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Subject:  Financial Meltdown Date:  10/8/2008  2:09 AM
Author:  Starrob Number:  357 of 5166

The agents of Chaos are now banging hard on the door. I hope they don't enter for if they do all these fine predictions and financial plans will enter a state of random destruction....What happens when you can't take money out of your bank???...sort of like Iceland....maybe things have not bottomed quite yet:

Iceland teeters on the brink of bankruptcy By JANE WARDELL, AP Business Writer
Tue Oct 7, 3:40 PM ET

REYKJAVIK, Iceland - This volcanic island near the Arctic Circle is on the brink of becoming the first "national bankruptcy" of the global financial meltdown.

Home to just 320,000 people on a territory the size of Kentucky, Iceland has formidable international reach because of an outsized banking sector that set out with Viking confidence to conquer swaths of the British economy — from fashion retailers to top soccer teams.

The strategy gave Icelanders one of the world's highest per capita incomes. But now they are watching helplessly as their economy implodes — their currency losing almost half its value, and their heavily exposed banks collapsing under the weight of debts incurred by lending in the boom times.

"Everything is closed. We couldn't sell our stock or take money from the bank," said Johann Sigurdsson as he left a branch of Landsbanki in downtown Reykjavik.

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