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	<title>Comments for Economic Disaster Area</title>
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	<description>"Students interested in economics and finance should closely follow this new Iceland saga, for it is the most dramatic story yet to illustrate how reckless bankers let loose in a free market can destroy entire economies." - Uwe E. Reinhardt November 3, 2008</description>
	<lastBuildDate>Thu, 02 Apr 2009 11:51:37 +0000</lastBuildDate>
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		<title>Comment on I predict a riot by Matt West</title>
		<link>http://economicdisaster.wordpress.com/2008/11/22/i-predict-a-riot/#comment-445</link>
		<dc:creator>Matt West</dc:creator>
		<pubDate>Thu, 02 Apr 2009 11:51:37 +0000</pubDate>
		<guid isPermaLink="false">http://economicdisaster.wordpress.com/?p=210#comment-445</guid>
		<description>There are a number of protests taking place around the world. However, tackling the complex issues of our day (ie, global recession, climate change) within the frameworks of our democracies will require broad support. As I write in an article for The Green Market (http://thegreenmarket.blogspot.com/2009/04/g20-protestors-dilute-green-message.html) current protests threaten to undermine Green advocacy.</description>
		<content:encoded><![CDATA[<p>There are a number of protests taking place around the world. However, tackling the complex issues of our day (ie, global recession, climate change) within the frameworks of our democracies will require broad support. As I write in an article for The Green Market (<a href="http://thegreenmarket.blogspot.com/2009/04/g20-protestors-dilute-green-message.html" rel="nofollow">http://thegreenmarket.blogspot.com/2009/04/g20-protestors-dilute-green-message.html</a>) current protests threaten to undermine Green advocacy.</p>
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		<title>Comment on Why whales? by Mister Wu</title>
		<link>http://economicdisaster.wordpress.com/2009/03/21/why-whales/#comment-444</link>
		<dc:creator>Mister Wu</dc:creator>
		<pubDate>Wed, 01 Apr 2009 02:37:04 +0000</pubDate>
		<guid isPermaLink="false">http://economicdisaster.wordpress.com/?p=1379#comment-444</guid>
		<description>Even if it is not illogical, it is psychopathic to kill intellegent self aware beings. The have long enduring relationships with their own kind, killing one whale effects others. That is where the emotional empathic decision comes in. Europeans use to kill of Aborigines because they couldn&#039;t see them as &quot;humans.&quot; Oh they spoke a diffenent language and didn&#039;t live in houses. Someday if they learn to communucation with whales what horrors and atrociies will we learn we have committed. Whales have been here for 60 millionms years to say they now they are harming the enviroment is ludicous to the Nth degree.</description>
		<content:encoded><![CDATA[<p>Even if it is not illogical, it is psychopathic to kill intellegent self aware beings. The have long enduring relationships with their own kind, killing one whale effects others. That is where the emotional empathic decision comes in. Europeans use to kill of Aborigines because they couldn&#8217;t see them as &#8220;humans.&#8221; Oh they spoke a diffenent language and didn&#8217;t live in houses. Someday if they learn to communucation with whales what horrors and atrociies will we learn we have committed. Whales have been here for 60 millionms years to say they now they are harming the enviroment is ludicous to the Nth degree.</p>
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		<title>Comment on The End of Mainstream Economics: An Interview with Gunnar Tómasson by Vilhjalm A.</title>
		<link>http://economicdisaster.wordpress.com/2009/03/30/the-end-of-mainstream-economics-an-interview-with-gunnar-tomasson/#comment-443</link>
		<dc:creator>Vilhjalm A.</dc:creator>
		<pubDate>Tue, 31 Mar 2009 11:47:10 +0000</pubDate>
		<guid isPermaLink="false">http://economicdisaster.wordpress.com/?p=1429#comment-443</guid>
		<description>A small bit of good news. It looks like the laws are being changed to allow &quot;cramdowns&quot;, ie modifications of loan-terms by courts for those who can&#039;t pay.
http://ruv.is/heim/frettir/frett/store64/item258138/
The bad news is that this new law is probably not available to you unless you are about to declare bankruptcy. Also, it looks like the law applies not just to home-mortgages but to all kinds of debt, so probably it will be used mostly by businesses. 

