Stacy Summary: Both sides of this carry trade gamble have gone bust. Interesting to see how the population itself is responding differently with each.
The crisis engulfing the world’s second economy is remarkale. Profits fell 53pc in the second quarter. Total cash earnings have dropped 7.1pc this year. Tax revenues have plunged 27pc. While the economy is no longer in recession, GDP has shrunk by 8pc from its peak and exports are down 36pc (in yen).
One of the main factors behind Iceland’s financial implosion – an extreme microcosm for the problems in the rest of the world – is the secrecy, interconnection and conflicts of interest in its public life. That the major shareholders of the banks also owned much of the non-state media undoubtedly helped to perpetuate many myths about Iceland’s economic strength.
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Iceland has a few cards to play:
1. Threaten to leave NATO and host Russian missile defense sites in return for a bailout
2. Just tell the UK and IMF to, basically, fuck off
3. Nationalize everything
4. Any combination of the above
What do they have to lose?
Japan’s Deflation Deepens as Prices Fall Record 2.4% http://tinyurl.com/ybygprf
Gulf wealth funds record $350 bln loss in ’08
http://tinyurl.com/yc3ljx8
@danny
the dinner jacket ‘speech’ cheers!
@gonzo
brilliant….I do get some great laughs on this site you didn’t give me the loudest…but you can’t beat a ‘it was funny because it was true’ laugh cheers I will have to order my tee shirt tonight!
The Lie Machine – GOP and anti healthcare/Teabaggers
“Behind the scenes, top Republicans — including House Minority Whip Eric Cantor, Minority Leader John Boehner and the chairman of the GOP’s Senate steering committee, Jim DeMint — worked hand-in-glove with the organizers of the town brawls. Their goal was not only to block health care reform but to bankrupt President Obama’s political capital before he could move on to other key items on his agenda, including curbing climate change and expanding labor rights. As DeMint told an August teleconference of nearly 20,000 town-hall activists, “If we can stop him on this, the administration won’t be able to go on to cap and trade, card check and the other things they want to do”
http://tinyurl.com/ycl3uq3
@Mike2Liverpool,…….I hope you realise you can make lucra either way, why the bias? just seems silly to me if you have two opportunities and only use one!
Or are we not talkin’ about the money,…is it something more, hmmm,…sinister,..huuahhhaaha
@Mike2liverpool – sorry but the dollar is a bigger turd today than pounds, so it appears as if the pound is rising when in fact it is the dollar flushing down the toilet faster
Not suggesting,…..refuting,……duh
I’m gunna have to start readin’ my posts in future before I let them out into the big bad world,….: )
@Mike2liverpool – yep, I saw that story and immediately thought of you
@gonzo,……I don’t know,…..wasn’t there,…what I am suggesting though is,..the official story on any event in the past or present.
I mean,…who and what are the cause of the financial meltdown, how will it be written for generations to come, was it the “capatalist” system that will be blamed,..these are the type of questions I ponder
@Dedo
are you baiting?
Holocaust didn’t happen!
If the holocaust and global warming or terrorist attacks on 9/11 were “real”,…why the big effort to ridicule anyone who denies the “official” story is my question.
Surely we have a right to be inquisitive,..huh,..or should we wear a bell around our necks to warn others of our “infectious disease”.
George Monbiot has a piece on over population. the focus should be on over consumption
http://tinyurl.com/ydj7vl4
@Danny … “Heres the actual conversation where the infamous ‘quote’ arised from.”
I’ve always maintained that the Germans were unlucky in the sense that their war crimes were well documented in the new age of TV , Radio and Video. History before WW2 is full of such atrocities that are not as well documented or even hidden by the PTB’s MSM.
The German people – from what I hear around me – are sick of hearing about the holocaust on German MSM – as if the German kids of today should feel guilty for crimes that (some of) their parents are accused of. The German people were the perfect puppets of Goebbels’ propaganda of course … easy to manipulate via radio etc.
AhMADdinejad makes some good and valid points about “others” learning from history .. but of course doesn’t include himself unfortunately.
@Danny nice find.
I’ve been unsure if Ahmadinejad did deny the holocaust as is often quoted. It seems more nuanced than that. Although it is a popular idea in some parts of the Mid East.
@stacy
Re: on the overpopulation thing coming from the elite, i suggest you do a google search for ‘microbiologist deaths’
http://globalresearch.ca/index.php?context=va&aid=15456
Heres the actual conversation where the infamous ‘quote’ arised from.
INSKEEP: We have, in a previous interview, discussed how you feel (the Holocaust) is being used unjustly to justify Israel, so we need not cover that ground again. But if you would like to describe to me what specifically you believe happened between 1942 and 1945, I would be interested.
AHMADINEJAD: But then 1942 to 1945 is still about the Holocaust, right? I do raise a couple of questions about the Holocaust, and you are a member of the media, and I believe that you should actually tell people what these questions are, and try to receive answers from them as well.
The first question is, is the Holocaust a historical event or not? It is a historical event. And, having said that, there are numerous historical events. So the next question is, why is it that this specific event has become so prominent? Normally, ordinary people and historians pay attention to historical events. Why are politicians giving so much attention to this particular event? Why are they so biased about it? Does this event effect what is happening on the ground this day, now? What we say is that genocide is the result of racial discrimination. Sometimes we look at history to learn the lessons of history.
INSKEEP: Are you acknowledging that millions of people were killed? Millions of Jews, specifically, were killed during World War II?
