GBC,

No worries, welcome on board. I am happy to hear that you find it interesting and valuable. And you are getting it absolutely right.

Your timing is much better than mine, being onboard Tyhee for more than a year, and I think you will be rewarded highly for a entry at these levels if you are investing to.

Regarding the name Icelandic people, I believe it is a used name for people from Iceland. However regarding the below conclusion, who will update Wikipedia with another chapter ?

Quote:

Until the twentieth century, the Icelandic population relied on fisheries and agriculture, and was from 1262 to 1918 a part of the Norwegian and later the Danish monarchies. In the twentieth century, Iceland's economy and welfare system developed quickly. In recent decades, Iceland has implemented free trade in the European Economic Area and diversified from fishing to new economic fields in services, finance, and various industries. Today, Iceland has some of the world's highest levels of economic and civil freedoms.

Unquote.

Well not anymore ... Iceland is in a deep and traumatic crisis beyond belief. It has shaken the small nation deeply and ruined it's economy. Thousands of people have lost their jobs and the country is suffering from a lack of foreign capital and effectively a bank "blockade" for foreign currency.

Foreign people are fleeing the country, going back to their European motherlands. And Icelandic people are looking for jobs in other countries nearby in Europe!

Best

Euro

PS:

By the way,

What will happen when all the world has a 0% interest rate?

Inflation of the deflation and then .... hyper inflation and total collaps of the fiat currency systems of the world?

In the Nordics, and EU in general, we now have a rate cut running game. Sweden has cut rate a number of times. ECB now following the trend. Norway this week cut the rate by 1,75% in one (1) day. ECB cut 0,75 in one day.

Yesterday the Danish Government neded to follow suite and cut 0,75 after the Danish Kroner had appreciated nearly 30%-35% against Swedish and Norwegian Kroner. The Nordics are interesting countries to follow, all strong economies but also very small economies having our own independent currency outside the EU monetary union. Denmark has defined a fixed trading band to the Euro though.

Some interesting articles if you want some insight:

http://iht.com/articles/2008/12/17/b...

http://www.kbc.ie/economic/briefings...

http://currencythoughts.com/2008/12/...