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Olafur Arnarson, Michael Hudson and Gunnar Tomasson: Iceland's New Bank Disaster

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At neweconomicperspectives.blogspot.com


Iceland's Coat of Arms (Iceland has no army)
(image by Wikipedia)

This polarizing issue has now broken out especially in Iceland. The country is now suffering a second round of economic and financial distress stemming from the collapse of its banking system in October 2008. That crisis caused a huge loss of savings not only for domestic citizens but also for international creditors such as Deutsche Bank, Barclay's and their institutional clients. Stuck with bad loans and bonds from bankrupt issuers, foreign investors in the old banks sold their bonds and other claims for pennies on the dollar to buyers whose web sites described themselves as 'specializing in distressed assets,' commonly known as vulture funds. (Persistent rumors suggest that some of these are working with the previous owners of the failed Icelandic banks, operating out of offshore banking and tax havens and currently under investigation by a Special Prosecutor.)

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At neweconomicperspectives.blogspot.com


 

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to give up the 'Passive" role.   They need ... by Paul Repstock on Tuesday, Nov 15, 2011 at 6:44:30 PM
Damn good idea. Or how about taxing the land at ex... by Evan Stevens on Thursday, Nov 17, 2011 at 11:34:18 AM