background preloader

Icelandic Anger Brings Debt Forgiveness in Best Recovery Story

Icelandic Anger Brings Debt Forgiveness in Best Recovery Story
Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger. Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association. “You could safely say that Iceland holds the world record in household debt relief,” said Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen. “Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that.” The island’s steps to resurrect itself since 2008, when its banks defaulted on $85 billion, are proving effective. Crisis Lessons People Vs Markets Activists say the banks should go even further in their debt relief. Fresh Demands Legal Aftermath Related:  L'Islande et sa gestion de "la crise"Economy

Le Blog d'Olivier Berruyer sur les crises actuelles Reflets du lac de Tjornin à Reykjavik, Islande. Mariusz Kluzniak/Getty Images En rejetant par référendum le sauvetage de leurs banques et le remboursement de la dette extérieure du pays, les Islandais ont montré qu’il est possible d’échapper aux lois du capitalisme et de prendre son destin en main, se réjouit un historien espagnol. Comme l’écrivait Oscar Wilde, une carte sans l’île d’Utopie n’est pas digne d’un regard. L’Islande n’est pas Utopie. Par sa décision de freiner la roue tragique des marchés, l’Islande crée un précédent qui peut menacer de casser les reins du capitalisme tardif. L’Islande n’intéresse pas les médias Pourquoi l’Islande intéresse-t-elle si peu les médias, pourtant censés nous raconter ce qui se passe dans le monde ? Ce sont ces élites, secondées par des théologiens et des économistes, qui définissent ce qui est réel et ce qui ne l’est pas. La rebellion pacifique des Islandais En janvier 2009, le peuple islandais s’est rebellé contre l’arbitraire de cette logique.

Did Iceland forgive the majority of its citizens’ mortgage debt? An unbelievable story, the source of which appeared to be a single Spanish-language news broadcast, made the blogosphere rounds yesterday: Iceland is forgiving nearly all of its citizens’ mortgage debt! According to the report, the government of Iceland “put politicians and bankers on the bench of the accused” in response to the public outcry after the near-collapse of Iceland’s banking system and an embarrassing bailout by the IMF in 2008. The context of the report implies that the cancellation of debt (and, presumably, the forced disposal or write-off of mortgage-based bank assets by the government) was done as a sort of punishment for the irresponsible fiscal policies of the banks. The report lauds the actions of the Iceland government as “a very different way from the one chosen by the rest of Europe to overcome the crisis.” Hmmm … “different” for sure. …which sounds a lot more reasonable and realistic than the Spanish language report, which appears to be highly inaccurate.

Vincent Browne Vs Troika: Video And Transcript Troika (EU, ECB & IMF) representatives, and Barbara Nolan, head of the European Commission representation in Ireland, held a press conference on the latest bailout review this afternoon. Participants: Klaus Masuch, head of EU Countries Division at the European Central Bank Istvan Szekely, director of economic and financial affairs at the European Commission Craig Beaumont, mission chief for Ireland at the IMF. Early in the conference, Istvan Szekely said: “I’m impressed by the depth of the discussion in Ireland and the understanding of complex, economic financial-sector issues, which is revealed by looking into the Irish place, looking into the discussion. Barbara Nolan: “Well, well, well, can we take a couple together? Nolan: “Right, can I ask you then to pass the mic, and we’ll come back to you for the second question?” Masuch: “I have answered a very similar question of you – I think it was two reviews ago – and can…”

The Next American Revolution Won't Be Like the First - Wendy McElroy One of my friends believes that a second American revolution is imminent and will be sparked by the economic instability now rocking the continent. Frankly, I doubt it. Insurrections may occur, but I expect the US government to lumber along, dragging the world deeper into poverty and conflict for many years to come. Upon hearing my friend out, however, my first thought was, "if a revolution erupts, it will resemble the French one of 1789 more closely than the American one of 1776." One of the reasons for thinking that America might be "going French" is that current American society resembles descriptions I've read of pre-Revolution France more closely than America now resembles its young self. Consider the issue of a class structure. Sick unto death of being arrested for such sins as speaking their own language, the Irish fled to North America even though they risked a 50 percent chance of dying in transit or in the initial hardships of the New World.

Collaborative Consumption - Business Models Rachel Botsman in the Rise of Collaborative Consumption: From pp. 220-221, chapter 10: "Collaborative Consumption may be consumer and community orientated, but its benefits are shared across businesses. We believe Collaborative Consumption is part of an even bigger shift from a production-oriented measurement system that just gauges the amount we sell to a multidimensional notion of value that also takes into consideration the well-being of current and future generations. Excerpt from What's Mine Is Yours by Rachel Botsman and Roo Rogers. 1. Service Fee Company takes a service fee for successfully matchmaking buyers and sellers, hosts and guests, and borrowers and lenders. Airbnb TaskRabbit WhipCar Freemium Company offers basic services or use of the platform/app for free. Netcycler Tiered Subscription Plans Company offers a range of subscription plans at different price points based on frequency of use or number of goods desired. Hub DimDom Netflix On-Sale Gazelle Ebay White Label Zimride Getable

