BelaOthello

Iceland: What It's Like to Live in a World Without Money

Dear occdude8:
Are you kidding? Do you actually believe the garbage that you left on this website like below? Try thinking are asking for some help with this excercise before writing senseless attacks on countries and their people.

Google, the Yen Carry trade and then maybe you can begin to understand how the government of Iceland who participated in over leveraged bets in a trillion dollar trade like the rest of the world was able to go bankrupt and it had nothing to do with what they produced or didn't produce.

In fact, it was the G7's remark to isolate Japan and devalue its Yen around Oct. 28 that sparked the 900pt rally in the Dow the following day.

This entire "crisis" has been about the trillions of unreported dollars involved in the Yen Carry trade and the global margin call which created the snowball effect of every single asset being sold at the same time. Why else would gold (a safe haven) have it's largest monthly drop in over 25 years last month, yet the price of actual bars and coins and physical gold went up? hmmm Maybe because central banks from several emerging countries and our very own were selling their gold futures contracts at fire sale prices. Just like the Russians and Middle East were selling oil to meet their margin calls.

In other words, think a little deeper before proving to the world that you have no idea what you are talking about and especially before you start slamming entire countries and the people who live in them. Not to mention when one of the countries is your very own that gave you the free speech to say such things. You should be embarrased.

occdude 8 Comments Nov 15 06:46 PM
Now Iceland is having a hard time. Have they actually done an assessment of what they produce for all the goods the world gives them? They have Cod and geothermal steam (we can use the former but not the latter) and thats it! Couple that with derivative financing and they produce SQUAT!! They like the rest of G7 (esp. US) are a bunch of unproductive, slovenly, amoral, relativistic, snobby, self-absorbed and silly people that need a DIVINE rear end paddling.