Re: [Vo]:First country to go under?
On Oct 21, 2008, at 12:57 PM, R C Macaulay wrote: Howdy Horace, How did the Iceland bankers do this amazing trick? They began borrowing money from Japan for 1% and loaned it out at 6+, began to whoop it up and started buying businesses worldwide..To keep their cash account on par, they solicited savings depositors by offering them 5+% interest. As long as they could show the lenders a + statement it was a gravy train with biscuit wheels... well,.. err.. until the wheels got sorta soggy from the "fond intentions". They only made one mistake.. they didn't have a Paulson or a Fed. Richard True, but unfortunately they do have a Kremlin in their pocket. This could be a very serious development. Our relationship with the Kremlin was already showing signs of going downhill by ICCF14, when Russian physicists were denied visas. That was before the Georgia attack, and thus a bit mysterious. Perhaps we are now beginning to see the underlying reasons. Also notable is that Russia is apparently avoiding an international meeting to discuss the financial crisis: http://www.moscowtimes.ru/article/600/42/371761.htm http://tinyurl.com/5rqcqd Best regards, Horace Heffner http://www.mtaonline.net/~hheffner/
Re: [Vo]:First country to go under?
Howdy Horace, How did the Iceland bankers do this amazing trick? They began borrowing money from Japan for 1% and loaned it out at 6+, began to whoop it up and started buying businesses worldwide..To keep their cash account on par, they solicited savings depositors by offering them 5+% interest. As long as they could show the lenders a + statement it was a gravy train with biscuit wheels... well,.. err.. until the wheels got sorta soggy from the "fond intentions". They only made one mistake.. they didn't have a Paulson or a Fed. Richard http://www.dailymail.co.uk/news/article-1076011/Chelsea-Building- Society-latest-victim-Icelands-financial-meltdown-Brown-goes-attack.html http://tinyurl.com/4yrp48 "Whitehall sources fear Iceland is now effectively a bankrupt state. It owes the world an astonishing £35billion – £116,000 for every man, woman and child." Best regards, Horace Heffner http://www.mtaonline.net/~hheffner/ No virus found in this incoming message. Checked by AVG - http://www.avg.com Version: 8.0.173 / Virus Database: 270.8.2/1735 - Release Date: 10/20/2008 2:52 PM
[Vo]:First country to go under?
http://www.dailymail.co.uk/news/article-1076011/Chelsea-Building- Society-latest-victim-Icelands-financial-meltdown-Brown-goes-attack.html http://tinyurl.com/4yrp48 "Whitehall sources fear Iceland is now effectively a bankrupt state. It owes the world an astonishing £35billion – £116,000 for every man, woman and child." Best regards, Horace Heffner http://www.mtaonline.net/~hheffner/
