are we gonna have a global depression?

M

Murrell

The last 3 times I have looked on wikipedia a different country is having a financial crisis in the news section. the AP says iceland is about to go bankrupt and that asian stock markets are falling worse than the USAs. should I buy a gun(s)?
 
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So says Wikipedia:
Wikipedia said:
The crisis came about gradually as banks became unable to refinance their debts. It is estimated that the three major banks hold foreign debt in excess of €50 billion, or about €160,000 per Icelandic resident, compared with Iceland's gross domestic product of €8.5 billion. The króna, which was ranked by The Economist as the most overvalued currency in the world in early 2007, has further suffered from the effects of carry trading.
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Iceland is an extreme case. It's not representative of the rest of the world.
 
Murrell said:
The last 3 times I have looked on wikipedia a different country is having a financial crisis in the news section. the AP says iceland is about to go bankrupt and that asian stock markets are falling worse than the USAs. should I buy a gun(s)?
Click to expand...
Iceland and Ireland, both of which are two of the biggest friends of Capitalism in the world, are trade-dependent. As the anti-Capitalist nations of the world tumble, they take with them any nations that are dependent on their products. Personally, I think it's no coincidence that as soon as Iceland tried to nationalize its banks, their economy faced imminent doom.
 
we fucked ourselves. we just set the standard of 'make bad business decisions and the gov't will bail you out'. they also started bailling people out so now where do you stop? and how can you not bailout the homeowners now?
 
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