A country goes broke-Iceland

[deathfromafar]

This is scary. One of my friends who is a broker/investor predicted all this many years back and like clockwork it is coming to pass. Anyone care to guess what the prediction odds of another world wide depression are?

http://news.yahoo.com/s/ap/20081007/ap_on_re_eu/eu_iceland_meltdown_1

[Lionheart]

It is written......

One of the first of several things that happens near the end of times or 'the end of this age' is a world depression.

Scary stuff going on. I couldnt beleive it to hear just now on CNN that Britain is trying to save their banks as well. I thought it was only the United States that was suffering this fate.. (and Iceland now as well).


Bill

[OBIO]

It's a good thing I'm already poor...that way when the entire world economy crashes (which it will very shortly), I will not be upset when I wake up and realize that I am poor.

OBIO

[deathfromafar]

Last depression went world wide and in this banking crisis the same rings true. This could very well be the avalanche leading into a second great depression. Then again, maybe it won't. My eldest family members survived the great depression only by their trade of dirt farming. What they planted and grew their food and raised livestock. They saved everything they could and at the end of the growing season, they would can the vegetables and store them for winter consumption along with stored meats and poultry. It was very hard times but they came through okay and helped in the War efforts overseas and at home. After the War, they all worked hard to build up their livelihoods and properties. Point being, if it crashes down, we can and will rebuild as before. Hope for the best but prepare for the worst always.

[Helldiver]

One depression per lifetime is enough. I certainly don't want to face another one.

[hey_moe]

This has been going on for a long time,with Fannie Mae and Freddie Mac causing 100% of the problem. This crap of we want everybody to have part of the American dream is a joke. Loans were made for new homerowners that didn't even have a job...like duh! The tax payers have been picking up this bill for a long time we just didn't know it. We have created a hugh mess and it still has a long way to go before we see any light. These two clowns that we have running for the president will not be able to fix this like they are saying. They each say they have a all mighty plan of there own that will take care of all our problems. That is the same crap I have been hearing for the last fifty years. Lies and more lies. Overall, yearly housing costs rose by an average of $5,314, or nearly 65 percent, between 1996 and 2006, according the report released today by the Center for Housing Policy. In 2007, more than 7.5 million people — almost 15 percent of American homeowners with a mortgage — were spending half of their income or more just on their mortgage, property taxes and insurance, according U.S. Census data released last month. :isadizzy::banghead:

[deathfromafar]

This has been going on for a long time,with Fannie Mae and Freddie Mac causing 100% of the problem. This crap of we want everybody to have part of the American dream is a joke. Loans were made for new homerowners that didn't even have a job...like duh! The tax payers have been picking up this bill for a long time we just didn't know it. We have created a hugh mess and it still has a long way to go before we see any light. These two clowns that we have running for the president will not be able to fix this like they are saying. They each say they have a all mighty plan of there own that will take care of all our problems. That is the same crap I have been hearing for the last fifty years. Lies and more lies. Overall, yearly housing costs rose by an average of $5,314, or nearly 65 percent, between 1996 and 2006, according the report released today by the Center for Housing Policy. In 2007, more than 7.5 million people — almost 15 percent of American homeowners with a mortgage — were spending half of their income or more just on their mortgage, property taxes and insurance, according U.S. Census data released last month. :isadizzy::banghead:

I agree Helldiver. Hearing my Grandparents and relatives speak of it I don't want to see it either.

As to the US part of this with FM and FM, that is only part of the problem. This is a much larger and complex problem both here and abroad. The situation in Europe, Russia and Iceland aren't at all tied the the failures here but rather their own similar issues. Now all the chickens are coming to roost and there is nowhere for them to safely land.

[txnetcop]

Isn't it amazing what the greed of a few can do to many...hang 'em...get a rope:banghead::banghead::banghead:

[Panther_99FS]

I spent a year living in Iceland.

With a total populace of around 300,000 or so, they don't have the wide margin for error available that we in the USA enjoy....

[rpjkw]

Moe has hit the current crisis right on the head. Of course it's more complicated because of the trillions in 'funny money' created to cover the original 'sub-prime' mortgages.

