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ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!!
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Anonymous Coward User ID: 326376 10/7/2008 12:31 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
DO NOT WAIT!!!! withdraw NOW!!! Quoting: anonymous coward 519606
The good newsis I am divorced from a crazy wmoan, the bad news is I have nothing left to withdraw.... |
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Anonymous Coward User ID: 506066 10/7/2008 12:35 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Quoting: Anonymous Coward 519534
"Icelandic people will see a drop in their standard of living and the country will return to its traditional strengths in fishing rather than financial services, he added."
I guess that's better than going to war. Wish the U.S. would just be honest with Americans like this, admit our standard of living is going to have to get simplified. Really shows how greedy our country has become if we refuse to reduce our standard of living. Almost sinful.
Chaos. |
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Anonymous Coward User ID: 519643 10/7/2008 12:39 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Iceland:
$100b National Debt
$15b GDP
Population 300,000. WTF did they waste the money on?
They have the population of Cardiff. How did they do it?
My point exactly.
It's not private consumption, morons, it's the banks lending to Icelandic business investments abroad, mostly anyway. Quoting: Anonymous Coward 111140
So why blame the rest of the world for malinvestment by Icelandic banks? How is this a foreign problem.
Go catch some cod and stfu. |
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Anonymous Coward User ID: 519782 10/7/2008 12:47 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote | Does all this about Iceland mean that this country has "defaulted"?
Can someone explain what "defaulted" means? |
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Anonymous Coward User ID: 506066 10/7/2008 12:50 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Does all this about Iceland mean that this country has "defaulted"?
Can someone explain what "defaulted" means? Quoting: Anonymous Coward 519782
Defaulted on it's debt obligations because the country is bankrupt and all the banks are insolvent? |
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Anonymous Coward User ID: 519643 10/7/2008 12:51 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Does all this about Iceland mean that this country has "defaulted"?
Can someone explain what "defaulted" means? Quoting: Anonymous Coward 519782
Iceland hasn't "defaulted" on it's debt (meaning, stopped making payments). Their banks are just insolvent because they made a lot of bad loans to Icelanders who don't know anything about running a profitable business.
They should stick to fish. |
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Anonymous Coward User ID: 490435 10/7/2008 1:28 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Iceland hasn't "defaulted" on it's debt (meaning, stopped making payments). Their banks are just insolvent because they made a lot of bad loans to Icelanders who don't know anything about running a profitable business.
They should stick to fish. Quoting: Anonymous Coward 519643
Ahem. Apparently, Iceland is a USA 'protectorate'.
Perhaps, this was a planned asset-stripping of a country.
Nah, that couldn't be. |
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Anonymous Coward User ID: 519643 10/7/2008 1:33 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Iceland hasn't "defaulted" on it's debt (meaning, stopped making payments). Their banks are just insolvent because they made a lot of bad loans to Icelanders who don't know anything about running a profitable business.
They should stick to fish.
Ahem. Apparently, Iceland is a USA 'protectorate'.
Perhaps, this was a planned asset-stripping of a country.
Nah, that couldn't be. Quoting: Anonymous Coward 490435
*chuckle*
What assets? How can you strip something that doesn't exist? |
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Anonymous Coward User ID: 405737 10/7/2008 1:39 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
WRONG - I'm in Iceland and it is trading with the banks' stocks that is suspended - but the banks are functioing as normal and no accounts are frozen here. Typical of how news gets misunderstood or distorted. Quoting: Anonymous Coward 4151
shill alert |
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Anonymous Coward User ID: 376019 10/7/2008 1:47 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Get your money out of the banks guys!!!!
Tomorrow is nearly here!!
[ link to news.google.com]
WOW!
"Icelandic people will see a drop in their standard of living and the country will return to its traditional strengths in fishing rather than financial services, he added."
I guess that's better than going to war. Wish the U.S. would just be honest with Americans like this, admit our standard of living is going to have to get simplified. Really shows how greedy our country has become if we refuse to reduce our standard of living. Almost sinful.
