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I never got how the people who clamor most for decentralizing government were so happy with ever-more-concentrated corporate and financial power.
Generations of robber baron propaganda.
We the people only beat them back for a few decades - the "big takeback" has been on since 1968.
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Icelandic Stocks Drop 77% as Trading Resumes After 3-Day Halt
By Jakob Lindstroem
Oct. 14 (Bloomberg) -- Iceland's benchmark stock index plunged 77 percent, the biggest decline on record, as trading resumed after a three-day suspension and the nationalization of the country's largest banks.
Tip of the iceberg? I think we hit the iceberg. While up top they're insisting it's just a bad dent and we can pound out the hull and be ugly but limp in to port to get prettied up, below the waterline there's a big freakin' HOLE and we're taking on water faster than we can bail.
Conrad or someone -- want to tell the folks what happens to China when we stop shopping? We US consumers have been the hamsters that keep that thing going. and from there...
The Middle East is watching oil prices start to drop, and many of those nations are heavily invested in our financial sector, whoops, and some like the Saudis and Iranians have NO other means of sustaining the national economy. Russia closed both it's stock markets until Friday. The European Union nations are starting to glare at one another -- Iceland failing is going to hit Europe very hard.
A friend of mine says we're looking at 3-5 years before this fully shakes out, under the best case scenario. This is the whirlwind we have been sowing for a long time. I never got how the people who clamor most for decentralizing government were so happy with ever-more-concentrated corporate and financial power.
Well China is interesting in that I used to think exactly that, however they have insane reserves, no national debt and insane growth in internal demand.
They can literally make up for our exports in a year or two of internal demand growth, they're not on the same playing field we are and as oil falls they still have money, not debt, not credit, money.
What you're likely to see is a permanent shifting to them as the reserve currency at a much faster pace than anyone thought was possible.
We are so toasted it's not even funny, but at least we can grow our own food.
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At what point then is the approach of danger to be expected? I answer, if it ever reach us, it must spring up amongst us. It cannot come from abroad. If destruction be our lot, we must ourselves be its author and finisher. As a nation of freemen, we must live through all time, or die by suicide.
Holy crap. Thank GOD my kids don't watch Nick Jr. anymore. (dcr's do, but they're in school when it's on, so for the most part, I'm spared). Never heard of Lazy Town...$3 mil/episode??? WOW.
This comes to NO surprise for anyone who's been following the Icelantic economy.
Living in the "maincountry" to Iceland I've had frontrow seat to this mess. Almost every struggling Danish "Brand"-company has been bought at a huge overprice by Icelantic companies. Danish media have been questioning the Iceland economy for 4-5 years and were so critical that the Icelantic president comdemmed the danish media for predicting the total collapse that we see now.
The same president is now complaining that big brother won't lend Iceland the money - resulting in the flirt with Russia. Denmark has only garanteed about $1 Billion.
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Holy crap. Thank GOD my kids don't watch Nick Jr. anymore. (dcr's do, but they're in school when it's on, so for the most part, I'm spared). Never heard of Lazy Town...$3 mil/episode??? WOW.
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