Tiny Iceland has seen its banks and currency collapse in just a few weeks while prices and unemployment soar — leaving a country regarded as a model of Scandinavian prosperity in a state of shock.
Excerpt; second link.
Spoiler!
Quote:
Iceland, a nation recently prided as a great example of the “Scandinavian Model” of a prosperous welfare system, has in a matter of months been transformed into the least politically and economically stable nation in Europe.
People getting loans from the bank that they cant pay back so their bankrupt. Banks are becoming bankrupt also... I would have to say the government of some countries are rich as hell since they get their money in taxes. But walmart is also seeing a rise in customers.
well, iceland sure wont be rich xD 11,8 percent inflation a year, highest base interest(?) rate off the world at 15,5 percent, and the value off their currency went down by 25% this year compared to the euro >.< ... ouch
Joined: Nov 2006 Posts: 5136 Location: Final Fantasy Versus 13.
Iceland's sinking fast.
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Joined: Jan 2007 Posts: 9841 Location: US - Illidan
yeah has been going on for awhile, but i like the whole [NEWS] bracket thing. Icelands not the only country thats been hit hard by this economic crisis, i've said it b4 its only a matter of time before we see more countries rioting...
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Joined: Nov 2006 Posts: 5136 Location: Final Fantasy Versus 13.
user wrote:
you gets wanna pitch in some money to buy iceland? i got 3k and 3mil sro gold
Invest it in an Education..
_________________ Bmw 6 Series owner. Bleach fan. Music Fan. Reise for Mod. ~ Those who make peaceful revolution impossible will make violent revolution inevitable..
The banks are collapsing. The government is collapsing. The society is starting to riot. ????? Who can PROFIT!? No-one. Everyone gets farked. The people that do profit [at the expense of none] are those who practiced some prudence.
ImmortalKiller wrote:
Many people have the idea that if someone is losing money, someone is gaining money.
Not so.
I don't have the time to prove my point, but just because person A lost $10 doesn't mean someone somewhere gained $10.
Joined: Dec 2006 Posts: 3053 Location: A place far far away
ImmortalKiller wrote:
I don't have the time to prove my point, but just because person A lost $10 doesn't mean someone somewhere gained $10.
Where is the $10 dollars then? Just like the law of conservation of something, mass? (in this case money) doesn't just appear and disappear out of nowhere
Joined: Jul 2006 Posts: 7885 Location: At the apple store, Cause i'm an iAddict.
Well, it's great for a friend of mine, since he's going to iceland in january. Everything is cheap as hell, with the Icelandic Krona being very favourable to the Euro.
So in a way, he's gaining money There will always be people profiting off anothers loss, one way or another.
user wrote:
ImmortalKiller wrote:
I don't have the time to prove my point, but just because person A lost $10 doesn't mean someone somewhere gained $10.
Where is the $10 dollars then? Just like the law of conservation of something, mass? (in this case money) doesn't just appear and disappear out of nowhere
Well, it's great for a friend of mine, since he's going to iceland in january. Everything is cheap as hell, with the Icelandic Krona being very favourable to the Euro.
So in a way, he's gaining money There will always be people profiting off anothers loss, one way or another.
user wrote:
ImmortalKiller wrote:
I don't have the time to prove my point, but just because person A lost $10 doesn't mean someone somewhere gained $10.
Where is the $10 dollars then? Just like the law of conservation of something, mass? (in this case money) doesn't just appear and disappear out of nowhere
Oh c'mon, grab a book about minor Economics.
Awww. You replied before me.
Imagine this:
Jim decides to buy out company A for 10$ a share.
Jim has all of a company's stock.
Jim's stock is dropping, and he is trying to sell his stock before it's too late. He sells at 6$ a share.
I buy all of his stock thinking that the company will turn around.
It continues to decline and the company goes bankrupt.
The only interaction of money was between me and Jim. Nobody won money, everyone lost.
The law of conservation of mass has NOTHING to do with economics.
Well, it's great for a friend of mine, since he's going to iceland in january. Everything is cheap as hell, with the Icelandic Krona being very favourable to the Euro.
So in a way, he's gaining money There will always be people profiting off anothers loss, one way or another.
user wrote:
Where is the $10 dollars then? Just like the law of conservation of something, mass? (in this case money) doesn't just appear and disappear out of nowhere
Oh c'mon, grab a book about minor Economics.
Awww. You replied before me.
Imagine this:
Jim decides to buy out company A for 10$ a share.
Jim has all of a company's stock.
Jim's stock is dropping, and he is trying to sell his stock before it's too late. He sells at 6$ a share.
I buy all of his stock thinking that the company will turn around.
It continues to decline and the company goes bankrupt.
The only interaction of money was between me and Jim. Nobody won money, everyone lost.
The law of conservation of mass has NOTHING to do with economics.
People have to stop treating economics like a science. It isn't complicated, but they color it a certain way causing all kinds of misconceptions among the public.
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