October 18, 2008

IcelandPANIC: HP dedicates this song to the broke people of Iceland. You didn't deserve your fate. Your bankers and government screwed you.

Think about the people of Iceland tonight. People who scrimped and saved and endured, only to have their life's savings and economy destroyed by greedy bankers on commission, and a corrupted and willing government.

There but for the grace of god go us.

Diversify. Paper money goes away. Diversify.

They do make some pretty groovy music up in Iceland. Here's Sigur Ros, who've taken over from Bjork as my favorite Icelandic act. Enjoy.


Anonymous said...

Paper money goes away?
What happened to "cash is king?"

keith said...

Jesus, go read the blog

Cash does not equal just dollars, or euros, or pounds, or krona

Cash comes in many forms.

When the world is selling off, when the hedge funds are going under, liquidity is king.

The people of Iceland just found out what happens when you put all your eggs in one basket.

And the people of Argentina, Russia, Germany, Zimbabwe and more can teach you a lesson about currencies.

Cash is king for today. But which forms of cash survive this mess, that's the $64 trillion question.

"Krona" was not the answer.

Gabor said...

Maybe you need a new word for cash so people don't get confused?

ate-up said...


Beasutiful song and existential video. Thank you.


P.S. No big words intended.

Icelander said...

When PM Brown threw the "Terrorist Act" at us , he essentially worsened the situation. That man is a loose cannon !

We are in BIG trouble , no doubt about that.

As the result of just a handful of people , we now face the humiliation of borrowing from the IMF . We have been reduced from a nation of survivors to a nation of beggars in just a decade. Thanks BANKERS.
David Oddson will be fired and living in the countryside soon :-)

We have survived on our own for a Millennium and could easily revert to our own devices , (with countless suicides of those that could not adjust (1929 )) let's hope it does not come down to that , it's looking likely , though .

Anonymous said...

A lesson in HISTORY , let this NOT happen again......

"Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out."

~ President Andrew Jackson, 1832

Anonymous said...

byork is much better! I actually like the song "enjoy".

"Iceland seem like a cool place" (forget the pun)

I do understand what your post means about the whole cash is king and people are going to sell things for what they can get them for no matter what to stay afloat! I hate this b/c I feel like I have no chance at this game. It's feels like it's too late! oh well!

bye the way, do u think they grow good shrooms in iceland? lol:)

rich in fl

Anonymous said...

sigur ros is awesome. I enjoy "olsen olsen."

Psycho said...

Gold and silver will always be worth something.

Anonymous said...

Latest reports say the US National Debt equals $17,000 for each citizen. Since I am debt free and wont be paying this, I guess everyone else's will go up slightly.

Anonymous said...

Sigur Ros are the greatest band in the world today...

keith said...

I'm seeing them in a few weeks when they're touring England.

Maybe I'll give them some dollars.

Anonymous said...

Diversify into what?

They'll get it no matter where you put it. That's the point, they got the easy money, now they want the rest.

SeattleMoose said...

Thank God that America does not use the same financial model as Iceland!!!!

We are different!!!!

We are safe!!!!

and I have some RE to sell you.....

corvinus said...

I would advise Iceland to use this opportunity to rake in as many tourism and cod dollars as they can and introduce a new banking system based on real gold and silver and preferably zero usury.

And for heaven's sake, keep the IMF bloodsuckers away if possible!

Paul E. Math said...

Was that Iceland? They should call it what it is: Wasteland.

I suppose that's the pot calling the kettle black though since I still love where I came from: Saskatchewan.

Anonymous said...

I wonder if the US government will, like the Brits, start using "terrorist" legislation to bully people.

Iceland was designated "terrorist" so that the government could take all their assets in the UK.

What happens when the USA PATRIOT Act is invoked to indefinitely detain, imprison and torture borrowers who walk away from their government-owned mortgages that are 4 to 6 times higher than what their houses are worth?

Max said...

Despite what happened there, Iceland is still the most awesome country for partying.

Anonymous said...

Iceland should not be making deals with the IMF. Have they learned nothing from the fate of so many South American countries?

Speaking of terrorism, the IMF shoud be classified as a terrorist organization.

The carry trade was a disaster waiting to happen. It's the same thing that took place in Argentina. Economic terrorism. Robbery. How did the planet give bankers so much power?

Alex said...

You are right about Sigur Ros as well as most other things
What a band

42 said...

Saw Jónsi and the boys in Boston a few weeks ago. XLNT band. I <heart> them very much.

Anonymous said...

That video sucked large hairy testicles.

They'd better start exporting more than cod because their music sucks.

I'm sure the Icelandic Film Festival is an international favorite as well.

Anonymous said...

We have survived on our own for a Millennium and could easily revert to our own devices , (with countless suicides of those that could not adjust (1929 )) let's hope it does not come down to that , it's looking likely , though
That's it blame the bankers.

Aren't Icelandic women, per capita, the biggest consumers of all forms of pamapering?

I think everyone in your country drank the Kool Aid

icelander said...

Well, I do hope people ARE getting angry, we’ve been terrible at protesting, the Arnarhóll protest the other day only drew about 200 people - I was hoping for 50.000 or so.

We HAVE to get rid of the PM but maybe mainly the CB head. Him, soon, very soon! A political crisis and fighting for office might not be quite the thing at the moment, but soon. Soon enough that people haven’t forgotten, people here tend to forget very quickly and keep voting for the same corrupt idiots!

Deb said...

Keith, your taste in music rivals your perception of economics. Sigur Ros are one of the greatest bands ever. Just saw them in Montreal.

I read once that Bjork was the biggest industry in Iceland, even bigger than the national airline. Maybe she and Jonsi and the boys (who must surely be rivaling her now for wealth) can save their country?

Anonymous said...


Not so fast, friend. Marketwatch today says up to 500-600 billion going to be issued for money market funds which are used by businesses to part funds short term for a little interest before being used to issue payrolls, cover expenses...I read of other things which might be covered, escapes me at moment, check cnbc or MW..