Chaos. Quoting: Anonymous Coward 506066
Debt is sin |
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Anonymous Coward User ID: 490435 10/7/2008 1:53 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
*chuckle*
What assets? How can you strip something that doesn't exist? Quoting: Anonymous Coward 519643
Really? It's called banking assets. Much the same as Switzerland. Next, you'll say Switzerland has assets that "don't exist".
Not to mention Iceland's strategic military locale. Oh, never mind, they have nothing but fish. Carry on. |
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Anonymous Coward User ID: 519643 10/7/2008 2:02 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
*chuckle*
What assets? How can you strip something that doesn't exist?
Really? It's called banking assets. Much the same as Switzerland. Next, you'll say Switzerland has assets that "don't exist".
Not to mention Iceland's strategic military locale. Oh, never mind, they have nothing but fish. Carry on. Quoting: Anonymous Coward 490435
$100b of banking debt does not qualify as an "asset". What banking assets were you referring to? Did you mean worthless currencies that have been swindled from depositors to loan on worthless investments? Do they not teach basic accounting in Iceland?
Iceland's strategic military location wasn't worth much when she went begging for cash this morning, now was it? Methinks you have an irrational view of this particular island. |
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Anonymous Coward User ID: 517815 10/7/2008 2:16 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote | for Bjork and Sigur Ros, and The Knife  |
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Anonymous Coward User ID: 111140 10/7/2008 2:33 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
So why blame the rest of the world for malinvestment by Icelandic banks? How is this a foreign problem.
Go catch some cod and stfu. Quoting: Anonymous Coward 519643
This IS a foreign problem - that's where it all started. Remember the subprime loans in the US? With US banks lending billions to people who they KNEW would not be able to repay their loans. Talking about malinvestment!
Then there are the hundreds of TRILLIONS of derivatives waiting to explode. Financial WMD's as Warren Buffet calls them.
Sorry, but I'm afraid we have not seen the end of thisat all, and Iceland's woes will seem like bonanza in comparison. |
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Anonymous Coward User ID: 519643 10/7/2008 2:37 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
So why blame the rest of the world for malinvestment by Icelandic banks? How is this a foreign problem.
Go catch some cod and stfu.
This IS a foreign problem - that's where it all started. Remember the subprime loans in the US? With US banks lending billions to people who they KNEW would not be able to repay their loans. Talking about malinvestment!
Then there are the hundreds of TRILLIONS of derivatives waiting to explode. Financial WMD's as Warren Buffet calls them.
Sorry, but I'm afraid we have not seen the end of thisat all, and Iceland's woes will seem like bonanza in comparison. Quoting: Anonymous Coward 111140
Icelandic banks they did not invest in such. So blame the people they did lend to. Icelanders.
Article in May when Iceland first went begging to the Scandi countries. Try reading instead of speculating. |
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Anonymous Coward User ID: 519643 10/7/2008 2:42 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
This IS a foreign problem - that's where it all started. Remember the subprime loans in the US? With US banks lending billions to people who they KNEW would not be able to repay their loans. Talking about malinvestment!
Then there are the hundreds of TRILLIONS of derivatives waiting to explode. Financial WMD's as Warren Buffet calls them.
Sorry, but I'm afraid we have not seen the end of thisat all, and Iceland's woes will seem like bonanza in comparison. Quoting: Anonymous Coward 111140
Here's just the tip of the iceberg. Educate yourself and stop blaming derivatives:
It is the bank that likes to say yes to some of the UK's most adventurous entrepreneurs. From Iceland but now embedded in London's West End, Kaupthing has in the past eight years been among the most aggressive lenders to property moguls and maverick business personalities.
But as the commercial property market heads closer to the abyss, many are questioning whether Kaupthing has bitten off more than it can chew. Its extensive client list includes TV chef Gordon Ramsay, who borrows money to expand his restaurant empire. Fashion retailer Karen Millen, Scottish billionaire Sir Tom Hunter and exotic real estate tycoon Robert Tchenguiz are all long-standing customers.
'The entrepreneurial spirit serves as a mainstay in our business,' says its London chief executive, Armann Thorvaldsson. 'The possibilities are limitless.'