I've been watching this mess develop for 15 years now; managed to make a few $$ early on. As a result, I've been buying gold coins over the years. Only thing that really scares me is during the last depression the government outlawed private ownership of gold, if I'm not mistaken.

I don't know about tough times, but interesting times is a' coming.

Bob

[Cazzie]

Take it tongue-in-cheek if you like, but I think it's high time we noosed a few multi-billionaire CEOs and their multi-millionaire management teams and dropped them through the gallows for the sake of the the world. Then use their overblown earnings for recovery!

Caz

[rpjkw]

Caz,

I rather like the idea of tarring and feathering, then the running out on a rail. That's what used to be done to scoundrels and snake oil salespersons.

Bob

[Helldiver]

"Those Who Forget History Are Doomed to Repeat It"? Santana.
It took ten years and WWII to finish the other depression. Roosevelts NRA, CCC and WPA were only a stop gap measures. I really hope that it won't take WWIII to bring this new one to a close.

[MudMarine]

It is written......

One of the first of several things that happens near the end of times or 'the end of this age' is a world depression.

Scary stuff going on. I couldnt beleive it to hear just now on CNN that Britain is trying to save their banks as well. I thought it was only the United States that was suffering this fate.. (and Iceland now as well).


Bill

I'm with ya on this one Bill!! Good thing I've invested in lots of ammo!:costumes:

[deathfromafar]

I'm with ya on this one Bill!! Good thing I've invested in lots of ammo!:costumes:
I have a case of special hand loaded Sierra Match King 175gr 7.62/.308 ammo for my Sniper Systems. The value of that case has gone up nearly 4 times what I paid for it and the company who sold it too me has tried to buy it back repeatedly(fat chance!). I broke up that case and other ammo I have and spread it between locations at home and my dig in the mountains. I have enough emergency provisions and MRE's stored to feed me and my family for almost a year besides our normal food supply and livestock located at the family farm.

"Have guns, will travel"

[MCDesigns]

I have a case of special hand loaded Sierra Match King 175gr 7.62/.308 ammo for my Sniper Systems. The value of that case has gone up nearly 4 times what I paid for it and the company who sold it too me has tried to buy it back repeatedly(fat chance!). I broke up that case and other ammo I have and spread it between locations at home and my dig in the mountains. I have enough emergency provisions and MRE's stored to feed me and my family for almost a year besides our normal food supply and livestock located at the family farm.

"Have guns, will travel"

Woohoo, smart man!

Yep desperate times make people desperate. Robberies and voilent crimes on the rise around here. Caught a guy attempting to steal gas from my GF's car last week. He almost lost a discussion with a 9mm hollow point!

[Willy]

I've got a bunch of 44-40 ammo loaded up that fits both my rifle and my pistol. And plenty of 357 for the wife's guns. That takes care of the venison and home defence. And I've got enough powder, etc to reload that much more. I could always use more 22 ammo for small game though.

I do believe times are about to get interesting...

[Jaxon]

This is scary. One of my friends who is a broker/investor predicted all this many years back and like clockwork it is coming to pass. Anyone care to guess what the prediction odds of another world wide depression are?

http://news.yahoo.com/s/ap/20081007/ap_on_re_eu/eu_iceland_meltdown_1


How rich is he now?
If someone really had known this before, he must have made his fortune!

I am very glad, that I put nearly everything I earned in my education.
Noone can take it from me ever again.

[deathfromafar]

How rich is he now?
If someone really had known this before, he must have made his fortune!

I am very glad, that I put nearly everything I earned in my education.
Noone can take it from me ever again.

Well, he did make a lot of money when the going was good. He stowed cash in safer confines and more secure investment which have actually skyrocketed in the last 2 years. His stocks as of late have taken a severe beating. He prepared though unlike many.

[Jaxon]

Things have changed from the last depression.
Today Moneytransfers are not connected to good transfers anymore.

They exceed it by rate X and are part of their own. Nevertheless, they are still connected to a certain part. And this crisis will reach the real market, for sure.

