Why Iceland recovered so quickly from recession
- Thread starter Maggot
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Re: Why Iceland recovered so quickly from recession
Because, there are those in power that do not want a recovery. They are orchestrating a controlled decline toward a complete and total economic collapse. Once that has happened they can then bribe us with aid...and the price will be nothing more than ditching our pesky constitution.
Because, there are those in power that do not want a recovery. They are orchestrating a controlled decline toward a complete and total economic collapse. Once that has happened they can then bribe us with aid...and the price will be nothing more than ditching our pesky constitution.
Re: Why Iceland recovered so quickly from recession
Because there are only about 350k people on the entire island. It's much easier to recover when you don't have to support millions of freeloaders.
Because there are only about 350k people on the entire island. It's much easier to recover when you don't have to support millions of freeloaders.
Re: Why Iceland recovered so quickly from recession
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mike</div><div class="ubbcode-body">Because there are only about 350k people on the entire island. It's much easier to recover when you don't have to support millions of freeloaders.</div></div>
AMEN brother!
Tax rate in Kali is now highest in the country at 51% NOT including SS and Medicare. Get ready Texas here comes all the businesses.
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mike</div><div class="ubbcode-body">Because there are only about 350k people on the entire island. It's much easier to recover when you don't have to support millions of freeloaders.</div></div>
AMEN brother!
Tax rate in Kali is now highest in the country at 51% NOT including SS and Medicare. Get ready Texas here comes all the businesses.
Re: Why Iceland recovered so quickly from recession
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mike</div><div class="ubbcode-body">Because there are only about 350k people on the entire island. It's much easier to recover when you don't have to support millions of freeloaders. </div></div>
Though populist, this view isn't supported by the facts. The average debt per capita of the Icelanders was much higher. Theirs, as was/is ours, was a wholly financial industry caused crisis and not one brought about or perpetuated by the size of the welfare programs. The Icelandic banks loaded up on securitized debt instruments in a hedge play that blew up in their faces. The European banks in turn demanded payment, the Icelanders told them to go stick it, engaged in very austere responses at home, went through acute pain and then got out of it by changing the rules of the game for domestic banks so they couldn't put the future of the country at risk again.
Here is the US and over in Europe, none of those measure were taken.
What's happening now in regards to freeloaders is that they've been mobilized through the vote and have now become a powerful voting block. Previously, they were a very apathetic voting entity - no more! I think we're as likely to see welfare reform as we are likely to see reforms in subsidies for corn farmers, roll back of union power or effective banking regulation. By the way, I equate much of Wall St. to be as much a bunch of freeloadering parasites who contribute nothing as the dude who lives on welfare as a matter of lifestyle choice or the woman who has 6 kids from 6 different fathers, is unemployed and lives in assisted housing...
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mike</div><div class="ubbcode-body">Because there are only about 350k people on the entire island. It's much easier to recover when you don't have to support millions of freeloaders. </div></div>
Though populist, this view isn't supported by the facts. The average debt per capita of the Icelanders was much higher. Theirs, as was/is ours, was a wholly financial industry caused crisis and not one brought about or perpetuated by the size of the welfare programs. The Icelandic banks loaded up on securitized debt instruments in a hedge play that blew up in their faces. The European banks in turn demanded payment, the Icelanders told them to go stick it, engaged in very austere responses at home, went through acute pain and then got out of it by changing the rules of the game for domestic banks so they couldn't put the future of the country at risk again.
Here is the US and over in Europe, none of those measure were taken.
What's happening now in regards to freeloaders is that they've been mobilized through the vote and have now become a powerful voting block. Previously, they were a very apathetic voting entity - no more! I think we're as likely to see welfare reform as we are likely to see reforms in subsidies for corn farmers, roll back of union power or effective banking regulation. By the way, I equate much of Wall St. to be as much a bunch of freeloadering parasites who contribute nothing as the dude who lives on welfare as a matter of lifestyle choice or the woman who has 6 kids from 6 different fathers, is unemployed and lives in assisted housing...
Re: Why Iceland recovered so quickly from recession
Not quite EH.
