Why Iceland is Going Broke When It Was So Rich In 2007
Choking on the carry trade
Funny thing.
This report came when Iceland was still going great back in the summer of 2007.
Today, Iceland is in real danger of going broke. That would be the whole country.
That means anyone who has their assets in Icelandic currency (99.9% of the population) gets to go broke too. Instant, overnight poverty.
If you were watching US or UK news, you never would have seen a report explaining how such things happen.
Certainly not one as well laid out as this one is.
In fact, it's still hard to find one.
It took the English language version of an Arab news network to get the story straight and present it in a comprehensible manner.
As this report shows, today's financial meltdown in Iceland and elsewhere was utterly predictable, inevitable even.
Yet it was permitted to happen.
Now central bankers are running around "in confusion" seizing power and turning national treasuries into free money machines for their well placed friends.
How could the criminality of these current events be any more obvious?
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