Gjaldþrotalög í siðlausu samfélagi
Ný lög um greiðsluaðlögun vegna veðlausra lána

Ef gjaldþrotalög á Íslandi væru eins og í siðmenntuðum samfélögum í kringum okkar, þá væri betra að láta þessar ábyrgðir falla á lánveitandann. Láta bankana bera ábyrgð á því að hafa lánað fólki of mikið.
Í nágrannasamfélögum okkar geta einstaklingar farið í gjaldþrot og byrjað á núlli eftir 2-5 ár.
Hér í þrælakistunni hafa lánastofnanir lögbundið leyfi til að vekja upp kröfuna og haldið henni vakandi alla æfi. Þannig að Íslendingar geta ALDREI BYRJAÐ Á NÚLLI.
Kannski er þetta mannréttindabrot samkvæmt EES?

http://okurvextir.blogspot.com/2009/03/gjaldrotalog-i-silausu-samfelagi.html</description>
		<content:encoded><![CDATA[<p>A small bit of good news. It looks like the laws are being changed to allow &#8220;cramdowns&#8221;, ie modifications of loan-terms by courts for those who can&#8217;t pay.<br />
<a href="http://ruv.is/heim/frettir/frett/store64/item258138/" rel="nofollow">http://ruv.is/heim/frettir/frett/store64/item258138/</a><br />
The bad news is that this new law is probably not available to you unless you are about to declare bankruptcy. Also, it looks like the law applies not just to home-mortgages but to all kinds of debt, so probably it will be used mostly by businesses. </p>
<p>Gjaldþrotalög í siðlausu samfélagi<br />
Ný lög um greiðsluaðlögun vegna veðlausra lána</p>
<p>Ef gjaldþrotalög á Íslandi væru eins og í siðmenntuðum samfélögum í kringum okkar, þá væri betra að láta þessar ábyrgðir falla á lánveitandann. Láta bankana bera ábyrgð á því að hafa lánað fólki of mikið.<br />
Í nágrannasamfélögum okkar geta einstaklingar farið í gjaldþrot og byrjað á núlli eftir 2-5 ár.<br />
Hér í þrælakistunni hafa lánastofnanir lögbundið leyfi til að vekja upp kröfuna og haldið henni vakandi alla æfi. Þannig að Íslendingar geta ALDREI BYRJAÐ Á NÚLLI.<br />
Kannski er þetta mannréttindabrot samkvæmt EES?</p>
<p><a href="http://okurvextir.blogspot.com/2009/03/gjaldrotalog-i-silausu-samfelagi.html" rel="nofollow">http://okurvextir.blogspot.com/2009/03/gjaldrotalog-i-silausu-samfelagi.html</a></p>
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		<title>Comment on About by C.A.K</title>
		<link>http://economicdisaster.wordpress.com/about/#comment-442</link>
		<dc:creator>C.A.K</dc:creator>
		<pubDate>Tue, 31 Mar 2009 09:46:01 +0000</pubDate>
		<guid isPermaLink="false">#comment-442</guid>
		<description>good job making this. See http://www.huffingtonpost.com/iris-lee/icelands-irreplaceable-ge_b_177663.html</description>
		<content:encoded><![CDATA[<p>good job making this. See <a href="http://www.huffingtonpost.com/iris-lee/icelands-irreplaceable-ge_b_177663.html" rel="nofollow">http://www.huffingtonpost.com/iris-lee/icelands-irreplaceable-ge_b_177663.html</a></p>
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		<title>Comment on The End of Mainstream Economics: An Interview with Gunnar Tómasson by Vilhjalm A.</title>
		<link>http://economicdisaster.wordpress.com/2009/03/30/the-end-of-mainstream-economics-an-interview-with-gunnar-tomasson/#comment-440</link>
		<dc:creator>Vilhjalm A.</dc:creator>
		<pubDate>Tue, 31 Mar 2009 00:14:51 +0000</pubDate>
		<guid isPermaLink="false">http://economicdisaster.wordpress.com/?p=1429#comment-440</guid>
		<description>&quot;There is no point debating these issues with those whose livelihood depends on them being sound. We must wait until everything goes to hell in a handbasket, if you excuse the language, and then we will give them our telephone number.&quot;

Yes, it&#039;s all true - the entire system is a fake, built on false assumptions.
