Why so little discussion here of the events in Iceland?

[leftofthedial]

Is it a preview of the near future in Amurka?

[LaurenG]

1. What is going on in Iceland? nt

[leftofthedial]

4. country bankrupt due to crony capitalism between government and corporations.

kronar (?) losing over one-half of its value.

over one-third of Icelanders facing utter economic devastation and loss and loss of homes and life savings.

skyrocketing unemployment.

IMF buying everything for pennies on the dollar.

demands that the government step down.

riots.

[LaurenG]

6. OMG - where the hell have I been

I just asked my husband if he'd heard this and he hadn't either. :wow: I suspect that's why no one is discussing maybe they don't know either. The poor people.

[shanti]

7. wow, first i'd heard of it...

the whole world is in a mess - i wonder who will be next:(

[daninthemoon]

5. they are rioting in the streets. their economy has collapsed. they

are a harbinger for us.

[LaurenG]

8. Thanks - that is pretty scary - I feel for them

I just googled Iceland and today's date and come up with almost nothing on this story.

[sandnsea]

9. I didn't realize they were rioting

We aren't hearing about it because they're afraid we'll panic. I honestly don't know if that's right or wrong, people are going to be shocked when it happens here and it'll be much worse because of it.



"Thousands of Icelanders demonstrated in Reykjavik yesterday demanding the resignation of Prime Minister Geir Haarde and Central Bank Governor David Oddsson for failing to stop a financial meltdown in the country."

ttp://www.rte.ie/news/2008/1123/iceland.html

[daninthemoon]

13. saw clip last night. police, weapons, pushing, running...

[Deja Q]

14. Unless you've time traveled, how do you know all that is America's future?

[sandnsea]

18. History. n/t

[leftofthedial]

29. because I'm much smarter than you.

[formercia]

42. That's like Millions of people demonstrating here

since Iceland has a population of 300,000, thousands of demonstrators is a very big deal.

[dem629]

2. They are doing regular updates during the Lions-Titans game.

[Idealism]

3. Last I heard they were bankrupt!

They still exist?

[gristy]

10. Trouble in Iceland?! Who'd a thunk?

Kidding, actually. I'd heard.

[leftstreet]

11. The TeeVee only shows civil unrest in "3rd world" countries

Or anywhere people aren't, you know, like Amurkans!

[Gullvann]

15. I am quite amazed how little coverage there

has been of Iceland even here in Norway. They are our old colony even, and we are giving the massive loans.

On the TV news. Hardly anything. I follow the situation in Iceland through international newspapers and wire stories mostly.

[leftofthedial]

43. I've seen (channel hopping) that there have been hours and hours of

virtually continuous coverage of Mumbai. Huge story. Horrific events. But the same static shot of the hotel, no real news, just an open shot for every blabbing head and "expert" to pump up the terra! terra! terra! fear mongering.

Meanwhile, Iceland looks like a dress rehearsal for what's unfolding in the US right now and/or coming to the US soon. I haven't seen a single story on it in the US media. I saw brief coverage on BBC World.

[Elwood P Dowd]

12. Listen to this audio from a DU post earlier today.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4545801

[LaurenG]

20. Yikes!

Heartbreaking. :cry:
The citizens are rioting for good reason, they've lost everything. Banks should not be allowed to take down the citizenry. Food lines, no homes, no jobs, no money.

They think society is collapsing! :cry:

[laconicsax]

16. Because Obama doesn't want a 'girly' dog?

:shrug:

[Gullvann]

21. What is this girly dog thing?? (eop)

[laconicsax]

22. I don't know--something in an interview. I saw a few threads and videos posted about it yesterday.

Clearly important stuff.

[sandnsea]

25. Barbara Walters interview

Obama: "Cha Cha?"

Barbara: "It's short for Cha Cha Cha."

O: "What is a Havanese?"

B: "It's like a little terrier and they're non-allergenic and they're the sweetest dogs.."

O: "It's like a little yappy dog?"

Michelle: "Don't criticize."

O: "It, like, sits in your lap and things?"

M: "It's a cute dog."

O: "It sounds kinda like a girly dog."

M: "We're girls. We have a houseful of girls."

O : "We're going to have a big rambunctious dog, of some sort."

[greguganus]

39. Can we hear more about this girly dog? n/t

[Gullvann]

40. Thanks. I was wondering why all of a sudden DU was up

in arms about the masculinity or lack thereof in dogs.

For the record, I like girly dogs :D

[Orwellian_Ghost]

17. Remember Argentina circa 1999?

http://video.google.com/videoplay?docid=4353655982817317115

That's where we are heading. Why do Americans think that they are immune when the same system is working it's predations upon them as well?

And what is really amazing is how many will defend the very system which preys upon them.

[leftofthedial]

30. "how many will defend ..."

even right here at DU.

[Elwood P Dowd]

19. Milton Friedman & gang use to go there to advise their bankers & politicians. (nm)

.

