Tuesday, 7 October 2008

Alice's Icesave bubble wrap special

Big chill hits Iceland's economy

British customers of Icesave are protected under the Financial Services Authority scheme which covers the first £35,000, rising to £50,000 with effect from tomorrow.

Icelandic Banks to Sell Assets; Government Guarantees Deposits

Wounded Iceland takes over No. 2 bank, seeks Russia loan

Iceland should turn to the IMF, not Russia

Icelandic saga spreads chill from freezer cabinets to soccer clubs

Iceland Seeks Loan From Russia, Pegs Currency

Icesave customers face anxious wait

Icesave collapse: Case study

UK Savers Face Cash Application

The true cost of the Icesave meltdown

Savers frozen out as Icesave website collapses


RenterGirl said...

Is anybody else quite scared?
And, well, should we be?
And why has there been little mention of reigning in the banks and their esoteric financial instruments and celestial bonuses before we give them all the cash? And is anyone else finding the discrepency between the conditions now imposed on benefit claimants and regulations for the banking world quite nauseating?

fajensen said...

Nope - Went 100% cash almost a year ago because of a hippie moment; I just though the endless talk about money, stocks and property value was getting too stupid.

We are seeing a revolution of sorts; all the theories of "the international community", globalisation, outsourcing, endless growth without consequences are breaking down.

The "final shoe" will be the end of USD as a reserve currency. The US *will* default on it's foreign debtors - via inflation or a 10:1 revaluation of USD; it will happen!

For common folks this is Good - we need decent jobs *here* not in China; we don't want "allies" like Saudi Arabia or Pakistan; we see no point in NATO games such at including crackpot states like Georgia e.t.c. Our Needs are Local and the globalists have taken our tax money and shortchanged us. All of this will reverse as losses mount.

And, finally (perhaps) My bank will have to pay Me interest again for holding My money instead of charging for everything that was free 10 years ago - when they did pay above inflation.

I am happy.

Nick von Mises said...

I wonder about the technicalities of a "devalution" in a fiat regime. I'm sure in normal times you could do it through excessive printing. When the value is a promise to exchange into gold you do it by changing the promised. However in a deflationary bust you get the liquidity trap so printing doesn't reduce the value of the currency.

Nick von Mises said...

Oh, for the few of you who might care, I've finally gotten myself a google ID.


Alice Cook said...


Well, about time. When are we goinng to see the blog?


mike said...

Can you believe some councils put money in icesave! I am shocked:

The finance part of these councils should be given their notice! If not I suggest the residents whose money they gambled away go camp outside the council and demand they are fired.

Nick von Mises said...


I'm one of the 80 in the 80/20 rule I'm afraid.