A number of economists have been predicting the &quot;doomsday scenario&quot; for quite a few years, Paul Krugman, Nouriel Roubini, Robert Schiller, Michael Hudson, one or two other Nobel winners.
But nobody paid any attention to them. 
And even now nobody listens to them. The current American strategy of pumping money into the banks is fatally flawed, and Krugman and others have clearly pointed this out. The only solution is total bank nationalization, forcing creditors to take losses, and debt write-offs and write-downs. Instead, the US is trying to re-inflate the system by printing money. That is the only solution the US has for any problem. The US had a small crash in real estate in the early 90s, so they inflated the stock market up until 2001. Then the stock market crashed, so they inflated the real estate market. Now they are printing money to try to reinflate both stocks and real estate and thus delaying the inevitable, once again.
So now we have to wait until the dollar crashes until there is another opportunity for reform of the system. And even then there won&#039;t be a real solution, but some new trick, like replacing the dollar for a &quot;new dollar&quot;, for Americans only, thus allowing the US to cancel its foreign debt.  

Actually, these discussions are irrelevant to Iceland. Iceland is completely insolvent and can only survive on IMF and Norwegian loans. The game is already over for Iceland. The only hope for the future is a gift of a currency that has real value, the Euro, and foreign debt write-off, and/or simply handing over the country to Norway or Germany as a protectorate, colony or fiefdom. For instance, Norway could manage the country, re-train a large portion of Icelanders to work in their oil industry. Iceland could be a viable country again if 50-80,000 people had real jobs generating foreign currency. Otherwise, it&#039;s bankruptcy and emigration.</description>
		<content:encoded><![CDATA[<p>&#8220;There is no point debating these issues with those whose livelihood depends on them being sound. We must wait until everything goes to hell in a handbasket, if you excuse the language, and then we will give them our telephone number.&#8221;</p>
<p>Yes, it&#8217;s all true &#8211; the entire system is a fake, built on false assumptions.<br />
A number of economists have been predicting the &#8220;doomsday scenario&#8221; for quite a few years, Paul Krugman, Nouriel Roubini, Robert Schiller, Michael Hudson, one or two other Nobel winners.<br />
But nobody paid any attention to them.<br />
And even now nobody listens to them. The current American strategy of pumping money into the banks is fatally flawed, and Krugman and others have clearly pointed this out. The only solution is total bank nationalization, forcing creditors to take losses, and debt write-offs and write-downs. Instead, the US is trying to re-inflate the system by printing money. That is the only solution the US has for any problem. The US had a small crash in real estate in the early 90s, so they inflated the stock market up until 2001. Then the stock market crashed, so they inflated the real estate market. Now they are printing money to try to reinflate both stocks and real estate and thus delaying the inevitable, once again.<br />
So now we have to wait until the dollar crashes until there is another opportunity for reform of the system. And even then there won&#8217;t be a real solution, but some new trick, like replacing the dollar for a &#8220;new dollar&#8221;, for Americans only, thus allowing the US to cancel its foreign debt.  </p>
<p>Actually, these discussions are irrelevant to Iceland. Iceland is completely insolvent and can only survive on IMF and Norwegian loans. The game is already over for Iceland. The only hope for the future is a gift of a currency that has real value, the Euro, and foreign debt write-off, and/or simply handing over the country to Norway or Germany as a protectorate, colony or fiefdom. For instance, Norway could manage the country, re-train a large portion of Icelanders to work in their oil industry. Iceland could be a viable country again if 50-80,000 people had real jobs generating foreign currency. Otherwise, it&#8217;s bankruptcy and emigration.</p>
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		<title>Comment on A letter to a brother abroad by Roy</title>
		<link>http://economicdisaster.wordpress.com/2009/03/29/a-letter-to-a-brother-abroad/#comment-438</link>
		<dc:creator>Roy</dc:creator>
		<pubDate>Mon, 30 Mar 2009 19:21:44 +0000</pubDate>
		<guid isPermaLink="false">http://economicdisaster.wordpress.com/?p=1427#comment-438</guid>
		<description>Iceland could use a little more of this..

