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OnlinePoker

(5,702 posts)
54. The government has taken on massive debt to solve the crisis
Mon May 14, 2012, 07:53 AM
May 2012

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.

Why is obvious. Iceland did what we all should have done. Warren Stupidity May 2012 #1
+1,000. nt BlueIris May 2012 #24
Here is a good link for more Iceland details. xtraxritical May 2012 #69
Du rec. Nt xchrom May 2012 #2
. . . Tansy_Gold May 2012 #9
hi miss tansy... xchrom May 2012 #11
It's nice to see Tansy_Gold May 2012 #30
Thank you for posting. K&R think May 2012 #3
Yes thank you for posting. AnnieK401 May 2012 #10
Many thanks, and a hearty welcome to this group, Annie! Cal33 May 2012 #53
So that we can continue to be fed an incorrect definition of democracy dickthegrouch May 2012 #4
What's with the arbitrary dig at Egypt? Hissyspit May 2012 #5
An email a bit over a year old, I'd think muriel_volestrangler May 2012 #25
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
Not totally peacefull tama May 2012 #7
By the way, for those who don't know what "skyr" is, Lydia Leftcoast May 2012 #14
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
Yes, it can be done. But the particular path that Iceland took pnwmom May 2012 #18
The path we have taken has not worked too well for millions of Americans though. sabrina 1 May 2012 #23
I did have a student mention the rewriting of the Iceland constitution Hissyspit May 2012 #26
In May 2009, chervilant May 2012 #62
I had been hearing worries about derivatives for several years pnwmom May 2012 #64
Indeed, chervilant May 2012 #68
Paul Krugman has been talking edhopper May 2012 #12
think I heard Thom Hartmann talk of this rurallib May 2012 #13
Perhaps you should pull head out of hole Riftaxe May 2012 #15
You are right. I do read foreign news -- but only once in a while. It's not often enough. Cal33 May 2012 #17
On re-reading i was a bit too snarky i think Riftaxe May 2012 #21
Because the global money changers are afraid of the scenario. stubtoe May 2012 #19
Because it's ICELAND fercrissakes with... TreasonousBastard May 2012 #22
There are perhaps 300 books, 25-50 movies, hundreds of thousands of pages of jtuck004 May 2012 #27
EXACTLY !! dougolat May 2012 #67
Clinton passes Commodities Modernization Act on the lobbying of Larry Summers. Later jtuck004 May 2012 #77
What the...? secondvariety May 2012 #38
k & r red dog 1 May 2012 #51
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
We don't need to cast stones, just votes. n/t jtuck004 May 2012 #76
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
Kicked and recommended. Uncle Joe May 2012 #29
Why isn't this mentioned, you ask? truedelphi May 2012 #32
Gays can't all marry, things aren't great and I see no reason that advancing social progress leeroysphitz May 2012 #33
bullshit. provis99 May 2012 #34
You are getting only agreement from me. n/t truedelphi May 2012 #73
What do you mean? Doctor_J May 2012 #45
They're afraid others will follow Iceland's example. - K&R n/t DeSwiss May 2012 #35
I agree the media has not discussed Iceland enough. The reason is that the lesson of Iceland is limpyhobbler May 2012 #36
If you have heard nothing, reconsider who you listen to. L. Coyote May 2012 #37
Power to the people KT2000 May 2012 #39
Heard this interesting story about Iceland on NPR a couple of weeks ago. mia May 2012 #40
Because it worked! obxhead May 2012 #41
Iceland has fewer people the Raleigh nc. bowens43 May 2012 #42
Now THAT is how you take your government back. nt SunSeeker May 2012 #43
Pssh. We can't even get a single corrupt governor out of office Doctor_J May 2012 #44
For things to succeed in this country, it will take a lot of time and much more effort. Did you Cal33 May 2012 #52
Iceland has 250,000 people. So you are Lucky Luciano May 2012 #46
Why not? leveymg May 2012 #58
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
Do they have oil? progressoid May 2012 #48
The stuff of dreams: chill_wind May 2012 #49
"Icelandic Govt. has initiated an investigation to bring to justice those responsible"? red dog 1 May 2012 #50
The government has taken on massive debt to solve the crisis OnlinePoker May 2012 #54
To those who say "Iceland" can't happen here, two words: New. Deal. Peace Patriot May 2012 #55
devastating, but thank you. ..nt dougolat May 2012 #82
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
Iceland setting a bad example. Who do they think they are, Chile? leveymg May 2012 #56
Without violence and bloodshed, how are the media supposed to recognize it as news ? eppur_se_muova May 2012 #57
My home county in Maryland has over three times the population of Iceland. Burma Jones May 2012 #60
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
But that might give us ideas. nt TBF May 2012 #63
When people protest in America, they get beaten and arrested. valerief May 2012 #65
I guess those lying, cheating Neo-Cons, Corporatists and Tea Partyers are highly Cal33 May 2012 #66
trying to do that here would be like herding cats. nt shireen May 2012 #70
Thom Hartmann talks a lot about what is happening in Iceland, Cleita May 2012 #71
Thanks for the info. Will be looking him up. Cal33 May 2012 #72
For the same reason the news failed to cover Michael Jackson's death. jobycom May 2012 #74
I remember Michael Jackson's death, but not Iceland's change of government and re-writing Cal33 May 2012 #79
There was an interesting wrinkle ... Quasimodem May 2012 #75
Spam deleted by ScreamingMeemie (MIR Team) wenziga May 2012 #86
Because a plutocracy does not only ignore that kind of news Rex May 2012 #87
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