First, here is the fact. Iceland only has a population of 315K +/-. Regardless of the reason behind the cause of their debt, the lack of government leaches had an effect on their ability to recover. You admit to this very fact when you say "freeloaders...have become a powerful voting block". If they were not a powerful voting block, we would be well on our way to recovery by now. Would Iceland have recovered if 40% of their population were freeloaders?
And your Wall St. comparison is so ridiculous I will not even address it other than to note its absurdity.
Not quite EH.
First, here is the fact. Iceland only has a population of 315K +/-. Regardless of the reason behind the cause of their debt, the lack of government leaches had an effect on their ability to recover. You admit to this very fact when you say "freeloaders...have become a powerful voting block". If they were not a powerful voting block, we would be well on our way to recovery by now. Would Iceland have recovered if 40% of their population were freeloaders?
And your Wall St. comparison is so ridiculous I will not even address it other than to note its absurdity.
Re: Why Iceland recovered so quickly from recession
Why is this posted and why do we even care ?
Some of you are trying my patience with this crap.
Why is this posted and why do we even care ?
Some of you are trying my patience with this crap.
Re: Why Iceland recovered so quickly from recession
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mike</div><div class="ubbcode-body">Not quite EH.
First, here is the fact. Iceland only has a population of 315K +/-. Regardless of the reason behind the cause of their debt, the lack of government leaches had an effect on their ability to recover. You admit to this very fact when you say "freeloaders...have become a powerful voting block". If they were not a powerful voting block, we would be well on our way to recovery by now. Would Iceland have recovered if 40% of their population were freeloaders?
And your Wall St. comparison is so ridiculous I will not even address it other than to note its absurdity. </div></div>
Exactly Mike.
Iceland? Really??
We have surburbs of our major cities bigger than Iceland. Add to that large portions of every population center in our country (which happens to drive the vote) are on some form of welfare or another.
It never ceases to amaze me how you can even take a statement like that seroiusly and try to put it in context to the USA.
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mike</div><div class="ubbcode-body">Not quite EH.
First, here is the fact. Iceland only has a population of 315K +/-. Regardless of the reason behind the cause of their debt, the lack of government leaches had an effect on their ability to recover. You admit to this very fact when you say "freeloaders...have become a powerful voting block". If they were not a powerful voting block, we would be well on our way to recovery by now. Would Iceland have recovered if 40% of their population were freeloaders?
And your Wall St. comparison is so ridiculous I will not even address it other than to note its absurdity. </div></div>
Exactly Mike.
Iceland? Really??
We have surburbs of our major cities bigger than Iceland. Add to that large portions of every population center in our country (which happens to drive the vote) are on some form of welfare or another.
It never ceases to amaze me how you can even take a statement like that seroiusly and try to put it in context to the USA.
Re: Why Iceland recovered so quickly from recession
I think it's likely the ratio of producers to leeches rather than absolute number that makes the difference.
In Iceland, deregulated banks weren't able to refinance massive debt obligations they had taken on when the world's economy started to turn in 2007, and the three major commercial banks in Iceland collapsed. Their relatively small population may have contributed to their ability to quickly take corrective measures, but 315k people paying off 315k people's debt isn't otherwise on its own substantially different from 315M people paying off 315M people's debt.
EventHorizon and Mike's points regarding a welfare class are a real concern to me, though - too may people aren't expected to pay even a dime in taxes, and expect the government to simply provide for them. I wouldn't mind seeing some rule requiring everyone to pay at least some baseline, say 5-7%, so that they have some incentive to care about how tax dollars are spent.
I think it's likely the ratio of producers to leeches rather than absolute number that makes the difference.
In Iceland, deregulated banks weren't able to refinance massive debt obligations they had taken on when the world's economy started to turn in 2007, and the three major commercial banks in Iceland collapsed. Their relatively small population may have contributed to their ability to quickly take corrective measures, but 315k people paying off 315k people's debt isn't otherwise on its own substantially different from 315M people paying off 315M people's debt.
EventHorizon and Mike's points regarding a welfare class are a real concern to me, though - too may people aren't expected to pay even a dime in taxes, and expect the government to simply provide for them. I wouldn't mind seeing some rule requiring everyone to pay at least some baseline, say 5-7%, so that they have some incentive to care about how tax dollars are spent.
