[cestsennY]

Ireland gives the ultimate finger to US hegemony.

But why would they want the loonie? Why give up sovereignty now when they didn't with the euro?

Oh, and is this a Cliff High call? Today was his big start day.


Iceland Wants To Adopt The Dollar... No, Not That One, The Other One

Not the US Dollar of course: why would the only country to successfully overthrow the chains of banker tyranny and default in their face want to ever have anything to do with the USD, the source of all the world's problems. No, the dollar in question is that of Canada. According to the Globe and Mail tiny Iceland, "is looking longingly to the loonie as the salvation from wild economic gyrations and suffocating capital controls...And for the first time, the Canadian government says it’s open to discussing idea. There’s a compelling economic case why Iceland would want to adopt the Canadian dollar. It offers the tantalizing prospect of a stable, liquid currency that roughly tracks global commodity prices, nicely matching Iceland’s own economy, which is dependent on fish and aluminum exports." Yes, yes, there are all the fundamental reasons, but more importantly, it is a huge slap in the face of those statists (and the United States of course) who keep repeating no matter the facts that the USD will never lose its reserve status. Here's a hint: it can and it will. And so much for the thought experiment of printing endless amounts of currency in non-reserve format and getting away with everything unpunished. Finally, there is this startling dose of reality from an earlier and calmer time, when S&P, back in 2006, released its long-term baseline scenario of sovereign debt ratings. This oddly prescient table speaks for itself. In brief remarks to be delivered Saturday in Reykjavik, Canadian ambassador Alan Bones will tell Icelanders that if they truly want the Canadian dollar, Canada is ready to talk.

But he will warn Icelanders that unilaterally adopting the loonie comes with significant risk, including complete loss of control over their monetary policy because the Bank of Canada makes decisions only for Canadians and the Canadian economy. He’ll caution, for example, that giving up the krona in favour of the Canadian dollar (CAD/USD-I1.01-0.004-0.34%) will leave the country with few levers, short of layoffs, to counter financial shocks and fluctuations in the loonie.

A group of prominent Icelandic business leaders approached Mr. Bones last year about the idea. And his speech Saturday, to a meeting of the opposition Progressive Party, marks Canada’s first public response.
Granted, Ben and the gang can digitize enough in one second to wipe out Iceland if he so chooses.

[Pharmaciest2007]

Canadian Mint is a Crown Corporation, no?

[Enfonebew]

ayup, just looks who's on the currency...

[cestsennY]

Canadian Mint is a Crown Corporation, no?

I wonder what the British will do once they control their currency. I think the Brits are still pissed about the bank deposits from icesave.

[IssuessBratte]

I wonder what the British will do once they control their currency. I think the Brits are still pissed about the bank deposits from icesave.

The way the brits see it, iceland still owes them a bunch of money for the default.

[cestsennY]

The way the brits see it, iceland still owes them a bunch of money for the default.

They couldn't pay. They defaulted. So, don't give them money again.

Iceland gave the biggest middle finger to the banking establishments when they defaulted. It was either pitchforks at the gate while selling out their country or stiffing a bunch of foreigners. Iceland made the right move. Any of the icesave depositors were dolts, what was the interest rate they were giving out, something like 7%.

The system would be better off if we all defaulted.

[Bigroza]

ayup, just looks who's on the currency...

Yeah, but that being said -- I'd rather have the loonie than the greenback -- any day.

[Bigroza]

Looks like it may not happen

http://www.vancouversun.com/business...789/story.html

[imporrilk]

I thought the people of Iceland said fuck you to the ziobanking cartels two years ago, or am I missing something?

[cestsennY]

Looks like it may not happen

http://www.vancouversun.com/business...789/story.html

They make this sound like a good thing. I couldn't quite figure out what is going on. Is the announcement delayed due to the venue being a political event or was it truly shot down? Seemed like the idea is still floating around. I wonder the Icelandic public thinks of this. I already know that the pigs in power over there are the ones to benefit the most. If it a given go, is there a way to look at the spreads in the respective currencies to see if Goldman is front running the move?

"It would lose control over its currency which is an important buffer against economic shocks, however it would gain a stable currency that it could use freely in international transactions," he said.

[Bigroza]

They make this sound like a good thing. I couldn't quite figure out what is going on. Is the announcement delayed due to the venue being a political event or was it truly shot down? Seemed like the idea is still floating around. I wonder the Icelandic public thinks of this. I already know that the pigs in power over there are the ones to benefit the most. If it a given go, is there a way to look at the spreads in the respective currencies to see if Goldman is front running the move?

I personally feel that if they have the guts to let the banks fail, they should have the ability to make a gold or silver-backed Krona. I don't know why it hasn't been brought up yet.....

[cestsennY]

I personally feel that if they have the guts to let the banks fail, they should have the ability to make a gold or silver-backed Krona. I don't know why it hasn't been brought up yet.....

Their CB is still Rothschild controlled and the rest of the bigwigs can't steal as much that way.