Global Crisis: Iceland On The Brink
The global financial crisis may claim it’s biggest victim yet. The Guardian is reporting that Iceland is on the brink of collapse:
“…Inflation and interest rates are raging upwards. The krona, Iceland’s currency, is in freefall and is rated just above those of Zimbabwe and Turkmenistan. One of the country’s three independent banks has been nationalised, another is asking customers for money, and the discredited government and officials from the central bank have been huddled behind closed doors for three days with still no sign of a plan. International banks won’t send any more money and supplies of foreign currency are running out.”
“This North Atlantic volcanic island, which is the size of Cuba, with a population of 320,000 – the size of Coventry’s – is an unlikely player on the global financial stage. It is famous for its fish, geysers and for winning the UN’s 2007 ‘best country to live in’ poll. But Iceland built its extraordinary wealth on the crest of the worldwide credit boom and now the crunch is sweeping it away, bankrupting a people for whom the past eight years have been, for most of them and by their own admission, one long party.”
Sad to see how many nations and populations are going to suffer while most of the people who got us into this mess are walking away with a payoff. THEY MUST PAY FOR THESE CRIMES!!
I have yet to hear anyone of our “leaders” calling for justice. This deserves a Watergate style commission to investigate and prosecute those responsible to the fullest extent of the law. Isn’t that what representatives do? Oh wait, they don’t represent us, they represent the special interests, especially those they just bailed out!
Full Story: Iceland: The Party’s Over
good site, good work, thanks!!!
September 14th, 2009 at 5:12 amGreat site, thanks
September 19th, 2009 at 10:56 am