Posts Tagged ‘Iceland’

An old microphone

On the July 29, 2012 episode of Exposing Faux Capitalism with Jason Erb, I covered the following articles:

1) Exposing Faux Capitalism with Jason Erb: Episode 5: Interview with Anthony Migchels of realcurrencies.wordpress.com.

2) The missing piece in the Colorado movie theatre shooting: private property rights

3) Alex Thomas avoids Lee Rogers’ Live Free or Die Radio out of fear for Alex Jones’ blacklist

4) Live Free or Die Radio with Lee Rogers is the most dangerous talk show in the alternative media

5) The mass media’s cynical portrayal of an organized political protest

6) Fact check: Israeli Prime Minister Benjamin Netanyahu’s claim that America has no better friend than Israel.

7) Iceland’s President Olafur Ragnar Grimsson an antidote to anti-government pessimism porn peddlers

8) Google’s Web search double standard

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DAVOS/SWITZERLAND, 29JAN11 - Olafur Ragnar Gri...Ólafur Ragnar Grímsson, president of Iceland since 1996, is an antidote to anti-government pessimism porn peddlers in the alternative media, like the late Murray Rothbard, who claimed that government is nothing but a “gang of thieves writ large.”

Appearing on the July 8, 2012 episode of CBC’s, The Sunday Edition, President Grimsson explained how the majority of the Icelandic government supported caving into the demands of Britain and the international banking establishment, while he and the majority of the Icelandic people ultimately prevailed in opposing them through referenda.

So much, then, for the pessimism porn that there’s no good politician, and that they are all in it for themselves.

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On the July 1, 2012 episode of TVO’s The Agenda with Steve Paikin, David Rothkopf, Council on Foreign Relations member and former managing director of Kissinger and Associates, said (at 12:08):

The fundamental right of a state is to print its own money.

Yet he previously said that only about 15 countries have the power to exercise the powers of a true state, and he downplayed the ability of a state to issue its own currency by pointing to the existence of (trillions of dollars of) derivatives.

That is a clear red herring, as Iceland is a tiny country that has turned things around economically since their currency lost 80% of its value in only four months back in 2008, and whose residents have voted twice in referenda to not be saddled with the derivative liabilities incurred by their private banks.

Not only do states have the power to print their own currency, but more importantly, they have the power to issue their currency debt and interest-free, which is something globalist David Rothkopf isn’t in the business of advocating.

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In January 2009, I reported on the 80% devaluation of Iceland’s currency from July to November 2008.

On October 3, 2009, “World Crisis Radio” with Webster Tarpley, reported live from Iceland’s capital, Reykjavik, and interviewed an Icelander on Iceland’s 2008 economic collapse.

The interview starts at 41:30 in the first hour and runs for most of the second hour.

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To those who said (and still say) that a sudden massive currency (and hence economic) devaluation as bad or even worse than that experienced during the Great Depression can’t happen in the United States (or other industrialized countries) in this day and age — The example of Iceland in the second half of 2008 stands as a stark counterexample and warning for those who are not aware of and do not heed the lessons of history.

According to the latest CIA World Fact Book at https://www.cia.gov/library/publications/the-world-factbook/geos/ic.html, Iceland’s Gross Domestic Product per capita (adjusted for purchasing power parity) was estimated at 16th highest out of 229 nations at $42,600 USD as of July 2008.

GDP – per capita (PPP): $42,600 (2008 est.)

From the popular currency site, xe.com at http://www.xe.com/ict/, we obtain the following numbers showing the value of Iceland’s currency (the Kronur) per U.S. dollar at the following dates:

July 31, 2008 79.1884784526
November 31, 2008 142.9000000000
January 25, 2009 123.8900000000

devaluation from July 2008 to November 2008 = 63.71 units or 80.5%
devaluation from July 2008 to today = 44.7 units or 56.4%

Iceland’s currency was devalued by a whopping 80% versus the U.S. dollar in only 4 months since the end of July 2008. Even as of today, in less than half a year, it is still devalued by more than half.

To put this in perspective, in just 4 months, Iceland’s people saw their standard of living in terms of GDP per capita (PPP) go from 16th highest in the world out of 229 at $42,600 USD in July 2008 to 118th at $8307, at just less than the Peruvian’s before the devaluation. At $18,574 now, Iceland is poorer today than Puerto Rico was before the devaluation.

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