Iceland near Bankruptcy - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Thor · 10-09-2008, 07:42 PM

My family and relatives back home are having a rough go these last few weeks, talk of country going bankrupt, now the UK is threatening legal action against Iceland and using anti terrorism legislation to freeze Icelandic assets in the UK.

Man its getting scary for my homies, sad to see such a great little country suffering such a massive meltdown as part of the trickle down affect.

Can we get rid of the international banking system yet?

FlamesAddiction · 10-09-2008, 07:46 PM

Quote:

Originally Posted by Thor

My family and relatives back home are having a rough go these last few weeks, talk of country going bankrupt, now the UK is threatening legal action against Iceland and using anti terrorism legislation to freeze Icelandic assets in the UK.

They already took Bjork... what else do they want!?

Quote:

Man its getting scary for my homies, sad to see such a great little country suffering such a massive meltdown as part of the trickle down affect.

Can we get rid of the international banking system yet?

Iceland should join Condeferation like Newfoundland did when they went broke...

Thor · 10-09-2008, 07:50 PM

Quote:

Originally Posted by FlamesAddiction

They already took Bjork... what else do they want!?

lol we'll gladly sell her for cheap.

Quote:

Iceland should join Condeferation like Newfoundland did when they went broke...

Well ironically when EU membership was considered it was overwhelmingly shot down, now all the talk EU membership is in full swing, apparently most people are now willing to accept and even embrace it.

IF anything, this tiny country managed to show this form of capitalism made famous in Wall street allowed a tiny Island nation to gain immense wealth per capita, earned the largest private company in the UK, and only managed to bankrupt the whole nation.

All while the average people in the country will end up holding the short end of this stick, since the richest and most powerful in Iceland hide and get around heavy taxes by going offshore.

CaptainCrunch · 10-09-2008, 07:54 PM

Looking for Iceland on ebay.

HotHotHeat · 10-09-2008, 10:38 PM

I know nothing about Iceland...What's their economy like? I'd imagine some sort of natural resource...

Shawnski · 10-09-2008, 10:48 PM

Quote:

Originally Posted by HotHotHeat

I know nothing about Iceland...What's their economy like? I'd imagine some sort of natural resource...

Banking apparently...

http://www.ctv.ca/servlet/ArticleNew...1009?hub=World

Thor · 10-09-2008, 10:53 PM

Quote:

Originally Posted by HotHotHeat

I know nothing about Iceland...What's their economy like? I'd imagine some sort of natural resource...

Not really, the fishing industry was in the old days the mainstay of the country, it was unlike Newfoundland and other places well managed and very much profitable for Iceland.

However the type of greed in the US that was the downfall of the recent crisis was strong in Iceland, and is exactly what put the country into this crisis.

arsenal · 10-09-2008, 10:54 PM

Quote:

Originally Posted by HotHotHeat

I know nothing about Iceland...What's their economy like? I'd imagine some sort of natural resource...

Main export: Hot woman.

metal_geek · 10-10-2008, 12:11 AM

Here is a email from someone we know in iceland right now... The names have been removed because this is .. well... the intertoobs...

Quote:

Hi. Well, these are bad bad times. 2 of our 3 banks have gone bankrupt, and the third one is one it´s way, I´m told. The government have taken over the banks and are trying to save what can be saved but it´s bad here now. Businesses are going bankrupt left and right this week, people are losing their jobs, food is scarce and everything is getting more expensive than you could dream of. Since last week, food and clothes and stuff has gone up 50% percent but that´s just the start, we think food at least will go up almost 100%, even more. Lots of people won´t be able to buy food, let alone pay bills. Our government is trying to tell us something each day, but with each of them, the news get worse. People are really confused and getting real scared. I know I will keep my job, but that doesn´t pay well (but at least I have a job). has his job and will have, IF the business doesn´t go bankrupt. I went shopping yesterday and there was no pasta left, no wheat, no sugar, no canned goods... I almost thought people were going to start fighting for the food in the aisles.
We have no idea what will happen, nobody seems to know. We are one of the ,,lucky ones" though, at least yet, we didn´t lose a lot of money, we have jobs at least for now, and we have food and heat, at least for now. But it´s sad, people are frightened and don´t know what to do :-( :-(

chris_yk · 10-10-2008, 12:21 AM

Crazy. I've always wanted to visit Iceland.. hopefully things take a turn for the better soon, I know it's not looking good though.

ericschand · 10-10-2008, 07:16 AM

Quote:

Originally Posted by Thor

...now the UK is threatening legal action against Iceland and using anti terrorism legislation to freeze Icelandic assets in the UK.

What the heck does that mean? How do they relate all this to terrorism?
Do you have a link that explains?

ers

Phaneuf3 · 10-10-2008, 08:16 AM

Quote:

Originally Posted by ericschand

What the heck does that mean? How do they relate all this to terrorism?
Do you have a link that explains?

ers

these days you don't need things like 'evidence' and 'proof'. just label them a terrorist and that's that - they're fair game.

Locke · 10-10-2008, 08:17 AM

Quote:

Originally Posted by arsenal

Main export: Hot woman.

Only one?

Iowa_Flames_Fan · 10-10-2008, 08:41 AM

Yeah, I've got relatives feeling the pinch too. My own assets are all in Canada and the U.S.--so while that's not ideal, I'm glad I'm not invested in the Icelandic economy.

To answer the question about Iceland's economy, natural resources remain a key part, but Iceland has made inroads in recent decades into the financial and energy industries. Such a small country, I guess it was hard to limit their exposure to the international financial crisis.

JohnnyFlame · 10-10-2008, 08:41 AM

Buy low. Could Canada snag Iceland and then Greenland in a power play for northern resources? Joking aside it's amazing how much the whole thing is a "house of cards". Unfettered greed taking it's toll bigtime.

CaptainCrunch · 10-10-2008, 08:51 AM

Quote:

Originally Posted by JohnnyFlame

Buy low. Could Canada snag Iceland and then Greenland in a power play for northern resources? Joking aside it's amazing how much the whole thing is a "house of cards". Unfettered greed taking it's toll bigtime.

I think your on to something there Johnny.

We could buy the whole damn shooting match, Iceland could be Canada's Hawaii.

BlackArcher101 · 10-10-2008, 09:17 AM

I wonder if a nice looking pedestrian bridge would help them?

ricosuave · 10-10-2008, 09:45 AM

Quote:

Originally Posted by Locke

Only one?

and its not bjork...

Bob · 10-10-2008, 09:49 AM

I heard that Iceland's banks were in debt to the tune of 12x the GDP of the entire country. That would be like a US bank being in debt for many trillions of dollars or something crazy like that.

Locke · 10-10-2008, 09:51 AM

Finally getting their comeuppance. That'll learn 'em for trying to take on the Mighty Ducks with their cheap antics!!