The North Atlantic Conspiracy.....Iceland.

[Icelander]

In light of the situation here in Iceland and the more then conspicuous circumstances in which the country was taken down I have decided to do some research on the matter. Im no economist,but still.....I can clearly see the damage done to my country.

Obviously the bank system was playing with fire here in Iceland, but its strange to say the least that no help was offered from friendly nations, and most notably we were denied any assistance from the US or the UK.
In fact the UK seized our only bank that wouldnt go down on its own citing Terrorist Laws, absolutely mind-blowing

Mr.Brown has repeatedly said to the international press that Iceland was not planning to pay which is absurd as well as constantly hammering on a lie about the country being in default. Both LIES! In the meantime he sends our prime-minister letters saying that he´s backing of , which he the does not do!

Some of you might have noticed Bush practically scolding the UK in the address he made after the G7 Meeting.
Im paraphrasing " Nations should take care not to harm other nations economically while this crisis...."

Now we have business men from the UK and US rushing in to try and buy our property at about 10-15% market value.

You would have to be daft not to realize that there´s something fishy going on.

"Taking short positions in the Krona"

Now, If i was allowed to buy insurance on YOUR house in case it burned down and in fact i could sell a LOT of people insurance on YOUR house, dont be at all surprised if you come home one day and it´s on fire.

Its easy to invest heavily in the Krona falling and the country going down and we all know investors try to make a profit.

I have a feeling that these bastards got scared of the apparently "too" efficient Icelandic internet-bank model.
Im not trying to mask the fact that the Icelandic bankers messed up the country but there´s more to it.

Nothing happens by chance in politics! Nothing, there´s always someone, somewhere.




I found an article by Mr.Paul Krugman Nobel Laureate. written March 31, 2008, I wonder what his take is on this now??

Paul Krugman.
The North Atlantic Conspiracy.
Is Iceland the victim of a financial conspiracy?

Such things really do happen. During the 1997-1998 financial crisis there was, almost certainly, a financial conspiracy against Hong Kong. According to the Hong Kong Monetary Authority, several major hedge funds engaged in a “double play”, shorting both the city-state’s stock market and its currency. The alleged plan was to put the HKMA in a double bind: it would be forced either to raise interest rates to defend the Hong Kong dollar — driving stocks down — or to devalue the currency. Either way the hedge funds thought they’d make a killing. They were, however, caught in a bear trap when the HKMA did the unexpected and bought up a large fraction of the HK stock market.

There was also, according to Australian officials I talked to at the time, a deliberate effort to drive down the Aussie dollar.

Now, Iceland is making similar allegations:

The cost to protect the bonds of Iceland’s three biggest lenders from default rose after central bank Governor David Oddsson said “unscrupulous dealers'’ are trying to break the country’s financial system.
Oddsson called for an international investigation into attempts to drive Iceland’s economy “to its knees,'’ in a speech on March 28. The central bank was forced to raise its benchmark rate to a record 15 percent last week to defend the krona after a 30 percent slump against the euro this year.
Attacks on the country’s Reykjavik-based banks “give off an unpleasant odor of unscrupulous dealers who have decided to make a last stab at breaking down the Icelandic financial system,'’ Oddsson said at the central bank’s annual meeting in Reykjavik. “They will not get away with it.'’

One interesting point: it appears that the Icelandic authorities particularly suspect Bear Stearns.

I’ll be keeping an eye on this.
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Here´s another guy that says"I want to be known as the man who bankrupted Iceland"
How do i pick my stocks

Here´s video about the issue from CH 4 in the UK.
Uk Damage to Icelandic banks

[buddysmellgood]

1. I don't doubt it one bit. eom

[snot]

2. K&R'd

[malaise]

3. Read Naomi Klein's Shock Doctrine

Your suspicions are valid.

[glitch]

14. Very much so. :( nt

[bleever]

4. Very interesting.

Best of luck to you, and all Icelanders.

[Jackpine Radical]

5. Welcome to DU.

Your story doesn't surprise me. I put very little past the gang of thugs known as international financiers.

[AllieB]

6. What malaise said. Google Naomi Klein and read some of her articles.

She talks about how this type of 'shock therapy' was used in Chile, Poland, Russia, Argentina-the list goes on.

Maybe you can send this post to her? There may be contact details on her website.

http://www.naomiklein.org/main

[Irish Girl]

7. Unfortunately there are no coincidences in life

The tyranny of the international bankers strikes again. They'll be picking through the ashes of the good ol' U S of A in another year or two as well.