Indeed, the list of Kaupthing deals is impressive. It backed a Tchenguiz-led acquisition of Somerfield in 2005 for £1.5bn, a business that now is on the market. It also advised Mike Ashley on his £134m acquisition of Newcastle United 12 months ago which, according to reports, is also available. Among its most valued borrowers are the Candy brothers, developers of thousands of luxury flats in some of London's most desirable locations. Kaupthing is also supplying the funding for what will be Europe's tallest building, the Shard of Glass, next to London Bridge.
In short, it has played a significant role in the spectacular growth of property in London since 1997, propelled by a boom that turned Iceland into one of Europe's fastest-growing economies, and the sixth-richest per capita in the world. |
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Starbug User ID: 515855 10/7/2008 2:47 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote | Quick-somebody call "Sportacus!" He'll know what to do!!!!!
[link to www.lazytown.com] |
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Anonymous Coward User ID: 519643 10/7/2008 2:49 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote | Icelands Lazy Entitlement Generation:
The snow has arrived early in Reykjavik after an unusually long and warm summer. The freeze has brought out the ghostly green haze of the aurora borealis - the Northern Lights - the shape of which shifts dramatically across the tiny city's black skies.
The bars and restaurants of Iceland's capital are packed, the Range Rovers and BMWs are parked nose to tail all along the streets of the central 101 district, and music is pumping from a black stretch Hummer limousine cruising by.
'What can we do? Its difficult times but we've spent all day talking about it, watching the news getting worse and worse. We had to go out and be with friends. Maybe it's like the party at the end of the world,' says Egill Tomasson, 32, sitting in the Kaffeebarinn bar.
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.
People talk about whether a new emergency unity government is needed and if the EU would fast-track the country to membership. On Friday the queues at the banks were huge, as people moved savings into the most secure accounts. Yesterday people were buying up supplies of olive oil and pasta after a supermarket spokesman announced on Friday night that they had no means of paying the foreign currency advances needed to import more foodstuffs.
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.
The nation's celebrated rags-to-riches story began in the Nineties when free market reforms, fish quota cash and a stock market based on stable pension funds allowed Icelandic entrepreneurs to go out and sweep up international credit. Britain and Denmark were favourite shopping haunts, and in 2004 alone Icelanders spent £894m on shares in British companies. In just five years, the average Icelandic family saw its wealth increase by 45 per cent.
But, as a result of the international banking crisis, the billionaires who own everything from West Ham United football club to the Somerfield supermarket chain, Hamleys toy shops and the House of Fraser, are in trouble and the country is drowning in debt.
Iceland's cheap labour force, the Poles and Lithuanians, have left already - there's little point in sending home such a worthless currency, and the tourist season is over. Iceland is on its own.
In the Kaffeebarinn, Egill Tomasson isn't drinking because he has a music festival to organise. Iceland Airwaves takes place in a fortnight, when more than 100 Icelandic bands and 50 foreign ones will play in venues around the city over four days. Most of the tickets have been sold in krona, but the international acts need to be paid in euros, which is going to cost the organisers dearly.
'People here are going to need this festival,' says Tomasson. 'This crisis has been a heavy blow. And many people should have a bad conscience for what has happened. Someone should be prosecuted, they have sucked Iceland dry, taken the money and ran, and left us totally in the shit. People I know who have gone to the UK or the US to study have found their grants worthless, they are stranded.'
Like many his age, Tomasson has only a vague memory of harder times, before the boom that brought Iceland the highest per capita wealth in the world. Older islanders call them the 'Krutt-kynslotin' - the cuddly generation. Eco-aware, earnest but pampered, they drift from organic café to bar, listening to the music of Björk and Sigur Rós, islanders who have made it big abroad. 'They will have to get their hands dirty now,' says chef Siggi Hall, Iceland's answer to Gordon Ramsay, with an effusive vocabulary to match.
'That's good though, they are the I-generation; iPods, iPhones, everything starts with I. Well, we will have to go back to the basics now. Icelanders are risk-takers, but hard working, they will have to downsize. We will have to eat haddock and Icelandic lamb and forget these imports of goose livers and Japanese soy sauce. When everyone was extremely rich in Iceland - you know, last month, it was with money that they never have earned. Now those who were extremely rich are just normally rich, but they think they are poor. They were spoilt, spending billions.'
