U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-26-2011, 08:11 AM
 
Location: San Diego California
6,797 posts, read 6,623,420 times
Reputation: 5180

Advertisements

SACSIS.org.za » News » The World » Why Iceland Should Be in the News, But Is Not

This is a great article on how Iceland freed themselves from the strangling grip of the world banking community and established real democracy and financial reform.
Congratulations to the people of Iceland, and best wishes going forward.
They are an inspiration to freedom loving people everywhere.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 08-26-2011, 09:28 AM
 
19,337 posts, read 16,925,880 times
Reputation: 7515
Quote:
Originally Posted by jimhcom View Post
SACSIS.org.za » News » The World » Why Iceland Should Be in the News, But Is Not

This is a great article on how Iceland freed themselves from the strangling grip of the world banking community and established real democracy and financial reform.
Congratulations to the people of Iceland, and best wishes going forward.
They are an inspiration to freedom loving people everywhere.
That play usually works so well.

Prop up a dictator
Lend him money so he goes into debt
He buy guns
He owes
He collects the tax at gun point.

How did they let this one get away?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-26-2011, 09:41 AM
 
2,515 posts, read 1,818,119 times
Reputation: 362
Thank you for the update. Iceland is the way to go.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-26-2011, 10:51 AM
 
Location: Backwoods of Maine
7,309 posts, read 8,983,573 times
Reputation: 20028
Definitely the cure for the EU's problems! Just say, "NO!"
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-26-2011, 11:18 AM
 
5,409 posts, read 10,327,305 times
Reputation: 4478
THIS part is Way Too Sensible for US --

. . . the people of Iceland elected twenty-five citizens from among 522 adults not belonging to any political party but recommended by at least thirty citizens . . .
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-26-2011, 11:36 AM
 
Location: Victoria TX
42,661 posts, read 78,379,938 times
Reputation: 36331
" . . . its demands that Iceland pay off a total of three and a half million Euros. This required each Icelandic citizen to pay 100 Euros a month (or about $130) for fifteen years . . .",

Wha? That 18,000 euros per person, 300,000 people. Five and a half billion. Who is doing their math? I think the author of this article is confusing Million with Billion. Otherwise, Iceland's entire banking system is about the equivalent of the branch bank in the lobby of my supermarket.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-26-2011, 12:10 PM
 
19,337 posts, read 16,925,880 times
Reputation: 7515
Quote:
Originally Posted by Philip T View Post
THIS part is Way Too Sensible for US --

. . . the people of Iceland elected twenty-five citizens from among 522 adults not belonging to any political party but recommended by at least thirty citizens . . .

Hi Philip T,

I cannot document this, but it is hauntingly similar to an idea I had that political office should be like jury duty. A 1000 people would be randomly selected as possible candidates. These would then be voted upon, possibly through several stages of a vetting process like getting further recommendations from citizens.

Otherwise all it is is finance. They put politicians in power who work for them, but pass any down side to the citizen. That is the definition of moral hazard.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-26-2011, 04:40 PM
 
Location: NJ
29,456 posts, read 33,969,572 times
Reputation: 21762
im not sure exactly what happened. im not totally opposed to the idea of defaulting on our debt. the big problems would be 1. we have a huge budget deficit and require debt at current (and much lower) spending levels and 2. a large amount of our debt is owed to us either through treasuries owned directly by citizens or debt held by our government.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-27-2011, 11:02 AM
 
48,508 posts, read 88,413,122 times
Reputation: 18187
Not a very good article really has it just say the antion quite payig its debt. One has to seee the future o just what that means. its mocuh like sayig mnay anerican just decided to nt pay their home mortgage and sayig its some how solved their problems.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 08-27-2011, 11:56 AM
 
Location: Ohio
22,798 posts, read 15,923,106 times
Reputation: 19273
Quote:
Originally Posted by jimhcom View Post
This is a great article on how Iceland freed themselves from the strangling grip of the world banking community and established real democracy and financial reform.
I don't see where Iceland did either. It's a little short of facts.

The most glaring fact that all of you have over-looked is this:

"population 320 thousand, no army"

When the US has a population of 320,000 and no army then the article will be relevant to the people of the US. Yeah, Economy of Scale, it matters.

Quote:
Originally Posted by jtur88 View Post
" . . . its demands that Iceland pay off a total of three and a half million Euros. This required each Icelandic citizen to pay 100 Euros a month (or about $130) for fifteen years . . .",

Wha? That 18,000 euros per person, 300,000 people. Five and a half billion. Who is doing their math? I think the author of this article is confusing Million with Billion. Otherwise, Iceland's entire banking system is about the equivalent of the branch bank in the lobby of my supermarket.
Well, it basically is.

Quote:
Originally Posted by CaptainNJ View Post
im not totally opposed to the idea of defaulting on our debt.
But you don't have a choice. Not all debt is created equal.

The lot of you need to break down and invest in copy of Black's Law Dictionary. It is an indispensable aid. There is a vast difference between loans and securities. The great majority of you have committed a faux pas by conflating loans and securities into the generic term "debt."

All of you overlook extremely critical facts. Argentina, USSR/Russia, Greece, et al and Iceland owed loans. That is money they borrowed from another bank.

The US does not have any loan debt. It has securities debts. The US is not similarly situated with Iceland, Greece, Russia, Argentina, Portugal et al.

Learn and understand the differences, especially the legal differences (that's where Black's Law Dictionary helps).

Quote:
Originally Posted by CaptainNJ View Post
the big problems would be 1. we have a huge budget deficit and require debt at current (and much lower) spending levels and
No kidding. The US situation is nothing like those countries. It is far worse.

Quote:
Originally Posted by CaptainNJ View Post
2. a large amount of our debt is owed to us either through treasuries owned directly by citizens or debt held by our government.
Very good.

You, um, "default" on your, um, "debt" and you just crashed the pension plans of about 42 States, thousands and thousands of borroughs, townships, counties and municipalities, and more than 1,000 companies.

Nothing like slitting your own throat.

Worse than that, you just crashed over 1,000 philanthropic organizations in the US who do everything from provide funding for television programs on PBS, to grants to cities and universities to build art centers, art museums, performance centers and stages, to seeding business start-ups to, to funding shelters for home-haters and grant programs for the poor.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top