In light of the situation here in Iceland and the more then conspicuous circumstances in which the country was taken down I have decided to do some research on the matter. Im no economist,but still.....I can clearly see the damage done to my country.
Obviously the bank system was playing with fire here in Iceland, but its strange to say the least that no help was offered from friendly nations, and most notably we were denied any assistance from the US or the UK.
In fact the UK seized our only bank that wouldnt go down on its own citing Terrorist Laws, absolutely mind-blowing
Mr.Brown has repeatedly said to the international press that Iceland was not planning to pay which is absurd as well as constantly hammering on a lie about the country being in default. Both LIES! In the meantime he sends our prime-minister letters saying that he´s backing of , which he the does not do!
Some of you might have noticed Bush practically scolding the UK in the address he made after the G7 Meeting.
Im paraphrasing " Nations should take care not to harm other nations economically while this crisis...."
Now we have business men from the UK and US rushing in to try and buy our property at about 10-15% market value.
You would have to be daft not to realize that there´s something fishy going on.
"Taking short positions in the Krona"
Now, If i was allowed to buy insurance on YOUR house in case it burned down and in fact i could sell a LOT of people insurance on YOUR house, dont be at all surprised if you come home one day and it´s on fire.
Its easy to invest heavily in the Krona falling and the country going down and we all know investors try to make a profit.
I have a feeling that these bastards got scared of the apparently "too" efficient Icelandic internet-bank model.
Im not trying to mask the fact that the Icelandic bankers messed up the country but there´s more to it.
Nothing happens by chance in politics! Nothing, there´s always someone, somewhere.
I found an article by Mr.Paul Krugman Nobel Laureate. written March 31, 2008, I wonder what his take is on this now??
Paul Krugman.
The North Atlantic Conspiracy.
Is Iceland the victim of a financial conspiracy?
Such things really do happen. During the 1997-1998 financial crisis there was, almost certainly, a financial conspiracy against Hong Kong. According to the Hong Kong Monetary Authority, several major hedge funds engaged in a “double play”, shorting both the city-state’s stock market and its currency. The alleged plan was to put the HKMA in a double bind: it would be forced either to raise interest rates to defend the Hong Kong dollar — driving stocks down — or to devalue the currency. Either way the hedge funds thought they’d make a killing. They were, however, caught in a bear trap when the HKMA did the unexpected and bought up a large fraction of the HK stock market.
There was also, according to Australian officials I talked to at the time, a deliberate effort to drive down the Aussie dollar.
Now, Iceland is making similar allegations:
The cost to protect the bonds of Iceland’s three biggest lenders from default rose after central bank Governor David Oddsson said “unscrupulous dealers'’ are trying to break the country’s financial system.
Oddsson called for an international investigation into attempts to drive Iceland’s economy “to its knees,'’ in a speech on March 28. The central bank was forced to raise its benchmark rate to a record 15 percent last week to defend the krona after a 30 percent slump against the euro this year.
Attacks on the country’s Reykjavik-based banks “give off an unpleasant odor of unscrupulous dealers who have decided to make a last stab at breaking down the Icelandic financial system,'’ Oddsson said at the central bank’s annual meeting in Reykjavik. “They will not get away with it.'’
One interesting point: it appears that the Icelandic authorities particularly suspect Bear Stearns.
I’ll be keeping an eye on this.
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Here´s another guy that says"I want to be known as the man who bankrupted Iceland"
How do i pick my stocks Here´s video about the issue from CH 4 in the UK.
Uk Damage to Icelandic banks