Hall is due to open his new restaurant on 17 October, but insists the crisis is not worrying him. 'I had been losing customers because people were flying off to Copenhagen and London and New York for the weekend, to eat out. Now they will stay in Iceland, but they will still eat out. People need to eat.'
Outside the city's Hofdahollin car showroom, looking a little rumpled for men trying to sell new and used cars for £35,000 and up, owner Runar Olafsson and his top salesman are sharing a Marlboro. They are not expecting any customers today. 'A few years ago we couldn't get enough top-end cars and we started importing them. We were selling 120, 140, a month. But it turned around so fast,' says Olafsson. 'It's so dramatic, just in one month. We have already seen two dealers go down.
'Customers would come in and we would apply for credit online for them, a 100 per cent loan, and they can drive away in their new Range Rover. It took ten minutes, it was very easy. But 60 to 70 per cent of those loans were in foreign currency, Japanese yen or Swiss francs, and they have gone up 90 per cent as the krona burns. A car worth 5 million krona now has a 9 million loan on it; how are people going to make those payments?'
Foreign currency loans are a problem for homeowners, too. 'Loans have been very cheap, house prices rose and there was a lot of good-quality housebuilding. But the building has halted, nothing is being finished, nothing is selling. The interest rates are staggering. What people are doing now is swapping houses if they want to go bigger or smaller. That is what is keeping us afloat,' says estate agent Ingolfur Gissurarson. His mobile goes off - the ringtone is A Hard Day's Night by the Beatles. 'I changed it to suit the times,' he smiles.
Blame it on the Vikings. Icelanders like to hark back to their ancestors, the rebel Vikings who, as the nation's most revered daughter Björk once explained, 'couldn't deal with authority in Norway. So they flew off in this mad ocean in a wooden boat which is pretty hardcore, North Atlantic in the year 800. And they found this island full of snow ... yeeeah!'
'The Icelandic psyche is an important part of all of this,' says Hellgrimur Helgason, who writes an outspoken newspaper column which exposes feuds between Iceland's ruling class and its entrepreneurs. He is also the author of 101 Reykjavik, a popular novel populated by 'Krutt-kynslotin' characters.
'Before the market reforms the country had stagnated, no one thought Icelanders could be businessmen. We were poor fishermen or farmers, so it had an incredible effect on confidence when we saw these young men out buying up British and Danish companies. Everyone grabbed at the new opportunities like children. Really, it was no surprise that Hamleys toy shop was one of the first purchases.'
Gunnghilder Sveinbjarna and her friend, Anna Lara Magnusdottir, are ordering their second bottle of red wine in the Philippe Starck-designed interior of Reykjavik's Bar 5. Tonight the young women are feeling no pain.
'We come out at the weekend to forget our children and our problems, and this time we will drink extra hard to make sure we forget the economic crisis too,' says Gunnghilder, raising a glass. 'Tomorrow the sore head.' |
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Anonymous Coward User ID: 519784 10/7/2008 2:49 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote | Me thinks that you will now be banned from this site.
It's a conspiracy!! |
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Anonymous Coward User ID: 111140 10/7/2008 2:51 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote | I'm not trying to defend the Icelandic banks - they have been very aggressive in lending and eager to grow and that is now hitting us back. But in a "normal" economic environment they probably would not have sailed into these difficulties. |
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Anonymous Coward User ID: 519643 10/7/2008 2:56 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
I'm not trying to defend the Icelandic banks - they have been very aggressive in lending and eager to grow and that is now hitting us back. But in a "normal" economic environment they probably would not have sailed into these difficulties. Quoting: Anonymous Coward 111140
Don't lie to yourself. Everyone is complicit in the demise of Iceland, including Icelanders. They enjoyed the easy credit and money built on malinvestment as much as the bankers. Now they should try and do something useful, and stop being freakin' crybabys. |
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Anonymous Coward User ID: 231958 10/7/2008 3:00 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote | Poetic justice.
