Currency worthless, interest rates 18%

[Watcher]

That's the situation in Iceland right now. I've been puzzled by the lack of interest in the situation there, it is a real life case of SHTF in a Western nation, happening right now. All real survivalists should be watching very very closely.

Icelands currency is now 'non convertible'. That means it technically has no value whatsoever and can not be used to purchase any needed imports. The Icelandic Central Bank has raised interest rates to 18% (Think about what that means for mortgages and credit cards for a moment) and has negotiated a large loan from the IMF in the hope that the Icelandic currency can become convertible again.

At the moment Iceland has to pay for all imports with it's limited reserves of foreign currency which are fast running out and is in urgent negotiations with Nordic countries and with Russia for emergency loans.

According to Bloomsberg news service, supermarkets in Iceland normally are resupplied each week, no supplies have arrived in the last two weeks and managers are quoted as saying that they don't know when the next deliveries of supplies are expected.

[noisynick]

watcher Good Post......
We should take a lesson from what is going on there as too what could happen here.
Thats probably the reason the news Media has had very little out there on the subject of Iceland, don't want too spook the populace here.
Trade only will occur when both partys have something of value remeber that next time you holld 100 dollar bill in your hand to buy a tank of gas..........

[anne36]

So, there is no food in the supermarkets?

Thats what would happen here if a week if we had no resupply.

I dont have cable, but i havent seen any talk about Iceland on the internet news. I do check out alternative news also, but havent had much in updates.

[Lady Bug(ging)]

I've been wondering what was going on in Iceland... It has dropped off news sources. Thanks.

[Watcher]

Originally Posted by anne36

So, there is no food in the supermarkets?

Thats what would happen here if a week if we had no resupply.

I dont have cable, but i havent seen any talk about Iceland on the internet news. I do check out alternative news also, but havent had much in updates.

It's been very hard finding out what is actually happening.

Apparently, 3 weeks ago the Icelandic authorities announced that they had 3 to 5 weeks food stores ready. They also have enough foreign currency to cover another 3 weeks needs.

No mention of what happens after that. People are assuming that Iceland will have been able to get enough foreign loans by then to be able to resume essential imports.

[Pointblank]

What will happen when our dollar has no value around the world?

I believe this willl be "coming to America" very soon. Our dollar is over inflated and our strugle to keep it afloat is sinking other countries as we speak. (type)

I feel the seconds ticking by, and I don't believe our gov can keep our dollar floating much longer, not in the world financial system anyway.

Rome is burning.

Pointblank

[Cpl.Young]

I suspect they don't want to cause more panic here so they want us to ignore it.

[Wright B. Hindya]

Its SHTF on Iceland.
They will survive though.. Allways did, no matter what mrs. Fortuna threw at them.

[FranchiseKid]

Bloomberg has had numerous articles on what is going on in Iceland. Perhaps the mainstream, 5 o'clock news stations are not reporting on it and my guess would be mostly because they do not understand what they are talking about, although that never seems to stop them. This hasn't been hush hush though.

[Watcher]

Originally Posted by Wright B. Hindya

Its SHTF on Iceland.
They will survive though.. Allways did, no matter what mrs. Fortuna threw at them.

Up until very recently, Iceland suffered regular famines in which very large numbers of people regularly died. In the 1700's the population fell by more than half after a series of desperate famines.

No doubt things won't revert to that, however bad things are we haven't reverted to the 18C but i do get surprised by the bland posts i see which explain that everything will be ok because Icelanders are so 'sturdy' and allusions are made to how great their ancestors were.

This is real life here and what is happening in Iceland today could happen on a larger scale elsewhere. I don't know if it will, or if we get lucky and only face a convential deep recession but we need to take it seriously.

[Watcher]

Originally Posted by FranchiseKid

This hasn't been hush hush though.

Almost no reporting taking place on MSM and all the actual facts extremely hard to find.


Considering that an entire nation is in a state of collapse, how much more hush hush could it physically be?

[Miss Tury]

One of the items that I read that scared me was now Iceland is negotiating with Russia for food. WHat does a country that has no currency have to negotiate with? With Iceland give up their sovernty so its people can eat? What would happen if this country was starving? What would we give up to eat?

One more reason to be prepared, to make certain we don't sell our souls for some Russian grain. (Not that we don't grow enough grain ourselves). It's just a lesson to learn from someone else's misfortune.

Tury

[FranchiseKid]

Originally Posted by Watcher

Almost no reporting taking place on MSM and all the actual facts extremely hard to find.


Considering that an entire nation is in a state of collapse, how much more hush hush could it physically be?

