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Home Economics

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

by John
03/03/2012
in Economics, Liberty News
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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.  …………………

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"I noticed that by the time they returned to their cabins there was a change in their feelings. The great responsibility of being free, of having charge of themselves, of having to think and plan for themselves and their children, seemed to take possession of them. It was very much like suddenly turning a youth of ten or twelve years out into the world to provide for himself. In a few hours the great questions with which the AngloSaxon race had been grappling for centuries had been thrown upon these people to be solved. These were the questions of a home, a living, the rearing of children, education, citizenship, and the establishment and support of churches. Was it any wonder that within a few hours the wild rejoicing ceased and a feeling of deep gloom seemed to pervade the slave quarters? To some it seemed that, now that they were in actual possession of it, freedom was a more serious thing than they had expected to find it. Some of the slaves were seventy or eighty years old; their best days were gone. They had no strength with which to earn a living in a strange place and among strange people, even if they had been sure where to find a new place of abode. To this class the problem seemed especially hard. Besides, deep down in their hearts there was a strange and peculiar attachment to "old Master" and "old Missus," and to their children, which they found it hard to think of breaking off. With these they had spent in some cases nearly a half century, and it was no light thing to think of parting. Gradually, one by one, stealthily at first, the older slaves began to wander from the slave quarters back to the "big house" to have a whispered conversation with their former owners as to the future. "

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