Name you country after Ice, and you will FREEZE! |
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Anonymous Coward User ID: 111140 10/7/2008 3:09 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
Now they should try and do something useful.... Quoting: Anonymous Coward 519643
That's exactly what is coming up next, to regroup and work ourselves out of this mess. |
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Anonymous Coward User ID: 510300 10/7/2008 3:32 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
AT 12:05 PM BBC CHANGED THE STORY TO UK CUSTOMERS ARE NOT ABLE TO ACCESS THEIR ACCOUNTS AT ICESAVE...THEY ARE BACKTRACKING;)
Still, it's kind of worrying, seeing that many of our banks are owned by other countries. eg. Santander/Abbey.
What's to stop these banks doing the same in the future if eg. Spain tanks? Quoting: Nothing Is True
Bad vibes man. You just mentioned my bank. Shhhh! |
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Huge E. Rection User ID: 502883 10/7/2008 3:32 PM
 | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote | Red flowers? |
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Anonymous Coward User ID: 519784 10/7/2008 3:35 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
So...basically...does it mean that info on this site is being FED to us by the government?
wasn't going to post again but i think it is a yes to your question.
i am going here for now
[ link to www.butterfly.org]
it is interesting but less controlled Quoting: Anonymous Coward 519893
nothing happens at that link
blank page |
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Anonymous Coward User ID: 519784 10/7/2008 3:38 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote | I remember someone being banned for posting that Trinity stuff before.
Why not just come out (Trinity) and debunk it for once and for all ????
Something to hide or not?.... make a statement and tell us the truth. |
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Eryck Maddness User ID: 515712 10/7/2008 3:40 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
I remember someone being banned for posting that Trinity stuff before.
Why not just come out (Trinity) and debunk it for once and for all ????
Something to hide or not?.... make a statement and tell us the truth. Quoting: Anonymous Coward 519784
IF YOU HAVE NOTHING TO HIDE THEN WHY ALL THE SECRECY
what is up with the word changes??????????? |
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Anonymous Coward User ID: 519914 10/7/2008 3:41 PM | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
*chuckle*
What assets? How can you strip something that doesn't exist?
Really? It's called banking assets. Much the same as Switzerland. Next, you'll say Switzerland has assets that "don't exist".
Not to mention Iceland's strategic military locale. Oh, never mind, they have nothing but fish. Carry on.
$100b of banking debt does not qualify as an "asset". What banking assets were you referring to? Did you mean worthless currencies that have been swindled from depositors to loan on worthless investments? Do they not teach basic accounting in Iceland?
Iceland's strategic military location wasn't worth much when she went begging for cash this morning, now was it? Methinks you have an irrational view of this particular island. Quoting: Anonymous Coward 519643
You daft prejudice cunt. Do the world a favor and kill yourself. Your views are fueled by jealous thus your judgment is clouded. Though these are tough times for the Icelandic people it will not lower us to your level. You mentioned earlier that you hope your country crashes and burns and that it would not effect you since you are "prepared".
What the fuck do exactly mean by "prepared", what part of your soul did you have to sell? When the time comes will you be living in a cardboard box eating canned goods? Yeah, we are in bad form right now-- yet, I can guarantee you that the Icelandic people wont need to sacrifice nearly as much as you might have. We are prepared. The truth is, Icelandic people are not debt driven. The cause of this crisis is not the people, so get it out off your thick head.
I have been all over the world, and have lived in the United States, Australia, and Iceland. I know the Icelandic people will be all right. As for you, you have probably spent most your life, on the net, in your own fucking bedroom.
My advice for you is back the fuck off this topic. This is a serious matter, and this has affected a lot of people. Show some respect. |
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<October>  User ID: 427959 10/7/2008 3:44 PM
 | | Re: ICELAND---ACCOUNTS FROZEN AND NO ACCESS TO CASH OR DEPOSITS!!! | Quote |
So...basically...does it mean that info on this site is being FED to us by the government? Quoting: Anonymous Coward 519784
It may be fed to you, although I don't think so. 
You DON'T have to eat it, eh!  ~~~~~~~~~~~~~
I Serve The Lady;
For Goodness' Sake
~~~~~~~~~~~~~ |
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