October 16, 2008

Here's the latest on IcelandPANIC - now they're possibly going to run out of food. Iceland. Flipping Iceland. Thank you REIC. Thank you bankers.


Makes you think, what would America look like if our imports got cut off next week.

No oil. No credit. No autos. No electronics. No cheap crap from China.

At least we have farms and food, although without oil it would be tough to get to the shelves. But countries around the world on verge of default (Pakistan, Ukraine, Kazakhstan, Argentina) could see some pretty serious stuff in just a matter of weeks.

And Iceland. Well, they have fish. But they no longer have currency, they no longer have stocks, they no longer have savings, and they no longer have their wealth.

And to think, it all went away for them in an instant. That's gotta suck.

REYKJAVIK, Oct 15 (Reuters) - Iceland has food stocks for about 3 to 5 weeks, but needs quickly to restore a proper foreign exchange market so importers can get back to normal business and avoid shortages, importers said on Wednesday.

Since crisis broke out on the north Atlantic island of 300,000 people, involving the government taking over the top three banks, suppliers to Iceland have cut credit to importers. Some have also demanded pre-payment for goods.

Though the central bank has said it has foreign reserves for eight to nine months of food, importers said a cash injection from abroad was the only solution to avoid shortages.

25 comments:

Anonymous said...

Iceland is the Canary in the coal mine.

All this economic theory about producing when you have competitive advantage and free markets is good on paper but a joke in real life.

Power hungry people use our weaknesses to get to the top. Free market deregulation is the weak link in the system that gave them a great opportunity to exploit the system and our resources.

At the end of the day, all countries should produce what they need to SURVIVE because when they don't they get squeezed out at one point or another.

Deluded Americans to this day still see themselves as colonists in a vast virgin territory. You are 300 million freakin' people. Do you even realize how much raping of the environment 8% (that's what pension funds use as equity returns estimates) future growth will do? It is unsustainable and Iceland is the tip of the Iceberg.

Wake up and smell the coffee.

Roccman said...

Hmmm...

No food...

wonder what that means?

Mammoth said...

Suddenly, the idea of owning or renting a piece of land outside of the ‘big city,’ where one may have a large garden and grow berries, fruit trees and nut trees, and have the knowledge to preserve foods – sounds like a strike of foresight and brilliance!

-Mammoth

Anonymous said...

Iceland has some of the hottest women on earth. They could wipe out their debt overnight with legal prostitution, porn industry and sugar daddies looking for something new.

Anonymous said...

The cost to bail out the banks in Iceland has been estimated at $500K per person. If we look to the situation here in the US, what does that imply?

If it only ends up costing half as much to bail out US banks, $250K per citizen, then the tab is $75 trillion or about six years of GDP.

We are so screwed.

Calvis said...

Looks like Iceland will have to start building Viking long ships again, and start shipping/receiving to countries on their trade winds. At least they'll be able to put those stupid "green" stickers on their boats and impress the nature lovers as the sail into ports.

Anonymous said...

The Icelandic currency has lost it's place in the world forever. No one will ever respect the ISKR again. They might join the Norwegian currency. They will never join the EU in order to protect the fishing grounds.
They are in real trouble and people are stocking up.

A shop owner in Denmark kicked two Icelandic tourists out of his shop , did not want their business.

Wait until the ALT - A loans reset in 2010 and 2011...this is just the start , the worst is yet to come. Soon we will all be ICELAND.

AmazingRuss said...

My buddy in Iceland says there is a lot of talk of revolution among the proles.

I think its really cool that they went first...they will provide a wealth of predictive information.

Anonymous said...

wow. i wonder if Haiti can export their mud cookies to iceland?

usmanufacturing said...

Keith, you're as usual a little weak on the facts regarding what is made in the US. Here are some links to help you learn the truth, and you're welcome in advance.

US Electronics Manufacturers:
http://www.madeinusa.org/nav.cgi?data/elec

In 2005, the US drilled 40% of its oil domestically:
http://science.howstuffworks.com/oil-drilling.htm

I won't even address autos. Everyone knows the US produces autos, except you apparently.

history remembers said...

