Iceland let their banks fail; economy set to grow 3%

The people are great, but eggs and beer were expensive.

You have it backwards. During an inflationary period those who have dollars put it into commodities and other hedges against inflation.

Those who have no dollars to move into commodities or other hedges against inflation have to deal with higher prices, lower purchasing power of the dollar.

Think of the rising food prices and ensuing riots in Egypt.

I'm looking to the fact that most of us owe more money than we have.

Americans.

Good analysis. Voodoo economics always tells you the reverse of the truth.

Up 3% from what? The "what" is all important.

+^d

Don't we pay for everything?

Our military all over the world puts the other countries at the 60 Yard Line of every football game. We start from 0, they start from 60. They win, our team runs wearing lead boots.

They have 6 weeks vacation each year,plus every other perk, go riding bicycles around the hills and dales taking in the sights, getting plenty of sunshine. We work in the caves. Our wife works in a cave. Our children take few vacations so they watch TV and live in a video world, so they have a life in a fancy cave, without their parents around.

Been like this for 6 decades I know of. Canadians have a medical problem they drive over and get help. We have to locate an approved "Network" doctor, "Network" clinic and "Network" hospital, while sick having to run a steeplechase getting every step pre-approved or we're screwed in the bank account, which is a given.

American means Screwed. I've had a thyroid dysfunction all my life, which meant my Immune System was also rendered less than functioning, so I've got a jaw bone infection underneath a tooth and Medicare won't cover it because it's near a tooth so they rule it dental work, which conveniently enough they refuse to pay.

Even though many bodily diseases come porting in through the mouth. Been like this all my life, always a big screw in yer back.

It all needs to be nuked if it only results in a Big Screw.

The American Military is the most screwed of all. They go get maimed, die, come back with many vile medical issues while thinking they did all that to "save our Way of Life". Well, what is the American way of life?

Pay taxes? No dental care like the other countries we shore up? When sick and ill have to fight through a wall of paperwork and of course make the inevitable mistakes insuring the size and position of the Big Screw never changes? Pay on a home for 30 years watch TV and die?

The super brave men an women of the US military are dying for THAT?!

Presidential Elections, last one cost 3/4 of a billion dollars led us by the nose into a world financial collapse. They plan right now to squeeze Americans for every penny they can scrounge because they want that NEXT ELECTION to slam the money meter at $1 Billion so they can brag about how they accomplished it during a major ongoing Recession while millions have lost their homes.

Party on dudes. hahaha Eat lots of black crow meat too. Um, tastes like chicken.

I don't think that the point of the article was to say that the Icelanders came out unscathed because they let the banks fail.

Their economy did crash, but essentially, so did the economy, but our economy is not growing, we have added very few jobs, and we've arguably had the largest transfer of wealth since the Gold Confiscation Act of 1933.

And we have been saddled with future debt payments on top of all that.

Good post. Running the numbers has a way of helping the understanding.

Hell yes.

YOU GOT THAT RIGHT !

Yep. Now I bet their really pissed off . ( heh )

[ I KNOW it should be "its" really pissed of ,....their you have it ]

You are so singular minded.

Were Nazi's really so infamous for their spelling? -The idea just seems funny to me.
Two gustopo on duty, talking to someone, and correcting his grammar at gun point. lol

Why, thanks for the compliment!

singular [ˈsɪŋgjʊlə]
adj
1. remarkable; exceptional; extraordinary a singular feat
2. unusual; odd a singular character
3. unique

No, not really, but semi-literate people systematically call those who correct their spelling and or grammatical mistakes "spelling nazi" and "grammar nazi" :D

+^d

Thank you Nephwrack

I worked for one of those banks for 7 years, and I know exactly how the international flow of funds happens. We need to change it and fix it.

I quit and I told but it got nowhere.

That could WELL be true. The question then becomes,....AFTER the fallout, the cascade of dominoes,....what does the world look like, if all the banks were simply ALLOWED to break,....if braking is what they actually have coming ? Do we actually purge some parasites from the system ? In other words,....if you ACCEPT that you will "take a hit",personally and collectively,........before you screw the banks,....IS it "worth it",...when all is said and done,....long term ?

( I have a bias,....I sort of HATE the banks,.....and REALLY,....capitalism to begin with. I don't have a lot of assets to loose,....and I "bank" heh , on my autonomous resourcefulness to survive to begin with. )

uhm,.....no offense ex-banker ! ( hadn't read your latest post before I wrote mine ! )

I hate the banks also. I was not excusing what happened just adding what I know to be the case. I don't know what would have happened after the collapse. But I know there would have been a collapse.

It's easy to shoot the messenger.

You have seen me post. My leanings are obvious.

Yes we need to purge the parasites. Yes the system is gamed. Yes we should change it all, but allowing a global financial meltdown would have left only one leverage tool to the super powers, War. Only one way to feed yourself, loot. Only one way to survive, kill.

I call that cutting off your nose to spite your face.

On this issue I have to go with what I saw with my own eyes.

I came here to state my opinion not be politically correct.

I know this is a touchy subject and I knew I would take hits for telling my take on it. That's ok but being called a payed operative hardly fits, and is patently unfair.

BTW my position was not as a Banker, it was to develop a software system to track attribution.

