely DESERVE God's wrath)?
Maybe they could ask to be the 51st state? We've had bases there for decades and most Icelanders I know speak English.
Just a wild idea . . . ;)
I think the American bases in Iceland closed a few years ago in a round of cost cutting.
Iceland is not honouring its obligations to British customers of Icelandic owned banks and is going to be sued by the British government. This could get interesting.
http://news.bbc.co.uk/2/hi/business/7658417.stm
"Aren't you going to come down like a hammer on the Icelanders (who must surely DESERVE God's wrath)?"
Back in the day, of course, these folks were the INSTRUMENT of God's wrath (according to many medieval sermons following Viking attacks).
None of the newspapers are explaing anything at all but just describing what is going on now. This shows the low quality of the journalists. What has happened to the money Iceland took from all these people from different foreign countries. Why is it not possible for the to pay these back or at least show where these are. Why all these people invested in Iceland, which has nothing at all, only fish and ice. What is the cause of this sudden bankruptcy. Who is going to explain????
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