But on the other hand, other financial crisis have been evaluated really good and men learned from them. There have been ca. half a dozen crisis in the uprising in the last decades, that could be stopped before they went out of control. (tiger-states crisis in asia, crisis in south america, etc.).

If something like this occurs, there is a good will and enough money and understnading to stop it by taking action fast and with a hose, not with a can. That is the reason, why you read these huge amounts being invested right now. One bank helps the other and even government supports, where it can.

Normally this is no problem, when a single business went bankrupt - it is its own fault.
But in this new dimensions, letting the business die would cost us all even more, than helping it.
Not good to know. Everybody else in this region up there can do whatever he wants without risk now.
---

Bankrobbery is for idiots.
Pros found a bank!
:icon_lol:

[Francois]

This is scary. One of my friends who is a broker/investor predicted all this many years back and like clockwork it is coming to pass. Anyone care to guess what the prediction odds of another world wide depression are?

http://news.yahoo.com/s/ap/20081007/ap_on_re_eu/eu_iceland_meltdown_1


I wish he'd told us.
Nina and I had to 'spread' our savings, and unfortunately Icesave bank was one of the two we put it in. So now we lost half of our savings, which were meant to get us through for the next 10 years until retirement at least..... nothing planned after that.. that's what we are working for NOW !

And all this because of the greed of of a 'few' (including the entire global stock exchange system, which should be nuked and the ridiculous and irresponsible bankers (AND customers) in the US).

[deathfromafar]

I wish he'd told us.
Nina and I had to 'spread' our savings, and unfortunately Icesave bank was one of the two we put it in. So now we lost half of our savings, which were meant to get us through for the next 10 years until retirement at least..... nothing planned after that.. that's what we are working for NOW !

And all this because of the greed of of a 'few' (including the entire global stock exchange system, which should be nuked and the ridiculous and irresponsible bankers (AND customers) in the US).

Francois, like anyone else who has suffered on this, I say I am sorry to hear it. Truth is there is plenty of blame to go around in many places for sure. The hell of it is about my friend's predictions is that he co-authored a few articles warning of this type of mess. This man has dual Masters Degrees from Temple University and has been in the game a long time but when he took this position it was only met with condescension, ridicule, and dismissal. He made plenty of references to all the points in his argument of things which were slowly but surely setting the stage for this. He wasn't the only one but many politicians blindly coasted down easy street for the ride the last 20 years ignoring the obvious while the press stupidly followed in boot step with them beating down anyone who downspoke the economy and warned of dire things to come. Of course now they continue to play politics and point fingers while the rest of us lose our backsides. Is BS for sure. The only thing my friend was wrong on was that he claimed all the other nations would come out smelling like a rose while the US was falling singly into the abyss. Looking at all past precedence, the obvious stands out clearly. We'll get through this but my biggest fear is that the "cure" invoked may end up being overkill and in the end no better than the disease itself.

[VF15_gray]

I have enough emergency provisions and MRE's stored to feed me and my family for almost a year besides our normal food supply and livestock located at the family farm.



Good for you!!

I think a lot a people believe they can just shoot their way out when having a year’s supply of food is far more important.

My training makes me understand that I won't last long enough to use 1000 rnds (only if you are lucky). But one thing is for sure; I'm not going to last more than a few weeks without food.

Here is a couple of links:

http://www.survivalblog.com/

http://www.ar15.com/forums/forum.html?b=10&f=17

[Sascha66]

Well all the funny money is blowing away but the guys in Wall Street and in the stock markets used it to pull out real money into their pockets which is why real wages have been going down in many places despite the economy running at full bore. And they are not giving back :isadizzy:...

[deathfromafar]

Good for you!!

I think a lot a people believe they can just shoot their way out when having a year’s supply of food is far more important.

My training makes me understand that I won't last long enough to use 1000 rnds (only if you are lucky). But one thing is for sure; I'm not going to last more than a few weeks without food.

