Author Topic: What happened with Iceland anyway? (Read 10041 times)

Balog · « **on:** March 10, 2011, 04:32:15 PM »

Was reading some old "zomg teotwawki" type threads on another forum, and it brought to mind Iceland's bankruptcy in 2008. Whatever happened with all that anyway?

Headless Thompson Gunner · « **Reply #1 on:** March 10, 2011, 04:49:07 PM »

Nothing much.

Their banking system went tits up, their government went bankrupt, and they've generally had a sucky standard of living ever since. Layoffs and unemployment, poverty, social immobility, problems with crime and vice, welfare and wasted lives, political unrest, depression, inflation. The usual.

Most of the Icelanders who can have emigrated.

roo_ster · « **Reply #2 on:** March 10, 2011, 05:34:46 PM »

Their wealth up to the bust was based on banking & financial services, to include lots of real estate investments. A rather large part of their economy had developed in recent years around all that. When that sector went into the toilet,, so did thier economy & socialist services.

Ned Hamford · « **Reply #3 on:** March 10, 2011, 06:19:11 PM »

Luckily CCP, my favorite gaming company is doing well and throwing giant international parties to help do their part for the economic recovery.

AJ Dual · « **Reply #4 on:** March 10, 2011, 06:35:07 PM »

Quote from: Ned Hamford on March 10, 2011, 06:19:11 PM

Luckily CCP, my favorite gaming company is doing well and throwing giant international parties to help do their part for the economic recovery.

Mmmmm drunk Icelandic girls and hot springs.

MillCreek · « **Reply #5 on:** March 10, 2011, 06:55:30 PM »

Several months ago, the History Channel or perhaps it was MSNBC did a documentary about the Icelandic banking crash. Much of the island is now back to fishing for cod to make a living.

Zardozimo Oprah Bannedalas · « **Reply #6 on:** March 10, 2011, 07:02:16 PM »

Quote from: MillCreek on March 10, 2011, 06:55:30 PM

Several months ago, the History Channel or perhaps it was MSNBC did a documentary about the Icelandic banking crash. Much of the island is now back to fishing for cod to make a living.

The next growth industry: plundering the coasts of western europe.

MicroBalrog · « **Reply #7 on:** March 10, 2011, 07:30:12 PM »

Is there anywhere an economic statistic page about ICeland that's not from 2007.

lee n. field · « **Reply #8 on:** March 11, 2011, 05:45:59 PM »

Quote from: Zardozimo Oprah Bannedalas on March 10, 2011, 07:02:16 PM

The next growth industry: plundering the coasts of western europe.

Longboats, swords and mighty-thewed ex-bankers.

Headless Thompson Gunner · « **Reply #9 on:** March 11, 2011, 07:22:26 PM »

Quote from: Zardozimo Oprah Bannedalas on March 10, 2011, 07:02:16 PM

The next growth industry: plundering the coasts of western europe.

Actually, that's not far off the mark.

Most of Iceland's growth pre-collapse came from foreign investment, mainly from Brits making loans and investments in Iceland. When the economic problems hit, Europe offered a bailout to Iceland so that they could make good to their foreign investors. Part of the bailout was a stipulation that Iceland undergo serious austerity measures, that they get back to living within their means and pay back the people they owed money to.

The Iceland electorate said "Meh, no thanks to your austerity and responsibility plan. We'll just default and keep all that money you lent us, what's left of it. Cheers!"

So not exactly longswords and plundering, but the end result is surprisingly similar. Icelander nabbed a whole bunch of wealth from Britain and Western Europe, and there's not a darn thing Europe can do about it.

Lee · « **Reply #10 on:** March 11, 2011, 10:46:23 PM »

It appears the government of Iceland is converting people into little green protein wafers...or spheres of some type...via boiling in hot water.

http://www.google.com/imgres?imgurl=http://www.phototravels.net/iceland/iceland/photo-iceland-d-001.3.jpg&imgrefurl=http://www.phototravels.net/iceland/iceland/photo-iceland-d-001.html&h=463&w=688&sz=51&tbnid=ZuXQa0kiXZOjPM:&tbnh=94&tbnw=139&prev=/images%3Fq%3Diceland&zoom=1&q=iceland&usg=__QFNpN-WzTiWEuVNEDfhP_ATj8bI=&sa=X&ei=_up6TbLhJYaMrQHU573TBQ&ved=0CC8Q9QEwAg

White Horseradish · « **Reply #11 on:** March 11, 2011, 11:09:26 PM »

Truthfully, I'm not sure I would take Europe's advice on austerity either...

TechMan · « **Reply #12 on:** March 12, 2011, 07:00:03 AM »

Quote from: Zardozimo Oprah Bannedalas on March 10, 2011, 07:02:16 PM

The next growth industry: plundering the coasts of western europe.

Look at that, what is old becomes new again.

ETA: IIRC isn't Iceland some how connected to Denmark? No, not physically.

