Iceland on the Verge of Bankruptcy

Wednesday, October 08, 2008

We are still in the denial stage of this meltdown. Guns do not kill people, people kill people. Instruments of extreme sophistication have been created in financial markets and people have used them to cause a world-wide blood bath. Is it really possible that reckless lending for housing in the United States can destroy the world financial system? It is just one sector after all; not all homeowners are can it put Iceland on the verge of bankruptcy.

We operate on the basis of trust; your word is your bond. This fundamental premise has broken down and needs to be restored. The financial rewards offered by financial market jobs have attracted a vast number of talented young people...however, the training time relative to the responsibility vested has been curtailed. I believe we are now paying the price for putting our health in the hands of young and inexperienced doctors; talented yes but with the wrong skew in their priorities.

Let us come clean with the magnitude of the problem...but institutions are still in denial mode...Iceland cannot have put all of its wealth into sub-prime mortgages...or did it? Somehow it reminds me of the story of Johnny Walker Black Label whisky in India; there is more sold in India in a year than is produced world-wide...

The losses are adding up to multiples of the original economic war seems to be underway...someone started it and no doubt someone is winning...I only fear that energy resouces are on one side and military might is on the other side.

And Iceland is like the casualty of a drive by shooting in this war.

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