I don't know what MSM means but I am guessing "main stream media". I addressed my thoughts on the main stream media's reporting of anything these days financial so, in my mind, their non-reporting of the issues in Iceland is not some kind of conspiracy or attempt to keep things quiet, rather that they do not understand what they are reporting.

Again, these stories have been on Bloomberg's website every week. You are not searching very far if you can find these things on Bloomberg. There are issues today all over the globe that are not being reported on MSM, this is no exception.

[Macumazahn]

Originally Posted by Watcher

That's the situation in Iceland right now. I've been puzzled by the lack of interest in the situation there,

It is a tiny little spec with many ticking time bombs. They have a small GDP and much of it is made up in the declining fisheries and whaling industry. They have also been running a deficit. They are also getting into tourism; not a good business to be in right now. They have been industrialising and paying down their debt but not fast enough it turns out.

The OECD survey released in February stated exactly what happened was a big risk, "the economy remains vulnerable to changes in foreign investor sentiment, especially in the context of fragile global financial-market conditions", and that it had been brewing since the beginning of the previous year. They bet on the economy and lost. If the bubble had taken a couple more years to burst Iceland may well have been a bastion of security.

[Highlander]

Originally Posted by Miss Tury

One of the items that I read that scared me was now Iceland is negotiating with Russia for food. WHat does a country that has no currency have to negotiate with? With Iceland give up their sovernty so its people can eat? What would happen if this country was starving? What would we give up to eat?

One more reason to be prepared, to make certain we don't sell our souls for some Russian grain. (Not that we don't grow enough grain ourselves). It's just a lesson to learn from someone else's misfortune.

Tury

Strategic location in the north atlantic with deep natural ports and a former NATO airbase that has been mothballed for 10 years.

[Watcher]

Originally Posted by FranchiseKid

I addressed my thoughts on the main stream media's reporting of anything these days financial so, in my mind, their non-reporting of the issues in Iceland is not some kind of conspiracy or attempt to keep things quiet, rather that they do not understand what they are reporting.

No one said anything about conspiracies, and the idea that the media is reporting on Iceland because they don't understand what is happening is laughable.

Originally Posted by FranchiseKid

Again, these stories have been on Bloomberg's website every week. You are not searching very far if you can find these things on Bloomberg. There are issues today all over the globe that are not being reported on MSM, this is no exception.

There is a story on Bloomberg, as i have already noted. Odd that there aren't any stories on CNN or MSNBC or FOX or the BBC.

There are lots of stories around the globe, but the story of a Western nation suffering total economic meltdown is a big one and it isn't being reported. If you want to go on believing that's because MSM don't understand the issues and so are not going to talk about them then you just go on telling yourself that

[FranchiseKid]

Originally Posted by Watcher

No one said anything about conspiracies, and the idea that the media is reporting on Iceland because they don't understand what is happening is laughable.



There is a story on Bloomberg, as i have already noted. Odd that there aren't any stories on CNN or MSNBC or FOX or the BBC.

There are lots of stories around the globe, but the story of a Western nation suffering total economic meltdown is a big one and it isn't being reported. If you want to go on believing that's because MSM don't understand the issues and so are not going to talk about them then you just go on telling yourself that

You must trust MSM more than I do then. They have no reason to not report on what is going on in Iceland so unless you believe that there is some cover up to "not spook the rest of the world" I am not sure what you are trying to prove. MSNBC, FOX, CNN are gossip stations at best. I can't help you there.

You say that no one is talking about a conspiracy, then what are YOU talking about when you roll your eyes around? Why wouldn't the MSM report on it then, in your opinion? It IS being reported, just not on the gossip stations that you seem to frequent. Again, can't help you there.

[Hedgehobbit]

The MSM isn't reporting this because 100% of their energy is dedicated to getting Obama elected.


I'm not so much worried about the US since we can grow enough food for our own people so if our currency goes to crap at least we can eat (assuming we can distribute it which is a big IF). I do worry about Hawaii, Tahiti, Guam and other islands. It isn't cost-effective right now for them to grow their own food so they are at great risk for instant starvation.

One thing that the Polynesia people did back in the day was that if they found an island, they'd drop off chickens and pigs a few years before colonizing it. Then, when the settlers showed up they had a readily available food source. There are still wild chickens roaming around some of the islands so if your hungry you can walk into your front yard and grab one. I saw alot of chickens when I was there on vacation.

[Dwind]

its strange that the MSM hasnt said a word considering our economic situation. they THRIVE on fear. They love talking about the latest deaths and infections, and last weeks health tip is this weeks cancer risk...

[Humungus]

we should all keep a very close eye on the situation there. This is exactly the type of event most of us are preparing for. We could learn a lot about what exactly we need to do to be prepared.