AHMADINEJAD: If you bear with me so that I can complete my statements, you will receive your answer. I’m asking, and I’m asking a number of serious questions. And I’m not addressing these questions to you, but to a wider audience — everyone — anyone who cares about the fate of humanity; who care about human beings and the rights of people. These are serious questions. If we are looking at history with the aim to learn — derive lessons from it, then what this indicates is that in the future, we should not carry out the same mistakes that were done in the past. While I personally was not alive 60 years ago, I happen to be alive now, and I can see that genocide is happening now under the pretext of an event that happened 60 years ago. So the fundamental question I raise here is that, if this event happened, where did it happen? As a form of an objection question, who was it carried by? Why should the Palestinian people make up for it?
it gets missed that Farsi isn’t the easiest language to translate. Much can be open to interpretation.
Worth a listen … ca. 20 minutes !
pt 1/2 Bill Murphy & Chris Powell on King World News Friday, September 25, 2009
http://www.youtube.com/watch?v=60mh5RIRFJs&feature=channel
pt 2/2 Bill Murphy & Chris Powell on King World News Friday, September 25, 2009
http://www.youtube.com/watch?v=zUh8rpxSDAo&feature=sub
Opposition leaders say sanctions will hurt the Iranian people; gov’t won’t care
““We are against any sanctions against our nation,” Mousavi said in a statement posted on Rouydadnews reformist website.He said sanctions “will impose agonies on a nation who suffers enough from miserable statesmen.”
http://tinyurl.com/yasua89
@gonzomarx… “Is the media exaggerating the Iranian nuke threat?”
Yes !
Thanks for this :
…Ahmadinejad did not use that phrase in Persian. He quoted an old saying of Ayatollah Khomeini calling for ‘this occupation regime over Jerusalem” to “vanish from the page of time.’ Calling for a regime to vanish is not the same as calling for people to be killed”…
@Danny… “Phil your supposed to say ‘first!’ ”
You can still be “first” if you want !
@Iran dumps US dollar for euro (I think this should be discussed more)
I agree … IMO it’s something that the US will try to prevent … like cutting underwater Internet Cables … or claiming WMDs in Israel .. oops .. sorry, I mean Iran.
http://news.bbc.co.uk/1/hi/uk/8282067.stm
RAF Winning more Minds!
Mike
re: Iran dumps US dollar for euro
maybe my minds playing tricks but i’m sure that I heard Iran was already doing this over the last few years!
Voters decide elections, says PM as Sun switches sides
http://tinyurl.com/yl7s6na
I’m sure Mr Murdock has something to say about that!
I hope the woes of the Moguls continues and weakens this type of shit in the future.
Phil your supposed to say ‘first!’
Another day of dodging my work duties for reading and posting articles on maxkeiser.com, so here you are….
Iran dumps US dollar for euro(I think this should be discussed more)
http://www.digitaljournal.com/article/279626
Bank of England calls unprecedented meeting of economists
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6224090/Bank-calls-crisis-meeting-for-experts.html
Refusal to Take Swine Flu Vaccine Reason To Be Detained in Hospital
http://www.theflucase.com/index.php?option=com_content&view=article&id=706%3Auk-mental-health-act-changed-to-make-qswine-fluq-vaccine-refusal-reason-to-be-detained-in-hospitals&catid=1%3Alatest-news&Itemid=64&lang=en
Two more L.A. water mains burst overnight, bringing more questions (more problems for firetrucks!!)
http://latimesblogs.latimes.com/lanow/2009/09/2-more-la-water-main-burst-overnight-bringing-more-questions.html
Wall Street money rains on Schumer
http://news.yahoo.com/s/politico/20090928/pl_politico/27643
@David Oddsson’s ascent to Iceland’s editor in chief splits opinion as bloggers gain ground
Are most Icelandic houses made of wood I wonder ?
Are they insured ?
Do they get Californian forest fires there ?
Just kidding !
Why Arrest Roman Polanski Now?
…Robert Harris is the author of “Fatherland” and, most recently, “The Ghost.”…
…But Ms. Geimer wants it dropped, to shield her family from distress, and Mr. Polanski’s own young children, to whom he is a doting father, want him home. He is no threat to the public. The original judicial procedure was undeniably murky. So cui bono, as the Romans used to say — who benefits?…
http://www.nytimes.com/2009/09/30/opinion/30harris.html
morning all
Scot Ritter on DNow
http://tinyurl.com/ycmko89
Is the media exaggerating the Iranian nuke threat?
http://tinyurl.com/yfrsyf9
The problems/advantages of translating from Farsi
“President Mahmud Ahmadinejad…. his alleged call for Israel to be ‘wiped off the face of the map.’…. Ahmadinejad did not use that phrase in Persian. He quoted an old saying of Ayatollah Khomeini calling for ‘this occupation regime over Jerusalem” to “vanish from the page of time.’ Calling for a regime to vanish is not the same as calling for people to be killed”
http://tinyurl.com/27pcj9
Calling for regime change just a standard political policy after all.
Who else besides Mr Fink and Mr Freakley are the Tory Big Boys?
Dinner at the Carlton: The New Tory power brokers
http://tinyurl.com/ykvbp8w
Online advertising overtakes TV sales for first time ever
http://tinyurl.com/yf4op7k
Is “American Police Force” the Next Great Militia?
“the group’s press secretary is a woman named Becky Shays, who used to be a reporter for Montana’s Billings Gazette and covered the Hardin Prison story, but told her former colleagues recently that they will not name the company’s true leaders, the source of its funding or how it plans to take its prisoners……It will gradually be more clear as things go along. The nature of this entity is private security and for security purposes, as well as for the interest of their clientele, that’s why they prefer not to be upfront.”
http://tinyurl.com/yk4962m
@supergeek
I my get one of those RAW t-shirts
Mike2Liverpool obviously has woken up yet today…
… to complain about the rising GBP !