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thebuescherman · Oct 10, 2008, 05:56 pm

'Nordic Tiger' Iceland Finds Itself in Meltdown - washingtonpost.com

Quote:

Iceland might be called the first national casualty of the global financial tumult. Its currency, the krona, is in free fall. Foreign exchange markets are effectively closed -- for Icelanders who need to travel abroad, dollars or euros are nowhere to be found. The stock market has shut down until next week. The government has been placed in the role of international beggar, asking Nordic neighbors, the Russians and perhaps the International Monetary Fund for emergency loans.

I was not aware of how widespread the economic tumult had spread. Will similar occurrences be repeated? For those living in countries outside the US, I'd be interested to hear how your countries are fairing/how it is being handled. I know we have a couple Europeans and TinyBear is from Hong Kong. Should provide a good scope of things.

Nono · Oct 10, 2008, 06:14 pm

Panic stations.

This is one of the great things about globalization, eh? Everything is more interconnected than ever. And capitalists aren't any brighter or less panic-prone than they were previously.

I bought some pounds sterling yesterday, which I hadn't done for over a year. I was amazed -- its value seems to have dropped by 20%. But then Tony Blair and Gordon Brown have turned Britain into a giant hedge fund.

Saint Ronald Reagan and Margaret Thatcher have been knocked off their lousy, stinking pedestals, along with Friedman and Greenspan. At last!

Thanatos · Oct 10, 2008, 10:34 pm

This should make Americans everywhere feel really special. Look at what we have accomplished! We are (were) so important that without us the rest of the world falls apart. We should feel unique and like everybody around us is giving us a nice big politically correct smile. And maybe we should consider riding the short bus from now on.

**Matt W** · Oct 11, 2008, 06:32 am

Iceland is in meltdown, our PM is threatening to suspend any Icelandic assets in the UK, as a helluva lot of local councils have invested in Icelandic banks....and they're unlikely to get the cash back.

tinybear · Oct 11, 2008, 07:28 am

Your PM is using the anti-terrorism legislation. Here's my question: Since when did Iceland become a terrorist state?

Nono · Oct 11, 2008, 07:52 am

Whatever works LOL.

Meanwhile, this on Switzerland:

Quote:

It has taken longer than many expected, but this week the financial market’s crisis finally caught up with Switzerland.

Worsening economic turmoil and aggressive moves by other European countries to shore up their own banking systems forced the country, long a symbol of banking safety and discretion, to express fresh support for bank depositors and creditors.

On Thursday, economics Minister Doris Leuthard said for the first time that the government wouldn’t allow the big banks UBS AG or Credit Suisse to fail. The next day, interim Finance Minister Eveline Widmer-Schlumpf said the government may raise its guarantee on deposits beyond the current 30,000 Swiss francs ($26,600), among the lowest in Europe. In addition, Ms. Widmer-Schlumpf canceled a planned trim to the International Monetary Fund’s annual meeting in Washington so she could stay in closer touch with the banking regulator and the central bank.

The moves reflect the importance to Switzerland’s economy of the banking industry in general and UBS and Credit Suisse in particular. The financial-services industry contributed 11.4% to gross domestic product in 2007 and employed 5.9% of the country’s work force. (...)

Now Switzerland Faces Bank Fears, too | Circolo Luce Del Sud

Both UBS and Crédit Suisse are absolute running-dog lackies of fascist-imperialist aggression. But what the hell can I do? I have an account at the UBS, so I'm obliged to wish it well.

I always reasoned that the Swiss government wouldn't allow these banks to fail, but thought they'd avoid saying so publicly. That they now have shows how severe the crisis is.

Oct 10, 2008, 06:14 pm	#2 (permalink) (top)
Nono Throbbing Member Location: Old Europe Posts: 7,321	Panic stations. This is one of the great things about globalization, eh? Everything is more interconnected than ever. And capitalists aren't any brighter or less panic-prone than they were previously. I bought some pounds sterling yesterday, which I hadn't done for over a year. I was amazed -- its value seems to have dropped by 20%. But then Tony Blair and Gordon Brown have turned Britain into a giant hedge fund. Saint Ronald Reagan and Margaret Thatcher have been knocked off their lousy, stinking pedestals, along with Friedman and Greenspan. At last! "I wish I was as cocksure of anything as Tom Macaulay is of everything." -- Viscount Melbourne

Oct 10, 2008, 10:34 pm	#3 (permalink) (top)
Thanatos Arbiter of Weird Location: New Hampshire Posts: 1,744	This should make Americans everywhere feel really special. Look at what we have accomplished! We are (were) so important that without us the rest of the world falls apart. We should feel unique and like everybody around us is giving us a nice big politically correct smile. And maybe we should consider riding the short bus from now on. Destroying America one Volconvo post at a time. The brain is like a muscle. When it is in use we feel very good. Understanding is joyous.

Oct 11, 2008, 06:32 am	#4 (permalink) (top)
Matt W Moderator Location: Reading, UK. Posts: 7,107	Iceland is in meltdown, our PM is threatening to suspend any Icelandic assets in the UK, as a helluva lot of local councils have invested in Icelandic banks....and they're unlikely to get the cash back. I spent a lot of money on booze, birds and fast cars. The rest I just squandered. -George Best, on being asked what he did with his footballing fortunes.

Oct 11, 2008, 07:28 am	#5 (permalink) (top)
tinybear Volcanic Erupter Location: Los Angeles, CA Posts: 7,272	Your PM is using the anti-terrorism legislation. Here's my question: Since when did Iceland become a terrorist state?