[leftstreet]

23. There's a great article here re: Friedman and Iceland

Oct 20008

http://www.alternet.org/workplace/103525/iceland%27s_economic_meltdown_is_a_big_flashing_warning_sign/?comments=view&cID=1038826&pID=1038711#c1038826

Iceland's Economic Meltdown Is a Big Flashing Warning Sign

Iceland followed the prescriptions of a right-wing ideologue, and its economy paid a severe price.

Iceland -- better known for its geothermal hot springs, abundant fish, all-night raves and eclectic musicians such as Björk and Sigur Rós -- has now become renowned for something else: It is the first catastrophic, and perhaps most unlikely, casualty of the 2008 economic and financial meltdown.

Iceland is now essentially bankrupt after the government took over its three major banks to prevent them from failing. It owes more than $60 billion overseas, about six times the value of its annual economic output. As a professor at London School of Economics said, "No Western country in peacetime has crashed so quickly and so badly."

What on earth happened to get Iceland and its banking sector into such a state?

It turns out that Iceland, despite its coalition governments and Nordic social values, became a poster child for neoconservative economic policies inspired by Milton Friedman during the past decade. Friedman himself visited Iceland in 1984 and participated in what was described as a "lively television debate" with leading Socialists. This inspired a generation of young conservatives who came to power through the Independence Party in 1991 and have run its government through different coalitions since then.

Friedman may be dead now, but the economic and financial collapse of 2008 is becoming a real-life battleground of his theories against those of the other giant of 20th century economics, John Maynard Keynes, and their respective followers. Will financial market bailouts put the economy back on track, or are more extensive reform and a more active role for the government needed? Keynes' analysis was complicated and nuanced. The work for which he's best known, The General Theory of Employment, Interest, and Money, provided a theoretical basis for the economic reforms of the New Deal era -- investments in public works and deficit spending that helped countries recover from the Great Depression.

[Joe Chi Minh]

26. Well, named, the "Chicago Boys". Milton Friedman and his Chicago Boys -

boys among men. Not fit to lick the boots of the other, non neo-liberal economists. To apply the term, "economist" to a neo-liberal is to void the term of all meaning.

[Demeter]

24. See the Daily Stock Market Watch and the Weekend Economists

Lots of discussion of all this and Iceland, too.

[tama]

27. Wikipedia on subject:

http://en.wikipedia.org/wiki/2008_Icelandic_financial_crisis

[Neshanic]

28. Because we are too busy shitting on beloved holidays.

[Orwellian_Ghost]

31. That's exactly

Backwards.

[Greyhound]

34. Could you have written a more apt example of just why we're on our way there? n/t

[illuminaughty]

32. Where's Icelander?

He posted at the beginning of this nightmare before the election. I was discussing this with a friend
last night. I'm afraid it is a preview, but we're far less civilized. Yipes.

[Blue_Tires]

33. ttt

[Greyhound]

35. Someone posted an excellent piece on the facts we refuse to acknowledge and I foolishly

bookmarked the article cited instead of the post, now it's gone down the memory hole since the publication uses that damnable dynamic page system that makes bookmarking a specific story impossible.

Essentially the writer pointed out there are only 3 possible outcomes to this disaster;

Global depression

Scrap the whole fractional reserve central banking system and start over

and I can't remember the 3rd, but it sucks too.
:kick: & R

[sofa king]

36. One of our DUers did an interesting TV show on the subject.

Anyone recall that fellow? It was a very informative and entertaining show.

[1776Forever]

37. This is a very good post on it -

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4545801

[tavalon]

38. You just hit on it exactly

I know when I've looked at it, I've gotten a sick crawling sensation in my stomach and I don't have any answers, just fear. Fear, as we know, doesn't make for intelligent discussion.

[muriel_volestrangler]

41. If anyone's interested, here's a couple of English language Icelandic sites:

http://www.icelandreview.com/icelandreview/

http://www.icenews.is/

To say "they are rioting in the streets" is a bit hyperbolic; there was a clash with the police last Saturday, in which the police ended up using pepper spray; 5 people were injured:

http://www.icenews.is/index.php/2008/11/22/violent-protests-in-reykjavik/

http://news.bbc.co.uk/1/hi/world/europe/7744355.stm

But it's not riots day after day.

You can't really extrapolate Iceland's finances directly to the US:

Iceland's government seized control of Glitnir, Landsbanki Islands hf and Kaupthing Bank hf, the nation's three biggest banks, in October, after they were unable to secure short-term funding. The three banks together amassed debt of $61 billion, equivalent to about 12 times the size of the economy, according to Bloomberg data.

http://www.iht.com/articles/2008/11/26/business/26icebank.php

12 times the size of the US economy is about $165 trillion. As bad as US numbers have looked, they don't approach that. Those banks had been playing in international markets, and had already distorted the Icelandic economy far beyond what a large country like the US could possibly be.

[ensho]

44. plus they are melting

nt

[datasuspect]

45. they don't want us to get any ideas

but the american public is in such a stupor, i don't think our owners need fear it.