Skip to main content

View Diary: Iceland's On-going Revolution (219 comments)

Comment Preferences

  •  Well, the situation is different with Iceland (10+ / 0-)

    than with Greece or other larger nations. Iceland does some fishing. That's about it. And there aren't many people and there aren't many assets. The international community let them get away with it because they were too small to really affect anything. The same wouldn't happen with continental Europe. They have a history of settling things the old fashioned way. War. And we don't want to return to that.

    And come on, people should have seen the risk of a country the size of Peroia, IL trying to be a global banking HQ. They don't have the institutions that produce modern bankers. The buyer beware element also help save them.

    Try looking at things another way.

    by atheistben on Mon Aug 01, 2011 at 09:50:12 PM PDT

    [ Parent ]

    •  yeah.. implications by the diarist that (6+ / 0-)
      Recommended by:
      Sue B, DemSign, claude, atheistben, ogre, pengiep

      these actions are applicable to Greece or any other country of size are ludicrous.

      That said.. I still wish our country had brought down the individual bankers and CEO's/executives of the institutions that did all the harm.  Good for Iceland on that count, at least!

      •  An Awakening of the People (9+ / 0-)

        Is available in any country where the people have courage. Remember, these folks in Iceland used to be called Vikings.

        "Without LOVE in the dream it will never come true..." -Hunter/Garcia

        by US Blues on Tue Aug 02, 2011 at 06:21:13 AM PDT

        [ Parent ]

      •  Really? Care to explain why? (5+ / 0-)
        Recommended by:
        petral, shaharazade, mrkvica, sphealey, damfino
        these actions are applicable to Greece or any other country of size are ludicrous.

        Yeah, imagine a skinny, beaky kid with an unfortunate last name, still trying to get approval and feel attractive and liked to cancel out all those other years growing up. - FarWestGirl

        by Rick Aucoin on Tue Aug 02, 2011 at 06:57:02 AM PDT

        [ Parent ]

        •  Countries like Greece and Portugal (2+ / 0-)
          Recommended by:
          atheistben, auron renouille

          are so deep in debt, either of them going under would cause the other to crash as well.

          Then goes Ireland, and many of the banks of Europe become insolvent, very likely the ECB.

          Greece itself would close all banks and devalue its currency to much less than half.  Government pensions and pay days?  Ha!  

          Trade with Greece would cease.  No one would deliver food or any other commodity to Greece.

          You think the rioting is bad now?  Multiply that by ten and add Portugal and Ireland at the same time.

          •  But how is that different than Iceland? (3+ / 0-)
            Recommended by:
            mrkvica, sphealey, damfino

            Their currency got devalued and they have very very high retail prices on products on top of that, a situation not also found in Portugal, Greece, etc.  

            Devaluation in Iceland seems to be far more painful than in other nations in Europe we're talking about.

            So Greece might have to devalue by 75%.  That would suck beyond belief, but from a purchasing power perspective that's not any worse than what the 50% devaluation in Iceland caused, yes?

            Has this sucked horribly for Icelanders?  Yes.  Would it suck horribly for Greeks? Yes.  

            Would it help solve the problems in Greece, Portugal, etc?

            You say the solutions aren't even applicable.  Not that they would hurt too much or be less effective but that they aren't even applicable.

            Why not?

            Yeah, imagine a skinny, beaky kid with an unfortunate last name, still trying to get approval and feel attractive and liked to cancel out all those other years growing up. - FarWestGirl

            by Rick Aucoin on Tue Aug 02, 2011 at 09:46:40 AM PDT

            [ Parent ]

      •  What????!!! (1+ / 0-)
        Recommended by:
        mrkvica

        Are you kidding?  Do you watch the news?

        Otherjones. Insights and Ironies.

        by Deena Stryker on Tue Aug 02, 2011 at 08:55:05 AM PDT

        [ Parent ]

    •  Really? (7+ / 0-)
      The same wouldn't happen with continental Europe. They have a history of settling things the old fashioned way. War.

      So you think NATO would invade Greece to force it to pay up on its bond debt? Really? Have you noticed how strategically vital Greece's location is to NATO?

      Okay, so it won't be NATO. Who exactly will be the bond holders' army? I suppose the EU could offer the Turks full membership if they'd just take over Greece again.

      This is nonsense. Greece could go the way of Iceland and the Eurozone couldn't do a thing except cut them off from the common currency.

    •  You're right and wrong (2+ / 0-)
      Recommended by:
      mrkvica, sphealey

      Yes, Iceland is somewhat unique but there have been other countries that have challenged the system--Argentina was one of them.

      I don't think Germany would have invaded Greece if it had said no to losing its sovereignty or what was left of it. Greece could have resisted as could Ireland--both would have suffered far more than Iceland but had they worked in concert they would have perhaps negotiated a better deal.

    •  "produce modern bankers" (0+ / 0-)

      Hunh?

      Like the banksters of the USA? Greenspan? Geithner?

      Dear god, what blessed people.

      "Be just and good." John Adams to Thomas Jefferson

      by ogre on Tue Aug 02, 2011 at 11:16:41 AM PDT

      [ Parent ]

      •  Well, in their defense (0+ / 0-)

        They're a hell of a lot better than Iceland bankers. If our bankers only had the skills of their bankers, the world economy would be dead right now. We still stabilized a long way from the bottom of what could have been. Iceland didn't.

        Try looking at things another way.

        by atheistben on Tue Aug 02, 2011 at 11:21:58 AM PDT

        [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site