Join | Login 

     Popular! Books, Stories, Articles, Poetry
Where Authors and Readers come together!

Signed Bookstore | Authors | eBooks | Books | Stories | Articles | Poetry | Blogs | News | Events | Reviews | Videos | Success | Gold Members | Testimonials

Featured Authors: Bob Mitchley, iRobert Orfali, iPhillip Rice, iSky Purington, iHelen Vandepeer, iDilip Dahanukar, iAlan Greenhalgh, i
  Home > Action/Thriller > Articles
Popular: Books, Stories, Articles, Poetry     

Ian R Thorpe

· Become a Fan
  Notify me of new titles
  added by this author.

· 387 titles
· 1,401 Reviews
· Share with Friends!
· Save to My Library
Member Since: Before 2003

   My Blog
   Contact Author
   Read Reviews

Subscribe to the Ian R Thorpe Newsletter. Enter your name and email below and click "sign me up!"

· Age Of Certainty

· Age Of Certainty

· Blöd Ties

· The Best Of Boggart Blog (vol 1)

· Dimensions of Mystery

· A Two Faced Poet

· Millennium Dawn (anthology)

· A Stroke of Luck

Short Stories
· Bloodaxe Corner

· The Kiss

· Psycho Benefit Fraud

· The Vegetarian Shoemaker Of Barking

· Garry Trotter and the Portal of Pleasure #7

· Garry Trotter and the Portal of Pleasure #3 (Adult Humour)

· The King of the Ribble Delta Blues Singers (humour)

· A Stroke of Luck - Chapter 19

· A Stroke of Luck - Chapter 18

· A Stroke of Luck - Chapter 17

· Freedom Of Speech And Information - Why It Is So Important

· The Science Fraud: Many Scientific Research Papers Are Pure Gobbledegook

· Maybe You Should Think About Getting a Tinfoil Hat After all

· Merry Atheistmas

· High Brasil: Fairy Tale Or Atlantis

· Captive Minds And Intellectual Cowardice

· Is The Universe Helping Us Think

· Deliberately Wrecking Our Environment

· Why War Is Inevitable

· Helping The Mind Cope With Stress

· We Made Love

· The Hands Of Old People

· Time Travellers

· The Pompous Toad

· Bye Bye Blackbird (parody)

· Sleepless Nights Of A Little boy

· Fitness Fanatics Blues

· The Goddess - Anima Mundi

· Spider

· Different Clothes

         More poetry...
· Seasons Greetings

· Poetry Life and Times Interviews Janet Caldwell

· Ian Thorpe on Christian Radio. Unbelieveable

· Season's Greetings

· July Poetry Life and Times

· Poetry Life and Times

· Ian's Audio online at last (specially for halloween)

Ian R Thorpe, click here to update your web pages on AuthorsDen.

Eighteen months ago we were writing about Iceland, a small nation but once upon a time a solvent one, went bankrupt. Our politicians have not learned and at the G20 economic summit nations are divided by the common sense approach versus Bartack Obama's borrow and spend loonytoons economics.

We should perhaps explain that Kerry Katona, the chavvy one from girl band Atomic Kitten, the one who could not carry a tune if you put it in a paper bag for her, now makes her living doing ads for Iceland supermarket chain.  She has put on a lot of weight and bred thousands of children since her girl ban days tooJust so you know

When news broke that Iceland had virtually gone bankrupt last weekend most people’s reaction was a sigh of relief. No more of those irritation Kerry Katona adverts people thought, assuming the frozen food chain had been made insolvent because Miss Katona had eaten all the fish fingers. She has in recent months certainly started to look as if she ate all the pies.

Fortunately (or maybe unfortunately) that is the wrong Iceland. The store you see in the high street, well more often in a low rent location just off the high street is still going strong. Kerry has not managed to eat all the taking yet. The Iceland that has been caught up in the global financial meltdown is the almost barren lump of volcanic rock in a low rent location just off Greenland.

So how did Iceland get hold of so much money to gamble in the global toxic debt derivatives markets? Apparently it is something to do with the price of fish. What has that to do with the price of fish you might well ask. Well there was a glut of toxic debt and a shortage of fish around the world. This was caused by letting the bankers meddle in the fishing industry. Nobody wanted toxic debts, everybody wanted fish.

As the submarine volcanoes around Iceland make it a place fish like to live and Icelandic property prices were cheap all the fish moved to Iceland and were followed by the financial services industry who saw a chance to make a killing (anybody can join a seal clubbing club). All the investors had to do was keep the fish in the water where Kerry Katona could not eat them and the Icelandic economy was underwritten by fish.

While the major economies floundered Iceland became the plaice to invest in. People all around the world put their money into Icelandic banks. As soon as the investors went off for a fish supper the Icelandic bankers took the money (or at least what was left of it after television presenters duffed up by Bjork had been compensated) and bought Collateralised debt obligations and other cod investment vehicles. The bottom fell out of the fish based economy and Iceland had nothing to fall back on. Not much will grow on Iceland and there are few natural resources.

It turned out an Icelandic entrepreneur named Magnus Gruntsdottir had been trading in fish futures without telling anybody that Icelandic fish have no future. They are destined at an early age to end up in fish fingers or to be laid alongside a pile of chips and sprinkled with salt and vinegar. As soon as the world markets learned this the Icelandic economy took a battering.

Fish had been everything to Iceland, they even brewed an alcoholic drink from fermented fish. This drink is unique in that when drinking wine or beer one finds the first glass enjoyable but by the seventh or eighth it is making the drinker want to throw up. The Icelandic fish liquor works the opposite was. The first sip makes people throw up but by the second glass one is so desensitised it has no effect.

We Boggart Bloggers have a feeling news of the financial crisis will seem like six glasses of fermented fish liquor by the end of this week.

The Jobless Society
Daily Stirrer






Web Site Britain will join Euro son says German politician

Reader Reviews for "How Iceland went bankrupt - A Boggart Blog explainer"

Want to review or comment on this article?
Click here to login!

Need a FREE Reader Membership?
Click here for your Membership!

Reviewed by Karen Vanderlaan 10/18/2008
interesting read--i had no idea

Books by
Ian R Thorpe

Blöd Ties

A Stroke of Luck

Millennium Dawn (anthology)

Buy Options
Amazon, Barnes & Noble, more..

Action/Thriller Articles
  1. Why Jimmy Fallon Lost Nicole Kidman
  2. Directing Adam West in 'Omega Cop'
  3. Narcissists, Social Media, and Porn
  4. A New Thriller Novella - Jailbait by Barba
  5. John Carradine and Me
  6. Writing the Other Gender in Fiction
  7. Sandra Bullock Goes Dog Crazy for Dogs wit
  8. Fog From A Sailor's Perspective
  9. Star Trek's Unknown Episode
  10. Justifiable Homicide
  11. Drifting
  13. SPECTRE James Bond Info Revealed
  14. AD's John Howard Reid’s In All His Glory
  15. A Beautiful Mind, book review
  16. The Rights of Women and Children Under Tal
  17. Why I doubt the handwritten Emily Dickinso
  18. Good Mourning, Amerika!
  19. Adolf Hitler speaks…and humanity answers
  20. Fractured Legacy , Charles B Neff

You can also search authors by alphabetical listing: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Featured Authors | New to AuthorsDen? | Add AuthorsDen to your Site
Share AD with your friends | Need Help? | About us

Problem with this page?   Report it to AuthorsDen

© AuthorsDen, Inc. All rights reserved.