Here is a couple of links:

http://www.survivalblog.com/

http://www.ar15.com/forums/forum.html?b=10&f=17


A couple of time in the past, FEMA dropped off a lot of MRE's to the agencies I used to work for and many of the employees were encouraged to take a few boxes of them. I have accumulated a lot of them a even gave many away to friends and neighbors as emergency provisions. A while back, there was another FEMA MRE shippment. This time there was a boatload of them. Seems they were getting rid of these which there was nothing wrong with them at all but had get rid of them to clear warehouse space. Imagine that! Anyhow, I keep mine in climate controlled storage and conduct routine quality checks on them to make sure they are good to go.
As to my farm, well that area is actually 2 farms and ajoining properties which have good growing soil and livestock areas and are fenced in with a large perimeter electric fence. Years ago we installed some electronic security measures there to prevent livestock rustling which has happened to us once before and other farmers in the area. If anyone enters or cuts the fence or gates unauthorized, we will know it. 70% of the farm is visable from the main house and neighbor's houses are in view of the other areas. Trespassing hasn't been an issue as most folks around the area all know each other and we share cross-property hunting and fishing permissions. Coyotes have been a problem and I've dispatched 3 of them with my AR-15 HBAR Flat Top with a Trijicon TA55 ACOG Sight and 77gr Sierra MatchKing rounds. Other farmers and land owners have killed many Coyotes in the last few years. The State Wildlife Commission placed a year round no-bag limit season on Coyotes and it still hasn't knocked a dent in their population. The damn things are like land sharks and are omnivorous. Anyhow, point being yes, in an emergency situation food supply is critical. Defending yourself(with help mind you) is as well. You can't eat lead either way!

[OBIO]

I mentioned the bankruptcy of Iceland to my father-in-law the other night...and he said "I don't care." And I replied, "You'll care when the entire world is in a depression and a loaf of bread costs $10 and your Social Security check disappears because the US Government has spent all that money, and you'll care when your General Motors pension dries up when GM goes under." He looked at me and said, "That won't happen." To which I replied, "You need to stop watching the 700 Club and take a look at the real news this evening and you'll see just how close to happening it is."

OBIO

[deathfromafar]

OBIO, I am getting ready to post a new thread related to the Stock Market plunge today. GM stocks dropped like a rock!

[Bradburger]

One depression per lifetime is enough. I certainly don't want to face another one.

Indeed, that is what my 93 year old grandfather keeps saying!

In fact, he goes as far as saying he'd rather have a war than a depression, but I'm hoping it won't come to that.

The financial troubles in Iceland have had a big effect in the UK, as it seems that not only have many people put their money in Iceland’s banks, but it's come to light today that god knows how many of the UK's local councils & authorities, Police forces, and charities have too! :isadizzy:

http://news.bbc.co.uk/1/hi/uk_politics/7660438.stm

One has to ask why so many of the UK's local councils and police forces put their money into Icelandic banks. Whilst it seems the local councils were advised by H.M Treasury to 'disperse' their assets, it seems more than a coincidence that so many (http://news.bbc.co.uk/1/hi/uk_politics/7660741.stm)chose to do so in Icelandic banks!

It will be interesting to see how this unfolds over the next few days, both politically (the UK government has frozen all UK held assets of the Landsbanki bank using anti-terrorism laws - not the best way to endear your country to another when you want to get something of this magnitude sorted), and which of the other local councils and Police forces have also put money in the Icelandic banks also!

[Kofschip]

OBIO, I am getting ready to post a new thread related to the Stock Market plunge today. GM stocks dropped like a rock!


Put in it that my 401(k)s turned into 001(k)s today:banghead::banghead::banghead::banghead:

[deathfromafar]

Put in it that my 401(k)s turned into 001(k)s today:banghead::banghead::banghead::banghead:

I why I opted out of doing all but one 401K. The one I had I cashed out of taking the penalty and taxes. Still ended up smelling like a rose and reinvested in precious metals and my money doubled in many areas. My next gig outside CONUS I am going to convert some capital into agri-investments with some other folks. Things are looking very good on this plan in the coming months and years even with all the other mess going about.