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Desc:A good explanation of IMF policies and history
Category:News & Politics, Educational
Tags:Iceland, Debt, IMF, free market
Submitted:Gommorrah
Date:02/20/10
Views:1344
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Comment count is 10
Ursa_minor - 2010-02-20
This is actually really interesting.
oogaBooga - 2010-02-20
I know someone who works on a sheep farm in iceland who is currenty indebted because of this.
Randroid - 2010-02-20
Labor should learn its fucking place!!!!!!
baleen - 2010-02-20

Yeah, the dollar hegemony guy.
I was really into him until I got scared of the prospect of a yuan hegemony. The dollar hegemony only exists because people are terrified of the idea of yuan rule in a increasingly murky Chinese super economy, hence why people are buying so many dollars right now that we are actually in danger of deflation despite all this debt.

This goes against everything the debtaphobes are saying.

Iceland's collapse has a lot more to do with putting all their trust in a few completely deregulated banks, instituting a flat tax to spur development (depriving their coffers of real revenue) and relying way too much on an export industry dominated by raw materials and foreign real estate speculation. Something very similar happened with Russia and its collapse. The difference is that Russia has 25 times more people and spans ten time zones and can absorb such a mistake more readily.

Iceland should have remained an island of humble trade protectionism and Scandinavian virtue. Compare Finland to Iceland and see how one has weathered the past 10 years of stupidity far better than the other. Iceland was attempting to spend like Finland by behaving like a free market wonderland, and it lost.

That's what they're doing now. They are nationalizing their banks. They will probably nationalize their resources and follow the model that Argentina has. The IMF has in fact helped Argentina cleanse itself of its debt and ward off vulture funds and predatory speculators. It's economy has been growing at something like 7-10% a year for the past few years.

FABIO - 2010-02-21
I thought Iceland's only export was EVE online?

THA SUGAH RAIN - 2010-02-20
Dear Iceland,
No one made you borrow so much fucking money. You were never under attack, you were your own worst enemy. Creditors can't buy debt the government itself didn't create and issue.
This douche would have you believe that banks forced iceland to borrow huge sums of money and then demand it back like some kind of evil scheme.

baleen - 2010-02-20

He's not completely wrong, and he's not completely right.

augias - 2010-02-21
Whenever individuals form a relationship of debt with a bank, it's the bank's responsibility to measure and factor risk. It's the bank that risks by lending, not the borrower, so they work under the assumption that the house might have to stand some "loss". Otherwise it'd be like in Dubai where debtors are stuck in jail, meanwhile most other societies allow bankruptcy filings and other tools that leave the debtor solvent. For this reason I have to politely disagree with Mr. RAIN.

Also this "douche", who does have a douschy lishp, didn't allege that banks imposed debt, at least I didn't hear that. What banks do is facilitate debt to those they're willing to risk lending to, grow short sighted with earnings and try to spread their finance product beyond reasonable (read regulated) rates and figures. That spreading is the fault of the population _if_ they voted this system into effect. If they did not, then we can either blame the regulating body (government) or the interest groups responsible for regulating itself.

*picks his nose

crotchy - 2010-02-21
Inconceivable!
Ludo Smell Bad - 2010-02-21
host kinda reminds me of JS Bach

2/3 of returns on wealth are owned by 1% in America.

And yet Middle America votes Republican.
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