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"Bankers!" he spat, "I am not a violent man, but if you gave me a gun and lined them up, I would shoot them all!"

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September 30, 2010 – Comments (4)

Chris Martenson has a great write up here:

http://www.chrismartenson.com/blog/jealous-iceland/45089

Jealous of Iceland

Monday, September 27, 2010, 10:16 am, by cmartenson

Yes, I am jealous of Iceland.  You see, they are facing their reality, and, while unpleasant, at least they are getting on with the necessary adjustments.  

Iceland, a tiny island nation with 315k souls, managed to rack up a stunning $100 billion in banking liabilities (half of which was external) that dwarfed its gross domestic product of approximately $14 billion. Well, not everyone in the country caused it; it turns out that about 50 people were involved in racking up those debts while everybody else was looking the other way.

The defining characteristic of something that is unsustainable is that it will someday stop.  Without being an economic genius or delving too deeply into brain-splitting economic minutiae, we can readily appreciate how such a debt load proved to be unsustainable.  One cannot forever increase one's debts relative to one's income, which seems to be intuitively obvious to everyone except bankers and conventional economists.  So the music stopped playing one fine day in late September of 2008, and the dream was over even more suddenly than it began.

 

The rest is here:

http://www.chrismartenson.com/blog/jealous-iceland/45089

4 Comments – Post Your Own

#1) On September 30, 2010 at 12:51 PM, umps15 (39.32) wrote:

If you asked a hundred random americans about the cause of the recession.. how many would know the answer? More importantly.. how many would care? 

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#2) On October 04, 2010 at 4:55 PM, tfirst (25.42) wrote:

I'd like to ask the financial people here if they can tell me what caused the great depression? Then if they knew the correct answer, which I doubt,  I'd like them to explain to me why we need the FED. Then I would tell why I think that Andrew Jackson was our greatest President.

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#3) On October 04, 2010 at 5:03 PM, Acesnyper (< 20) wrote:

Such a wild and scary truth the world brings us many times.

 

Tfirst, trail of tears would null best president ever IMO. Perhaps Jefferson? I do know what policies and actions you are hinting of though. 

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#4) On October 04, 2010 at 5:17 PM, Brent2223 (32.91) wrote:

Cause of the great recession and great depression - unbridled greed (ie capitalism)?  Iceland, Madoff, AIG, without proper oversight it's becoming painfully obvious that a small number of individuals can cause widespread damage and bring everyone down.  At least bankers know what they're doing, and are making money at it.  Capitalism ain't fair, so don't hate the player, hate the game. 

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