Attribution follows the movement of funds, and issuance of financial instruments in the global economy. It gives you a pretty good overview of how things affect other things, and the reasons why commodities and holdings make or loose value..

What I saw freaked me out. That's why I left.

I talked my face off about what they were doing.

I wonder how many people here realize that due to the connections between these institutions the wrong small bank going down can start a domino effect.

I'm all for reform but I feel obligated to disambiguate what I can.

Right on Z...! You are in a good position to help now.

Correct.

Indeed they could have. Glad to see you support big government too!

Where should we go from here, Ziggy, on that issue?

EVERYONE takes occasional flack for posts,.....but soon enough, you will come to be known as a "good alien" ! You can take THAT to the bank !

I agree that something like you suggest could have been done if people in the SEC and the GOV had not allowed things to get to where they did. But they did.

When the first bailout was agreed upon we were 13 minutes from a meltdown. There was no time to do anything but float at that moment. Once it starts there is no stopping it. I'm a Sailor if my boat starts to sink

I'm sure a lot of them knew what was happening and let it happen because it forced the issue, and they got their ill gotten gains.

I disagree with how it was handled, and how it is still being handled.

We are in no better position from a too big to fail point of view and we have to change that or we will go to the edge again.

Republicans / conservatives are making sure we stay as vulnerable as we have ever been to give them all the leverage they want to push their agenda.

LOL!

I may have to put on my other Avatar

Vote out the Republican Tea Party crowd. Stop Banks like JP Morgan from being multi-headed monsters, and throw half of wall street in jail. Our economy is based on gambling.
Monopolies have to be broken. Fascism stopped.

But I'm not claiming to know the answer dude. I'm just posting my opinions.

It only stings when it comes from your side. I have no problem getting called every name in the book by a troll.

No sweat really.

What's the difference between bailing out those banks (like we did) and simply taking them over (as in making them governmental entities)? I'm asking you this question because I honestly don't know, and based on your comment I figure you have the knowledge it takes to tell me how this works.

I may have to put on my other Avatar
How do you get the avatar to work? I've been asking this question for a week now and no one has answered it, and I can't get it to work for me :-(

In my opinion banks should not gamble with your money or steal it. A nationalization of banks would be called a socialist /Communist act.

But... As long as we let the wolves tend to the sheep, we are screwed.

I believe if the Bank fails, and is too big to fail it should have been taken over and owned by the people.

That is still not a guarantee. The GOV is not exactly the most competent or honest group out there.

We have to overhaul the entire system.

Very smart answer and I do agree. I am just soo MAD at how the banks have behaved. We Desperately need Tough Banking and Corporate regulations and Any company that is "Too Big to Fail" should be busted up into smaller pieces.

just make sure it's a 220 by 220 JPG file, and upload it using "Edit Setting" in the drop down menu in the upper right with your screen name.

I will agree that the Dems are also culpable. I would agree that a take over to clean the slate would be better than what we have,

I don't want big Government any more than you do.

Daly on the other hand was not hired to give Obama economic counsel. He was hired to be a ramrod for the administration to push the President's agenda.

Obama, whom I support has given me high blood pressure for a couple of years. I do however shudder at where we might be today were it not for him getting elected.
I know for sure McCain Palin would have been a global disaster.

I believe Obama is a socialist leading as a centrist. Sounds absurd right?

But consider this.

We are a really a Socialist Democratic Republic as much as people don't want to hear that. If we were just a Republic it would be complete Tyranny.

We have the GOV running Social programs. We need those Social programs to balance the type of Capitalism we currently have.

The Tea Parties have shown us how easy it is to pervert Liberty into fascism.
Obama is laying the foundation for a new era in America.

If Obama were leading as a left wing Democrat there would have already been a right wing cluster&*()#.

Undoing the Reagan legacy will take a long time if it's even possible to do without a bloody revolt.

During a financial crisis you can't balance the budget, you have to spend your way out.

We need jobs for people that are not working. The wealthy are not spending, they are hoarding at our expense. We need tariffs and infrastructure. Not to mention tax reform.

Every day our money is worth less, if we cut spending and Social programs people will starve. Starving people revolt. Revolts devalue currency, and kill people.

We are not clueless people. We elect to stay dumb. We have to look at the reality of what we have created and start fixing it STAT. or we are all going to be looking at a civil war.

I don't think killing each other is the answer.

+^d

Thank you!

its kinda wonky make sure when adding your avatar under your profile that you go to bottom of page and save it before leaving profile there done!

You do have some of the answers man. All those suggestions are appropriate and doable, if we go after them. It's only getting past the inertia of going from knowing, to doing, that's holding back success.

Thanks. I'm ready to come out and do it, what we all need is to organize and show up. I was in it in the 60's and 70's, I think I have at least one more left in me.
People have to Vote and hold their representatives accountable. Be active, and learn from the past.

sounds like fun.

ONCE AGAIN CITIZENS! If Tunisia, Egypt, Iceland, and way back when, India could do it, why in God's name are we not doing it?

agreed. +^d

hells yes ! +^d !

If you are an irrelevant economy whose actions don't dictate the happenings of the Western World.

Correct +^d

+^d,

We need scalpel surgery to fix the economy. I agree we need a major operation, we just have to make sure the patient survives. I believe we can do that and breaking up too big to fail is a good start.