Iceland suspends stock trading, creates new bank
RolandTD20Kdrummer
Posts: 13,066
http://biz.yahoo.com/ap/081009/eu_iceland_meltdown.html
"Iceland suspended trading on its stock exchange for two days and took control of the country's largest bank -- the third to be placed under its protective umbrella -- on Thursday as it grappled with a banking crisis that is threatening to engulf the entire country.
The Nordic nation's government also used sweeping new emergency powers to create a new bank that will take over the bulk of the domestic operations of another one of its collapsed banks.
The country is struggling to get a grip on the collapse of its top-heavy banking system, a situation that Prime Minister Geir H. Haarde has warned is putting Iceland at risk of "national bankruptcy."
Tally for countries so far dumping the dollar:
* China
* Japan
* Kuwait
* Syria
* Iran
* Libya
* Russia
* Malaysia
* Brazil
* Argentina
* Venezuela
* Switzerland
* Norway and some other Scandinavian countries
* Some Balkan countries
* Many East European currencies
soon to be:
* The arab Gulf States
* Saudi Arabia
* South Korea
* Sudan
"Iceland suspended trading on its stock exchange for two days and took control of the country's largest bank -- the third to be placed under its protective umbrella -- on Thursday as it grappled with a banking crisis that is threatening to engulf the entire country.
The Nordic nation's government also used sweeping new emergency powers to create a new bank that will take over the bulk of the domestic operations of another one of its collapsed banks.
The country is struggling to get a grip on the collapse of its top-heavy banking system, a situation that Prime Minister Geir H. Haarde has warned is putting Iceland at risk of "national bankruptcy."
Tally for countries so far dumping the dollar:
* China
* Japan
* Kuwait
* Syria
* Iran
* Libya
* Russia
* Malaysia
* Brazil
* Argentina
* Venezuela
* Switzerland
* Norway and some other Scandinavian countries
* Some Balkan countries
* Many East European currencies
soon to be:
* The arab Gulf States
* Saudi Arabia
* South Korea
* Sudan
Progress is not made by everyone joining some new fad,
and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.
http://i36.tinypic.com/66j31x.jpg
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( o.O)
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and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.
http://i36.tinypic.com/66j31x.jpg
(\__/)
( o.O)
(")_(")
Post edited by Unknown User on
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Comments
One Hundred and Sixteen Thousand.
Wow.
If I opened it now would you not understand?
Peace
Dan
"Every judgment teeters on the brink of error. To claim absolute knowledge is to become monstrous. Knowledge is an unending adventure at the edge of uncertainty." - Frank Herbert, Dune, 1965
Question: These countries are holding a lot of U.S. currency? To them, behind closed doors, the dollar is worthless.
1.What's backing the America dollar?
2. Even if the dollar goes up and we buy it back from these countries, what are we gaining?
.
1. The primary "backing" of the USD is probably oil.
Though that position is quickly fading. Beyond that, the value of the dollar is fundamentaly determined by DEMAND for the dollar versus supply of the dollar. [the oil "backing" is really a recognition of the fact that countries used to (these days dollar "hegemony" is rapidly fading in oil markets) require USD to by oil, so the exchange of euros to dollars would bid up the price of the dollar]
2. I'm not sure that question really makes sense. America can't be a "market maker" in dollars. There are simply too many dollars for US policy to have a significant impact on the dollar's value by doing something like "buying up dollars".
However, i can tell you that people like Bob Chapman are talking a lot about the price of oil right now in relation to the dollar url=http://theinternationalforecaster.com/International_Forecaster_Weekly/Massive_Gains_Wiped_Out_in_Markets_Despite_Everyone_Being_Warned]here[/url ...
basically, the premise is that the Anglo-Powers-That-Be have turned to oil in a last ditch effort to save their economic control system. If they can push the price of oil down significantly, they can slow the flow of wealth from dollars to euros, and thus support the value of the dollar, the United States, and their own financial supremacy.
It is a bit complicated for full discussion here, but if you read the article it should make sense.
If I opened it now would you not understand?
Gold is supposed to be backing the dollar, however that is yet to be seen, and more or less a considered a mythical unicorn at this point. Every time the fed prints money out of thin air, (in the end, it's just paper) they are selling out the value of the entire country, and the lives of the people living there. During his tenure, Alan Greenspan reduced the value of the dollar by 44%....the dollar is now actually worth something like 5 cents of it's original value. Changing the world view of the US as a more agreeable country and world leader again with regards to foreign policy would bring far more wealth to the US than anything right now in the long run. Unfortunately the track record of bad things done "in the name of" is long.
and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.
http://i36.tinypic.com/66j31x.jpg
(\__/)
( o.O)
(")_(")
Gold hasn't backed the dollar since the 70s, home-slice.
No gold.
:(
If I opened it now would you not understand?
Oh shit...that's right...
what was I thinking?...doh..wires crossed.
now I'm really depressed
time for another bag of junk silver I suppose..
and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.
http://i36.tinypic.com/66j31x.jpg
(\__/)
( o.O)
(")_(")
You know, honestly, in grade and high school teachers used to tell kids that the dollar was still "backed" by gold.
I remember multiple times being fed that bullshit.
It was always with a caveat, "its kind of complicated, but technically the dollar is backed by, but not redeemable in, gold" ... which is total horse shit.
:(
TECHNICALLY the dollar isn't backed by SHIT.
Except some green and black ink, a water mark, and a thin strip of tinsel paper that says "USD" running up the left side.
If I opened it now would you not understand?
I knew it, but just didn't remember it at the time....I'm trying to cook a completely frozen chicken on the bbq right now, and going back and forth with various spices, and I'm light headed from hunger.
It's a good excuse!
and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.
http://i36.tinypic.com/66j31x.jpg
(\__/)
( o.O)
(")_(")