Viking · « **Reply #13 on:** March 12, 2011, 08:13:04 AM »

Quote from: adively on March 12, 2011, 07:00:03 AM

Look at that, what is old becomes new again.

ETA: IIRC isn't Iceland some how connected to Denmark? No, not physically.

Not since 1940-something.

HankB · « **Reply #14 on:** March 12, 2011, 08:13:32 AM »

Plenty of blame to go around, but as I recall, Icelanders voted not to impose massive taxes on themselves to bail out Icelandic banks, since a large part of the money would actually go directly into the pockets of European (actually, mostly British) investors who'd bought major shares of these Icelandic banks.

They weren't happy with the idea of accepting the risk - and the consequences of that risk - to enable someone else's gains.

Now, nobody is happy.

Balog · « **Reply #15 on:** March 12, 2011, 09:26:30 AM »

Just interesting to see the tikiwiki total economic meltdown scenario actually happen without the hordes of mutant zombie cannibals people always seem to imagine accompany that.

AJ Dual · « **Reply #16 on:** March 12, 2011, 12:01:05 PM »

Quote from: Balog on March 12, 2011, 09:26:30 AM

Just interesting to see the tikiwiki total economic meltdown scenario actually happen without the hordes of mutant zombie cannibals people always seem to imagine accompany that.

Low population, and a high degree of ethnic/cultural homogeneity tends to mitigate that somewhat.

Also, there's nowhere to go on an island which naturally mitigates blight, unlike Detroit etc.

MicroBalrog · « **Reply #17 on:** March 12, 2011, 04:45:18 PM »

Defaults are bad. But they're not PEOPLE FIGHTING IN THE STREETS bad.

Tallpine · « **Reply #18 on:** March 12, 2011, 08:11:19 PM »

Quote

Defaults are bad.

True.

Ask Defistful

Headless Thompson Gunner · « **Reply #19 on:** March 13, 2011, 09:27:44 PM »

Quote from: MicroBalrog on March 12, 2011, 04:45:18 PM

Defaults are bad. But they're not PEOPLE FIGHTING IN THE STREETS bad.

People are still dying, tho. It may not be violence and catastrophe and mayhem, it's not stuff that makes headlines, but the defaults and resulting economic collapse still takes a toll in human lives.

Poverty kills.

Tallpine · « **Reply #20 on:** March 13, 2011, 11:04:21 PM »

Quote from: Headless Thompson Gunner on March 13, 2011, 09:27:44 PM

People are still dying, tho. It may not be violence and catastrophe and mayhem, it's not stuff that makes headlines, but the defaults and resulting economic collapse still takes a toll in human lives.

Poverty kills.

Yeah, fishing is more dangerous than banking

Scout26 · « **Reply #21 on:** March 13, 2011, 11:46:55 PM »

Didn't Icelanders have some of the best longevity stats prior to the whole "moar banking" run-up ?

Yep, here it is....

Balog · « **Reply #22 on:** March 14, 2011, 06:35:18 PM »

Quote from: Headless Thompson Gunner on March 13, 2011, 09:27:44 PM

People are still dying, tho. It may not be violence and catastrophe and mayhem, it's not stuff that makes headlines, but the defaults and resulting economic collapse still takes a toll in human lives.

Poverty kills.

True, but it's still not the "Mad Max utter societal breakdown" predicted by a lot of survivalist sorts.

And yes, I realize America is different culturally. I'm not drawing over-broad conclusions. But still... interesting.

Headless Thompson Gunner · « **Reply #23 on:** March 14, 2011, 08:56:38 PM »

Quote from: Balog on March 14, 2011, 06:35:18 PM

True, but it's still not the "Mad Max utter societal breakdown" predicted by a lot of survivalist sorts.

And yes, I realize America is different culturally. I'm not drawing over-broad conclusions. But still... interesting.

Certainly. I just don't want people to make the mistake of thinking that it's just a bunch of rich bankers getting wiped out, that's it's really no big deal for average folks. Severe economic suck is still a life-or-death matter for a lot of folks.

But yeah, it isn't the AK47s and tactical wheelbarrows kind of disaster. Mutant biker zombies are not the threat here. You'll die from poor nutrition, overexertion, dangerous and ill-paying work, and inaccessible medical care.

Balog · « **Reply #24 on:** March 14, 2011, 11:34:28 PM »

Quote from: Headless Thompson Gunner on March 14, 2011, 08:56:38 PM

Certainly. I just don't want people to make the mistake of thinking that it's just a bunch of rich bankers getting wiped out, that's it's really no big deal for average folks. Severe economic suck is still a life-or-death matter for a lot of folks.

But yeah, it isn't the AK47s and tactical wheelbarrows kind of disaster. Mutant biker zombies are not the threat here. You'll die from poor nutrition, overexertion, dangerous and ill-paying work, and inaccessible medical care.

Has there actually been a sharp increase in overall mortality rate since their financial meltdown? I haven't seen stats.

News:

Author Topic: What happened with Iceland anyway? (Read 10041 times)