Islande, chez les sans-culottes en laine polaire Stylo-feutre à la main, Ragnar Arnason trace à grands traits énergiques sur une feuille de papier la courbe de croissance du PIB islandais. Et, avec un plaisir non dissimulé, ce professeur d'économie à l'université de Reykjavik s'applique à souligner le contraste saisissant entre cette pente ascendante et l'effondrement des grands voisins européens, en particulier ceux du Sud, comme la Grèce et l'Italie. Impensable mais vrai : l'Islande, première victime du krach, est sortie de la récession en un temps record. Et à sa manière : "Par le non. Par le refus de se soumettre au diktat de ses créanciers", poursuit le Pr Ragnar Arnason, avec son air de défi et ses yeux verts malicieux. Une énigme économique. Que n'a-t-on pas entendu sur ce pays de 320 000 habitants niché le long du soixante-sixième parallèle nord, que le blizzard cisaille plusieurs mois par an ? Tout le monde défile à Reykjavik pour comprendre les ressorts du miracle islandais. Les investissements étrangers sont surveillés

Islande : la reprise a une sale dette Après trois années de récession, l’Islande sort doucement la tête de l’eau. Douloureusement et sans crier victoire. Certes, le rapport du Fonds monétaire international (FMI) publié en fin de semaine dernière lui accorde un satisfecit encourageant. Mais, malgré un retour à la croissance (+ 3% sur 2011 contre - 9% en 2009) et un taux de chômage en recul (6% aujourd’hui, contre 9% en 2010), la santé de cette minuscule nation de 326 000 habitants reste fragile. Vie à crédit. Malgré des progrès importants réalisés dans la restructuration de la dette des ménages et des entreprises, l’endettement privé reste préoccupant. Tout le monde est concerné. Soucieux de ne pas abandonner les citoyens les plus en difficulté, le gouvernement de gauche de Johanna Sigurdardottir a créé en août 2010 un «Bureau des endettés». Prise dès 2009, une mesure a cependant procuré aux Islandais une bouffée d’oxygène : le déblocage possible des retraites complémentaires. Aluminium. Photo Bob Strong.

The politics of pensions | UC Steve Cushion Crisis? What crisis? Prophets of doom in the government and their supporters in the press are currently issuing dire warnings that there is a crisis in the provision of pensions because we are all living longer. This, we are told, can only be resolved if pensionable age is raised, benefit levels curbed and contributions from employees are increased. The recently published Green Paper states that life expectancy is 89 for men and 90 for women. There is considerable evidence, however, which links life expectancy to income. State Pension The existing basic state pension was set up in 1948 as part of the post war welfare reforms. Right-wing ideologues associated with the banks and insurance companies mounted a campaign against any attempt to use the surplus in the National Insurance Fund for economic intervention in housing or job creation, condemning this possibility as ‘state socialism’ – if only. Occupational pensions Private pension schemes Green Paper Teachers’ Pensions

Category:P2P Accounting New metrics, evaluation and accounting methods appropriate for a collaborative, peer to peer economy. the most important ecosystem accounting system in the world: the Multi-Scale Integrated Analysis of Societal and Ecosystem Metabolism used by Senplades in Ecuador. For the most advanced p2p Value Accounting System, see Sensorica's Open Value Network Watch this video for an introduction: Tiberius Brastaviceanu on the Scalable Peer Economics of the Sensorica Open Value Accounting Network; or read: Tiberius Brastaviceanu on Why We Need a Open Value Accounting System. Video: Christian Felber on the Common Welfare Economy; a metrics system to measure the common welfare contribution of very market entity. Tiberius Brastaviceanu on Open Value Accounting System‎s "We need to make the distinction between co-creation of value and value exchange. NOTE the value accounting system is NOT a system that objectifies value and it is not a bean counting system! David Pinto on Subjective Enumeration

Le FMI félicite l’Islande pour son bras d’honneur aux banquiers Toute honte bue, l’économiste en charge de l’Islande au FMI admet que les insulaires ont fait le bon choix en refusant d’appliquer les cures d’austérité habituellement prescrites par les équipes de Christine Lagarde… Décodé, le style télégraphique du titre de l’article du 13 août de businessweek.com est éloquent : « Le FMI déclare que le plan de sauvetage à la manière Islandaise fournit des leçons pour les temps de crise ». L’article fait référence à l’interview récemment accordée à Bloomberg par la charmante Daria Zakharova, chef de la mission économique en charge de l’Islande au sein du FMI, qui tire les enseignements du « surprenant et puissant rétablissement » de sa « protégée ». Maniant une langue de bois bien compréhensible compte tenu du contexte déjà évoqué par Bakchich à 2 reprises, Zakharova a bien sûr omis de rappeler à son interlocuteur, le sort un brin expéditif réservé par les autorités locales, aux banksters locaux à l’origine du naufrage du pays. L'Europe attendra

The Icelandic Trader: The Icelandic economic recovery The Icelandic recovery has made a lot of headlines recently. Many foreign experts have stepped in and praised the way Icelandic politicians have handled the crisis. What most don't realise is that many of the measures were a result of no other options and multiple blunders took place. The banking system When the Icelandic banking system collapsed in October 2008, the financial world was in a state of panic. However, the government should be given credit for making the decision to fully guarantee domestic bank deposits and immediately transfer the basic retail operations of the banks to three new entities. The currency Iceland truly benefitted from having its own currency, the krona, which provided the much needed boost to long suffering exporters after the crash - in particular the fisheries and tourist industries. The stock market I can only laugh when someone points to the Icelandic stock market as proof of how strong the current recovery is.

Related:  Corporations vs. You