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2016 Postmortem
In reply to the discussion: Why have we heard nothing about this incredibly important development in Iceland? News black-out?!? [View all]OnlinePoker
(5,702 posts)54. The government has taken on massive debt to solve the crisis
In 2005, Iceland's gross debt was 196 Billion Kronur ($3.24 Billion U.S.). This year, according to budget estimates, it will be 1.35 Trillion Kronur ($10.75 Billion). At the same time, the value of the Kronur has been halved. For a country that imports a lot of product, this is extremely hard on the citizenry as wages have only gone up from 345,000k per month to 469,000k in the same period.
On the positive side, Iceland does have a healthy trade surplus which (if ideas like exporting Icelandic geothermal power to the U.K. come to pass) could grow in the future. The government also forecasts a budget surplus next year so could start paying down the debt right away, unlike most of the other countries in the OECD.
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Why have we heard nothing about this incredibly important development in Iceland? News black-out?!? [View all]
Cal33
May 2012
OP
Because Iceland refused to bail out and reward the economic criminals. Europe and the US
sabrina 1
May 2012
#6
Sure am glad there are people like you who keep themselves well-informed about what's going on
Cal33
May 2012
#20
No news black-out -- the Iceland response to the economic crisis has been covered. For example:
pnwmom
May 2012
#8
Thanks for the info. Yet, on the whole, few Americans seem to be aware of the enormity of what had
Cal33
May 2012
#16
The path we have taken has not worked too well for millions of Americans though.
sabrina 1
May 2012
#23
You are right. I do read foreign news -- but only once in a while. It's not often enough.
Cal33
May 2012
#17
Clinton passes Commodities Modernization Act on the lobbying of Larry Summers. Later
jtuck004
May 2012
#77
The stood outside parliment and threw rocks at their elected officials not the banks.
jtuck004
May 2012
#28
Maybe if we had thrown a few rocks our politicians would have been motivated to do their jobs and
leeroysphitz
May 2012
#31
You want to bet the right-wingers are going to up the percentage of their fraudulent votes much
Cal33
May 2012
#78
I have no doubt they will use every trick in the book. They are getting better and better, and
jtuck004
May 2012
#80
I agree with you. I also believe the right-wingers are incapable of thinking in terms of what's
Cal33
May 2012
#81
Gays can't all marry, things aren't great and I see no reason that advancing social progress
leeroysphitz
May 2012
#33
I agree the media has not discussed Iceland enough. The reason is that the lesson of Iceland is
limpyhobbler
May 2012
#36
For things to succeed in this country, it will take a lot of time and much more effort. Did you
Cal33
May 2012
#52
We're actually in a much better position to be the agent of change on a global scale
Egalitarian Thug
May 2012
#59
There are many more examples of democracy which should put the United States to shame
Dack
May 2012
#47
"Icelandic Govt. has initiated an investigation to bring to justice those responsible"?
red dog 1
May 2012
#50
Oh, I do agree with you and say I hope that Iceland can and will happen over here. I believe
Cal33
May 2012
#83
I don't think there's much difference between the Pukes then and the Pukes now...
Peace Patriot
May 2012
#84
Thanks for your well-written and very knowledgeable post. You've got me re-thinking about
Cal33
May 2012
#85
Without violence and bloodshed, how are the media supposed to recognize it as news ?
eppur_se_muova
May 2012
#57
K & R & a huge yes, yes, yes! One can hope, but it surely seems THE way to clean up. nt
mother earth
May 2012
#61