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/
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