This one nearly 'passed through to the keeper' without anyone watching. The latest Keiser Report opens with a story about how, despite the fact that all the ratings agencies gave Iceland 'junk bond' status, their latest bond issue in early to mid June (the first since 2008) was 2.5 times over subscribed. In a sign that the market is waking up to the IMF's gameplan, investors were lining up to buy some of the US$1Billion worth of Government Debt. And why wouldn't they? The yeild on these 5 year bonds are just under 5%, whereas US 5 year bonds yeild just 1.47% http://dcoda.amplify.com/2011/06/30/iceland-shows-that-default-doesnt-lead-to-deep-freeze/ As I've voiced on the forum earlier, this is just a sign to the Greeks, Spanish and Portugese (that just recieved a "D" rating despite doing everything the IMF have requested) http://jackhbarnes.com/moody’s-gets...tm_campaign=Feed:+JackHBarnes+(Jack+H+Barnes) that default isn't the end of the world, and that a soveriegn default is an oppourtunity that will bring about fresh investment from entrepreneurs world wide! It also says a lot about what the market thinks of the ratings agencies (S&P, Moody's Fitch etc)
This is that same Iceland that said "F*** off, we're not bailing out failed banks with taxpayer's money", right? Sounds like 5% interest actually represents more than an acceptable level of risk...
Its a great shame that all the other nations who have been rodded by the World Bank, IMF, UN, and other international bankers didn't have the balls or the nouse to issue arrest warrants and give these global criminals the same message that Iceland did. It still intrigues me how silent the main stream media are about what happened there.
During the 1998 crisis the Malaysian Prime Minister Mahathir Mohamed thumbed his nose at the IMF and World Bank when they tried to force him to take their monetary poisoned pill. He successfuly fought off the speculators when the ringgitt was targeted by implementing currency controls. Most of the other south east asian economies and their poor citizens suffered by following the IMF/WB road to ruin. I remember when the GFC hit America & Europe he suggested tongue in cheek that rather than bailing out the robber banks they follow the advice that they so roundly criticised him for not implementing. nonrecourse
