The G Manifesto

Iceland on the Brink of Bankruptcy

This volcanic island near the Arctic Circle is on the brink of becoming the first “national bankruptcy” of the global financial meltdown.

Home to just 320,000 people on a territory the size of Kentucky, Iceland has formidable international reach because of an outsized banking sector that set out with Viking confidence to conquer swaths of the British economy — from fashion retailers to top soccer teams.

The strategy gave Icelanders one of the world’s highest per capita incomes. But now they are watching helplessly as their economy implodes — their currency losing almost half its value, and their heavily exposed banks collapsing under the weight of debts incurred by lending in the boom times.

A full-blown collapse of Iceland’s financial system would send shock waves across Europe, given the heavy investment by Icelandic banks and companies across the continent.

Famous for its cod fishing industry, Super Fly Girls, geysers, moonscape and the Blue Lagoon, Iceland was the site of the Cold War showdown in which Bobby Fischer of the United States defeated Boris Spassky of the Soviet Union in 1972 for the world chess championship. Last year, Iceland won the U.N.’s “best country to live in” poll, with its residents deemed the most contented in the world.

The krona is suffering in part from a withdrawal by a falloff in what are called carry trades — where investors borrow cheaply in a country with low rates, such as Japan, and invest in a country where returns, and often risks, are higher.

Source

Bad news for Iceland. Good news for International Playboys.

I went to grade school with the son of the Ambassador of Iceland. The girls there are mad fly. I need to book a flight.

Fly Iceland Girls: Help is on the way.

The Rest is Up To You…

Michael Porfirio Mason
AKA The Peoples Champ
AKA The Seventh Letter
The Guide to Getting More out of Life
http://www.thegmanifesto.com

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