http://www.huffingtonpost.com/arianna-huffington/announcing-the-launch-of-_b_180543.html</description>
		<content:encoded><![CDATA[<p>Iceland could use a little more of this..</p>
<p><a href="http://www.huffingtonpost.com/arianna-huffington/announcing-the-launch-of-_b_180543.html" rel="nofollow">http://www.huffingtonpost.com/arianna-huffington/announcing-the-launch-of-_b_180543.html</a></p>
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		<title>Comment on Iceland names new interim central bank governor by darkhorsetrader</title>
		<link>http://economicdisaster.wordpress.com/2009/02/27/iceland-names-new-interim-central-bank-governor/#comment-437</link>
		<dc:creator>darkhorsetrader</dc:creator>
		<pubDate>Mon, 30 Mar 2009 18:59:06 +0000</pubDate>
		<guid isPermaLink="false">http://economicdisaster.wordpress.com/?p=1208#comment-437</guid>
		<description>Please tell us who this is?  Is this good or bad?</description>
		<content:encoded><![CDATA[<p>Please tell us who this is?  Is this good or bad?</p>
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		<title>Comment on A letter to a brother abroad by C.A.K</title>
		<link>http://economicdisaster.wordpress.com/2009/03/29/a-letter-to-a-brother-abroad/#comment-436</link>
		<dc:creator>C.A.K</dc:creator>
		<pubDate>Mon, 30 Mar 2009 18:51:15 +0000</pubDate>
		<guid isPermaLink="false">http://economicdisaster.wordpress.com/?p=1427#comment-436</guid>
		<description>&quot;used to get so much free stuff while traveling..&quot; If it wasn&#039;t for that sentence i slightly could have accepted what you wrote. but that there just makes you sound like an annoying spoiled kid, who is just about to realize the old  saying: there is no such thing as free meal!</description>
		<content:encoded><![CDATA[<p>&#8220;used to get so much free stuff while traveling..&#8221; If it wasn&#8217;t for that sentence i slightly could have accepted what you wrote. but that there just makes you sound like an annoying spoiled kid, who is just about to realize the old  saying: there is no such thing as free meal!</p>
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		<title>Comment on Hallelujah by Roy</title>
		<link>http://economicdisaster.wordpress.com/2009/03/29/hallelujah/#comment-435</link>
		<dc:creator>Roy</dc:creator>
		<pubDate>Mon, 30 Mar 2009 17:58:12 +0000</pubDate>
		<guid isPermaLink="false">http://economicdisaster.wordpress.com/?p=1424#comment-435</guid>
		<description>And who did they pick? Another F****ng lawyer!</description>
		<content:encoded><![CDATA[<p>And who did they pick? Another F****ng lawyer!</p>
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		<title>Comment on Newcastle United owed £225,000 by Baugur by Kjartan</title>
		<link>http://economicdisaster.wordpress.com/2009/03/22/newcastle-united-owed-225000-by-baugur/#comment-429</link>
		<dc:creator>Kjartan</dc:creator>
		<pubDate>Fri, 27 Mar 2009 14:17:28 +0000</pubDate>
		<guid isPermaLink="false">http://economicdisaster.wordpress.com/?p=1401#comment-429</guid>
		<description>Did they drop the box when they found out that in order to use the seats it was obligatory to have &quot;NUFC&quot; tattooed on your fat, shirtless belly and add &quot;-like&quot; at the end of every sentence?</description>
		<content:encoded><![CDATA[<p>Did they drop the box when they found out that in order to use the seats it was obligatory to have &#8220;NUFC&#8221; tattooed on your fat, shirtless belly and add &#8220;-like&#8221; at the end of every sentence?</p>
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