by rifek
Sun Jul 4th, 2010 at 07:01:41 PM EST
One of the main gaming tables in the pre-bust Icelandic financial casino were loans denominated in ISK but with interest indexed to other currencies. The Iceland Supreme Court has declared that indexing to be illegal; Iceland law requires that loans denominated in ISK must be indexed in ISK. That done, there is a big debate on about who gets stuck with the bill for reforming these loans. There is a lot of chest-thumping obscuring things, but it really comes down to this: Who was more responsible for making sure the loan was right at the start, the borrower or the lender? I've chimed in at a few sites, but the following is taken from a series of chimes at The Iceland Weather Report.
by rifek
Mon Nov 30th, 2009 at 07:31:39 AM EST
With all the economic instability roiling around, it isn't surprising that the gold bugs are out in force, claiming everything went to Hell in a handbasket when we went off the gold standard and that gold can restabilize everything. A couple of thoughts on that.
originally posted on November 25 - Nomad
by rifek
Mon Sep 14th, 2009 at 08:02:32 PM EST
Les Leopold has a new article on Huffington Post pointing out that, in spite of all the platitudes, the US government hasn't done much of anything about the business practices that caused the crash. Consequently those practices are alive and well and leading us down a new primrose path.
by rifek
Sun Apr 26th, 2009 at 03:47:59 PM EST
Alright, Iceland's election results are in, and the Independence Party has taken a thumping (not to the extent deserved, as it still received about 23%, but given that 25-30% of US voters still consider Bush to have been the greatest thing ever...) due to its involvement with dead banks and the collapse of Iceland's economy. And of course that collapse was entirely due to the ignorance and greed of Icelanders. I don't think so.
by rifek
Wed Feb 25th, 2009 at 12:10:40 AM EST
Wow, I'm out of action for a couple of weeks, and all Hell breaks loose. I'll never make a mod. Too much of a hick. If people started trashing my forum, I'd track them down and whup them up alongside the head with a tire iron.
Anyway.
Here in the US, so much is going to owl bundles so fast that it's hard to keep track of all the details. Like that we have another huge round of resets coming at us.
I also posted this today in my blog.
by rifek
Tue Jan 13th, 2009 at 06:04:28 AM EST
The Mother Of All Bailouts seems to become a bigger mother every day. Will it also undermine itself by causing countries to set up barriers to international finance?
promoted by Jérôme - interesting discussion below the fold.
by rifek
Fri Oct 24th, 2008 at 10:02:43 AM EST
This whole bubble deflation/market contraction thing is just a liquidity problem, right? So if the central banks pump a trillion (pick your currency) of taxpayers' money into the system, it will right itself, right? Right?
