Requiem
Bar Star
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10/10/2008 8:58:00 AM
In 2007, Iceland was named "Best Country to Live In" by the United Nations. The country had an economic boom that saw the average family's wealth increase by 45% over the last five years. They invested heavily in high tech, relied a on imported food and labour, and enjoyed a lifestyle most would consider luxurious.
Last week, that all ended. Deeply affected by the credit crunch, the country's tech industry dried up overnight. The Krona, Iceland's currency, went into freefall. Within days it was ranked lower than Zimbabwe's. Supermarkets announced they couldn't bring food in, because they lacked the credit necessary to pay for the imports. People rushed to buy what was available and started hoarding food. Today, the entire nation is in bankruptcy and is begging for help from Russia.
Think of Iceland as the canary in the coal mine. They are an indication of how fast things can spiral out of control. Luckily Canada has vast natural resources and a high rate of domestic food production, so we won't face the same kind of crunch they did. But if you work in a high tech business, deal with consumer goods, travel and tourism, any kind of luxury market... tighten your belt.
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F_F
Member
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10/10/2008 9:06:00 AM
doomy gloomy
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Chaos
Member
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10/10/2008 10:07:00 AM
^ Gloomy?
Reality...
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F_F
Member
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10/10/2008 10:22:00 AM
run for the hills
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InfectedRectum
Member
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10/10/2008 10:22:00 AM
they did stupid stuff and got what the deserved. they are also annoying people and i'm glad this is happening to them.
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Cortox
Member
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10/10/2008 10:26:00 AM
haha, quite the stereotype
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F_F
Member
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10/10/2008 10:27:00 AM
or run for icebergs
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Cortox
Member
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10/10/2008 10:33:00 AM
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F_F
Member
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10/10/2008 10:41:00 AM
yeah, yeah .. i know, i know
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InfectedRectum
Member
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10/10/2008 12:23:00 PM
Cortox is a bit annoying... i wonder if he is icelandic
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oddio
Member
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10/10/2008 12:57:00 PM
I have some volcanic sand from Iceland that my friend brought back for me, one of my friends just went on a vacation there and she had a great time when she was there. She said the people were really cool and she really liked the culture. It’s interesting how fast the infrastructure of a country can change so quickly.
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Revenge
Member
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10/10/2008 3:17:00 PM
FAO BJORK: Start selling some records!
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sombrio
Member
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10/11/2008 6:32:00 PM
Iceland became a puppet/sell out when they agreed to build a billion dollar hydro project and sell out the countries environmental values all in the name of landing an Alcan smelter and 3-400 jobs.
Wonder why they have such financial issues?
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InfectedRectum
Member
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10/11/2008 8:39:00 PM
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slipmatwax
Member
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10/14/2008 2:35:00 PM
Iceland are in trouble like the US are in trouble, what you see there may well happen in the US
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Valar
Member
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10/15/2008 9:32:00 AM
Indeed. The tiny island nation of the US may also collapse due to lack of aerable land and experienced farming causing a food crisis that can't be resolved due to lack of credit.
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Valar
Member
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10/15/2008 9:34:00 AM
Didn't this happen to New Zealand in the 80's and they basically dissolved all government except essential services to get back on track?
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londonkev
Member
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10/19/2008 12:06:00 PM
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nidbit
Member
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10/20/2008 9:54:00 AM
In iceland there are volcanic tubes that go to the centre of the earth!
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InfectedRectum
Member
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10/20/2008 10:32:00 AM
oh, so that's what people mean when they say their economy went down the tubes
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Bassfreak
Promo Model
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10/20/2008 12:35:00 PM
That is comedy folks.
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