So what's up with Iceland?

[Hot-Streak]

Anyone know what's going on in Iceland? When I went on a vacation to Iceland a few years back with my parents, it was the most beautiful place I've ever been in my entire life. And come to find out, it was the best place to live in the world until last year. Now, for some reason, it's bumped to #2 on the world list because of the current world financial crisis. Seems their record of being the richest, is dropping greatly.

So to anyone who knows, or lives there, what's going on?! I mean, the same thing is going on inside the U.S., but Iceland? Are you serious? What's up? Everything is still O.K. over their right?

Attack the U.S., I'll fight for my country. But attack Iceland... you best believe I'll be on the front line defending that place...

[Ravenstein]

I guess you could say that Iceland has this thing going on...

If you know Norse/Icelandic history, that is really funny.

[Hot-Streak]

What do you mean, "thing"?

I don't know much about Icelandic history. I just hope they pull threw this financial crisis...... Would hate to see that place fall...

[Ravenstein]

What do you mean, "thing"?

I don't know much about Icelandic history. I just hope they pull threw this financial crisis...... Would hate to see that place fall...

If you have never heard of the Icelandic Thing (http://en.wikipedia.org/wiki/Al%C3%BEingi), here is some basic info on it. The Germano-Nordic-Icelandic Thing was an important step towards democracy and popular government in western civilization. It had a much closer impact on the evolution of modern democracy then the Greek democracies did. Geez, what are they teaching people in schools?

[Ravenstein]

If you have never heard of the Icelandic Thing (http://en.wikipedia.org/wiki/Al%C3%BEingi), here is some basic info on it. The Germano-Nordic-Icelandic Thing was an important step towards democracy and popular government in western civilization. It had a much closer impact on the evolution of modern democracy then the Greek democracies did. Geez, what are they teaching people in schools?

And here is some more generalized information on the Thing (http://en.wikipedia.org/wiki/Thing_(assembly)).

[Hot-Streak]

If you have never heard of the Icelandic Thing (http://en.wikipedia.org/wiki/Al%C3%BEingi), here is some basic info on it. The Germano-Nordic-Icelandic Thing was an important step towards democracy and popular government in western civilization. It had a much closer impact on the evolution of modern democracy then the Greek democracies did. Geez, what are they teaching people in schools?

Ah, I see. Well, thanks for explaining that in your own informational/DICKish way. I'm sorry that i'm not educated in Icelandic history, cry me a river.:rolleyes:

Whatever aside, I just hope that place pulls through.

[Hot-Streak]

Also to add, how would that, in any case, cause a financial crisis within Iceland after soo many years?

[focuspark]

The Kronar (Iceland's "dollar") devalued steeply, and they saw all their money basically vaporize over night. On the upside, any debt you had in Kronar will be easy to pay off now. :rolleyes:

[Robota]

Don't be mean to Raven. She's twice the man you are XD

But yeah seriously if you don't know something wiki it dumbass.

[Hot-Streak]

Don't be mean to Raven. She's twice the man you are XD

But yeah seriously if you don't know something wiki it dumbass.

I lol'd..... Ah, thick skin...., Gotta love it :D. I love the internet retards of today, so smart.

[Little_Unicorn]

Sparkle sparkle! So its like this...

Iceland has a thing, and the thing went wonky...
They also have (had) lots of banks that stacked up on dodgy loans...
Well... With a wonky thing and dodgy loans it was only a matter of time....
WHAM! Everyone loses their jobs, piggy flu sweeps across the world and the ice-cream harvest fails!

Oh dear...

[Hot-Streak]

It sucks tho that it had to be Iceland.... Hope everything goes back to the way it was. But for some reason, I'm really doubting it will....

Check this place out!

http://www.ke5ways.bham.sch.uk/sections/4/trips/iceland06.html

http://images.google.com/images?hl=en&client=firefox-a&channel=s&rls=org.mozilla:en-US:official&hs=Zky&ei=ZvD-Sc27GIWjtgem66ySDA&resnum=0&q=iceland%20blue%20lagoon&um=1&ie=UTF-8&sa=N&tab=wi

[Ravenstein]

I lol'd..... Ah, thick skin...., Gotta love it :D. I love the internet retards of today, so smart.

He doesn't just have thick skin, he has robot armor plating!

And my post has little to do with Iceland's financial crisis, it was an explanation of the bad pun I made in my first post coupled with making fun of how the American 'educational' system for the most part pretends that other countries exist as pretty colors on a map.

Iceland's economic issues are not unique to Iceland; the whole world is experiencing similar turmoil at this time. There is an excellent summary of Iceland's situation in the CIA World Fact Book (https://www.cia.gov/library/publications/the-world-factbook/)'s entry on Iceland (https://www.cia.gov/library/publications/the-world-factbook/geos/ic.html)
Much of Iceland's economic growth in recent years came as the result of a boom in domestic demand following the rapid expansion of the country's financial sector. Domestic banks expanded aggressively in foreign markets, and consumers and businesses borrowed heavily in foreign-currency loans, following the privatization of the sector in the early 2000s. Worsening global financial conditions throughout 2008 resulted in a sharp depreciation of the krona vis-a-vis other major currencies. The foreign exposure of Icelandic banks, whose loans and other assets totaled more than 10 times the country's GDP, became unsustainable. Iceland's three largest banks collapsed in late 2008. The country negotiated over $10 billion in loans from the IMF and other countries to stabilize its currency and financial sector, and to guarantee foreign deposits in Icelandic banks. A protracted recession is expected in 2009 and 2010 with GDP likely to contract and unemployment likely to surpass 10%.
There, less snarky?:p

[Hot-Streak]

Yes, that was very well explained, thanks^^. Just wanted to know the quick low-down on the situation.