Wednesday, January 6, 2010

A Thousand Years Was a Pretty Good Run

It’s cold here but at least we’re not in Iceland. Not that the weather is that bad, Reykjavik’s highs are in the forties this week. But their President has refused to approve a repayment deal of about six billion USD to savings account holders from the UK and the Netherlands who were swindled by Icelandic banks. The deal was struck by the new democratic socialist government and its failure puts in jeopardy a ten billion Dollar bailout from the IMF.

Their President has thrown the matter to referendum and it’s not popular among the 320,000 citizens who got used to making money from nothing. Either way they are between a volcano and the north Atlantic. To accept an IMF bailout is to put your country into the iron fist of international bankers who want everything down to the rain water privatized and owned by international corporations. (they have actually done that in the past, yes even the rain water)

If the Icelanders don’t play ball they will have a hard go with their traditional economy of fishing since the oceans are dying. They do have natural resources including aluminum and silicon that could be developed and hence the interest from the IMF. Their choice is to give everything away or try to develop their country without any money. The biggest export in the future will probably be people. How do you say “welcome to the flat earth” in Old Norse? Load the women and the sheep in the long boats and leave. A thousand years was a pretty good run.


Ronmac said...

Hey, in that Walt Disney movie the "mighty Ducks" wasn't the U.S. playing Iceland in hockey in the gold medal game?

SanMigMike said... Not so much a direct comment on your post but it made me think of banks and swindles. We have been told in recent years to treat and view our house (not our home really) as an "investment" not as our home or something more sacred but just as an instrument to make more money. So in that case to view it like a business and walk away from it like banks walk away from bad investments and businesses walk away from under-performing factories, companies and other investments means we are treating banks like they treat us, businesses like they treat us and viewing our house as a business deal and if a deal goes sour you walk away just the way they have shown us.

IMF bailouts are not a bailout, it is selling your country's people and soul to people that only care about money and money today not a long term view. To try to survive alone might be better in the long run that to sell your soul to the devil. Of course in the next few years it will be hard to find the country that has not sold its soul to the devil...I mean IMF.

The future is here and it isn't pretty and it is just going to get worse.