Iceland is not unique.
All of Europe will be crashing hard.

Europe lied, cheated and stole from its hard working people forever.
Covered up its rotten behavior in the form ‘helping the poor in Africa’ while at the same time supporting every Arab and African dictator.
Pretended to care for the environment in the form of ‘big global warming supporters’
while at the same time protecting (kissing up to) Middle Eastern oil producers assuring fossil fuels future, rather then working on inventing alternatives to the internal combustion engine. Europe’s approach was to create smaller cars hence stretching out the world’s dependency on oil.
Consistently punishing American companies, ex. Microsoft (not that I agree with all of MS business practices) rather then coming up with a better Word processor.

Europe is a land that has raped all of its natural resources
It is over populated
Its soil is soaked in blood of good people who did not want to submit to the Church or its evil rulers over its history.
And is insanely over regulated and full of corruption.

It can not survive

Europe is going down

Anonymous said...

Well I suggest they get in those fishing boats of theirs and go VIKING! Sack london, raid the coast of france! You gotta go with what you're good at.

Anonymous said...

Iceland is different, they are a rock and ice island that imports everything except energy (they have geothermal)

At least the US is self supporting in meat, wheat and corn.

Anonymous said...

Power hungry people use our weaknesses to get to the top.
-------------------

yes, that is how socialism works. the way to the top is via government. there are two class of society in socialism. The government class and everyone else. The government class gets special treatment at the expense of everyone else.

Anonymous said...

At least the US is self supporting in meat, wheat and corn
------------------
Yes but not oil. And cheap oil has helped agriculture quite a bit.

Anonymous said...

yes, that is how socialism works. the way to the top is via government. there are two class of society in socialism. The government class and everyone else. The government class gets special treatment at the expense of everyone else
------------------
Power hungry people manage their way up in any system. They play with the loopholes and when they reach at high enoughlevel they change the rules. Capitalism is dead because of these people.

Anonymous said...

if demoRATS would allow it, within 10 years we could provide 100% of our own oil from alaska, offshore and Colorado shale

Anonymous said...

Anonymous said...
Iceland has some of the hottest women on earth. They could wipe out their debt overnight with legal prostitution, porn industry and sugar daddies looking for something new.

Asshole!!

Happy European

Anonymous said...

I have a dumb question
Where did the money go? Who stole or took the money?
If the world is broke where is the money?
Money doesn't just disapear?
Can someone explain this to me?
This is just to weird and will this mean One world nation plan is going to be put in place?

Anonymous said...

My cousin lives in Richmond England very post area. She travels shops all the time. Her husband and children are flying to Florida just for Halloween. They don't celebrate Halloween in England so they want their 2 boys to experience it.
Why hasn't the situation hit them?
They are planning to move to a larger home.
Am I missing something?

Anonymous said...

Lots and lots of fishing. Its the nordic tradition.

Anonymous said...

A very good read...they drink fine wine as the country bleeds to death.

http://tinyurl.com/theicelandmafia

Lost Cause said...

They have lots of herring, and geothermal power.

CIA World Factbook

Joel said...

I have a dumb question
Where did the money go? Who stole or took the money?
If the world is broke where is the money?
Money doesn't just disapear?
Can someone explain this to me?
This is just to weird and will this mean One world nation plan is going to be put in place?

-----

Anonymouse 3:29am, consider taking the first step on a very long journey of educating yourself, and the learning materials are all free, available on the internet and in your (hopefully still open) public library.

Look up "fiat currency". Read up on how the stock and commodity markets work. Look up "zero sum game" and find out how the currency markets and the stock market aren't a zero sum game.

The giant sucking sound you're hearing right now is trillions of dollars simply evaporating into nothingness.

corvinus said...

Iceland has some of the hottest women on earth. They could wipe out their debt overnight with legal prostitution, porn industry and sugar daddies looking for something new.

Not necessarily. In Europe, the women are more attractive the further east you go. The Icelanders are of half British Isles descent anyway, because of the Vikings stealing women from there (for whatever reason...). Russia, Ukraine, and even Finland and Sweden would still be able to trounce Iceland any day of the week... plus, there aren't all that many Icelandic women to go around.