Resignation: Riots, Credit Crunch bring first Government Failure.

Damocles

Damocles

Accedo!
Staff member
http://www.dailymail.co.uk/news/wor...-global-political-casualty-credit-crunch.html

Iceland's senior minister resigns as government becomes first global political casualty of the credit crunch

By Graham Smith
Last updated at 12:25 PM on 25th January 2009

Iceland's Minister of Commerce Bjorgvin Sigurdsson has resigned, two days after the prime minister announced his own departure due to pressures from the island nation's economic collapse.

Mr Sigurdsson, a member of Iceland's junior Social Democrat coalition party, made the announcment at a news conference this morning.

'I have decided to do this to take responsibility,' he said.

Prime Minister Geir Haarde shocked the country on Friday when he said he would not seek re-election and called for a general election on May 9.

More at link...
 
yeah as I said in another thread. It is just getting started and many say we will be recovering later this year?

I guess those are the same many that less than 1 yr ago said everything was fine, just a bump/adjustment coming?
 
When a business fails, it goes away.

When government fails, what happens?



I understand the implications of government shutdown. But what exactly will happen if the government fails?
 
Solitary said:
When a business fails, it goes away.

When government fails, what happens?



I understand the implications of government shutdown. But what exactly will happen if the government fails?
Click to expand...

Not a lot. You just get another government. The new lot will probably be just as bad as the old lot and, after a short period of time, the old lot are invited back and people remember that they weren't very good at all but aren't keen on the old lot (who used to be the new lot).

This process is repeated until everyone is thoroughly confused as to which lot broke which part of the country.

Begin again.

(If you're talking about State bankruptcy, when a country can no longer persuade anyone to lend them capital, the state's credit rating is downgraded and vast swathes of their actual debt is cancelled, which is nice. However, inflation tends to go mental and a large wheelbarrow becomes a necessity if one fancies purchasing, say, a box of matches.

If a lot of countries all do this at the same time nobody has a clue what will happen no matter what any Nobel prize winning economists or financial whizz-kids may tell you.)
 
wasn't much more then a year ago when Iceland was listed as having the happiest people in the world.
 
Damocles said:
Cell phones, houses, food other than fish, electricity to run the microwave, boats, viking hats...

You know, the important stuff.
Click to expand...

A quality viking hat will set you back, thats true. I guess I didn't think about the important stuff.
 
charver said:
Not a lot. You just get another government. The new lot will probably be just as bad as the old lot and, after a short period of time, the old lot are invited back and people remember that they weren't very good at all but aren't keen on the old lot (who used to be the new lot).

This process is repeated until everyone is thoroughly confused as to which lot broke which part of the country.

Begin again.

(If you're talking about State bankruptcy, when a country can no longer persuade anyone to lend them capital, the state's credit rating is downgraded and vast swathes of their actual debt is cancelled, which is nice. However, inflation tends to go mental and a large wheelbarrow becomes a necessity if one fancies purchasing, say, a box of matches.

If a lot of countries all do this at the same time nobody has a clue what will happen no matter what any Nobel prize winning economists or financial whizz-kids may tell you.)
Click to expand...

Charver I had no idea you knew so much shit. I knew you had to be smart because to be that witty you have to be smart, but I didn't know you were so knowledgeable as you have shown lately.
 
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