They have the control, but the people have the power.

[bertman]

8. "They have the control, but the people have the power." Somehow that is ringing hollow these

days, coincidenceor.

The only power we the people seem to have is to keep paying for the international bankers to steal us into poverty.

Thanks for posting this thread Icelander. It's like some James Bond novel where international cartels are fighting each other while the rest of the world is blissfully (or not so much) ignorant.

[loudsue]

24. Same here. Seems to me the whole world is being held hostage by hedge fund mgrs.

Did we elect them? Do they have a military? How, again, is there no regulation on these money mongrels ruling the world?

People all over the world need to start asking "is this how it should be"???? What kind of a world do we really want to live in, and what are we going to do to get it?

[Quantess]

9. Interesting.

Thanks for posting and welcome to DU.
:hi:

[JDPriestly]

10. Icelander, please explain what you are referring to when

you say "too" efficient Icelandic internet-bank model. I am not familiar with the Icelandic internet-bank model. What is it?

[HamdenRice]

13. For a number of reasons, Iceland was becoming cashless

Iceland's currency, the krona, for historical reasons, is a very small denomination currency. Even in the best of times, the krona was worth a penny or two. Yet for other reasons I can't quite figure out, Iceland refused to print large denomination kronas. So you have to imagine if this were the US, a situation where prices were set in pennies, but the government did not print any bills larger than, say 5000 pennies, which is just $50. Mostly you would have one, five and ten penny bills. You would have to carry around mounds and mounds of bills all the time just to buy groceries or eat in a restaurant.

So when atm and credit cards came to Iceland, Icelanders went for them in a big way -- bigger than any other country probably -- to avoid the hassle of all those krona bills. It developed a more completely electronic banking system probably than any on earth.

Is that basically it, Icelander?

[JDPriestly]

25. That happened in France and in Italy.

They completely re-evaluated the currency. What had been 500 French francs was suddenly 5. I'm not sure that's how it worked, but it was something like that. It was really strange when we were in France in the 1960s. The same was true for Italian lira. You could spend enormous amounts of lira just to by a bus ticket to get around town.

Was it just a problem with the currency in that sense or was it something more serious?

[OmmmSweetOmmm]

11. We just had the biggest heist of our treasury in history, except for the 3 trillion dollars

still unaccounted for in the Pentagon, reported on 9/10/2001.

I am so sorry that your beautiful country is also a victim of these banksters.

[HamdenRice]

12. You're right Icelander. It's "credit default swaps" against Iceland banks

that cause the shorting. So far only a very few people have figured out precisely why credit default swaps cause massive shorting. I've been working on an article on this all week, and will post something about it this afternoon or evening here or at my blog.

But you are right: credit default swaps are like fire insurance policies that encourage -- actually force -- your insurance company to come to your house and burn in down.

[leftofthedial]

15. Welcome to global capitalism!

Have a nice day!

[SmokingJacket]

16. Kick -- surely they're looking for their next victim as we type. nt

[Waiting For Everyman]

17. This needs some justice.

These bank-types need to be stopped wherever they're doing this kind of stuff. Everywhere they're doing it. This kind of speculation had a lot to do with driving up gas prices this year.

It's the Enron scam.

[ensho]

18. kick

nt

[lovuian]

19. They want to control all the countries financial systems

Iceland was going to be their tax haven

and they blew it

[formercia]

20. The boys will destroy anything or anyone they can't own or control.

and they refuse to go without taking everyone down with them.

[Uncle Joe]

21. I don't know enough about banking but I wonder if this was the old system

fighting against the evolutionary new system? I believe you may be correct, sort of like G.M. working to shut down the electric car.

"I have a feeling that these bastards got scared of the apparently "too" efficient Icelandic internet-bank model."

Kicked and recommended.

Thanks for the thread, Icelander.

[Icelander]

22. Another Krugman Article

The plot against Iceland


"On a gloomy North Atlantic evening in January, a group of international hedge fund managers gathered in the stylish bar of 101 Hotel in downtown Reykjavik at 8pm for a drink before dinner. They had been flown to Iceland by Bear Stearns, the US investment bank that two months later had to be rescued. Bear had organised the excursion to discuss the bizarre state of Iceland’s economy. What transpired at this dinner has entered into legend within Iceland’s close-knit financial community."


Article here.

The plot against Iceland

[femrap]

23. I haven't heard anyone mention

the regulation of Hedge Funds, have you? They're free to do whatever...I hope they choke on their green paper.