And off balance sheet’s USA liabilities ??????? 80 trillion !

The comments show how the general opinion have shifted from holding the Icelanders responisble ( for electing a government who caused the crisis) to a more balanced view.

The Norwegian government, as usual, belives only in democracy the East-German way.

Cheering for the Icelandic krona : http://tinyurl.com/ydka9we

Original : http://tinyurl.com/y8fkrbh

Actually it is the Force 10 from Navarone http://www.imdb.com/title/tt0077572/

The explosive went of but the dam is not bursting right away. But slowly and gradually the dam cracks and the water force does do the rest. So from a small crack to an exponential burst.

The Dambusters – The Second Dam
http://www.youtube.com/watch?v=JM1VGw0wM7k

Dambusters Anniversary Flypast
http://www.youtube.com/watch?v=m1OuyIe0pig

I Am The Price System R. B. Langan, Great lakes Technocrat, April 1944

http://www.archive.org/details/IAmThePriceSystem

Be patient. Ever saw the movie The Dam Busters (1955) ? http://www.imdb.com/title/tt0046889/

‘…Swiss citizens do not hesitate in constraining the liberties of minorities in their referendums. It appears that these tools of ”direct democracy” are most appealing to politicians in need of a quick image fix. Is Olafur Ragnar Grimsson really serious when he says that Icelandic voters are equipped en-masse to interpret Basel II directives, EEA agreements, ECOFIN reports and international agreements in a well-balanced and objective manner?’

http://www.economicdisasterarea.com/index.php/editorial/icesave-nothing-ever-gets-built-from-trenches/

‘Let’s have a look now at the liquidity risk of Landsbanki at that time.

The original Basel II accord did not include liquidity requirements and a document named “Liquidity Risk:Management and Supervisory Challenges” dated February 2008 was the main source in defining the liquidity risk framework.

In that document the following elements were highlighted: liquidity policies, stress tests, scenario analyses, contingency funding plans, setting of limits, reporting requirements and public disclosure

It is worth mentioning that one important differentiating factor across regimes is the extent to which supervisors prescribe detailed limits on the liquidity risk and insurance that banks should hold. This is in contrast to an approach that relies more on reviewing and strengthening banks’ internal risk management systems, methods and reports.

The core sentence is: the application of liquidity regimes on a local management or legal entity basis requires that each legal entity be sufficiently robust with regard to external shocks. This may require a pool of liquid assets to be held locally, or for each entity to have independent access to contingent liquidity lines.

This pool has been requested by the DNB from Landsbanki but only just before the Landsbanki collapsed (September 2008).’

http://ezinearticles.com/?Was-the-Crash-of-an-Icelandic-Bank-Icesave-in-the-Netherlands-Avoidable?&id=3714772

cute but ignorant like a cow.