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I found this to be an interesting read for the UK consumer perspective: http://www.fool.co.uk/news/your-money/savings/2008/10/07/iceland-in-crisis.aspx http://w

by streety 18y ago

I found this to be an interesting read for the UK consumer perspective: http://www.fool.co.uk/news/your-money/savings/2008/10/07/iceland-in-crisis.aspx http://www.fool.co.uk/news/your-money/savings/2008/10/07/ice... Personally I have a significant sum of money in an icesave, part of Landsbanki, account. With the Icelandic government talking about every-country-for-itself the guarantee they have in place on the first £16k doesn't look that secure any longer.

Xichekolas 18y ago
What kind of rates were you getting? I heard tell of 10+%. Of course, if you lose the principal, it's not likely to pay off now, but still impressive.
- Tichy 18y ago
  If someone offers you 10% interest, it is practically a given that the whole thing is not very trustworthy. I assume therefore that people investing in Iceland only did so with superfluous money that won't be missed too much.
- streety 18y ago
  It was about 6%. Not market leading but competitive. The main reason why I opened the account was that it was one of the few ISA providers accepting transfers in. They have more of my money than I would be happy losing but I consider myself to be more fortunate than most. I believe my position, and salary, to be secure for the next two years and icesave only has about one-quarter of my savings.
felixmar 18y ago
I've just read that ING has bought the British savings accounts from Landsbanki and another Iceland bank. That means your money is safe.
- streety 18y ago
  http://news.bbc.co.uk/1/hi/business/7658417.stm http://news.bbc.co.uk/1/hi/business/7658417.stm Not only that but apparently good old Alistair has my back.
- helveticaman 18y ago
  Don't want to get all diggity here, but...perhaps instead of trusting suits with your money, you might want to put them in a special kind of atoms that don't rust...or decay radioctively...It's kind of retro, but throughout history, it's been a sound thing to do.
  - maxklein 18y ago
    Are you talking gold? That's just silly. you know how little Gold there is compared to the needs of the world? And you know that a gold based economy basically puts all the power in the hands of those who physically own the gold - what happens to countries like Chad and so on?
    - dualogy 18y ago
      #1 -- Well he didn't suggest that everyone do it. #2 The actual amount available at any given time is not so important as over time whatever amount there is reflects whatever "amounts" of goods, services, value and labour "exist". You have the same the other way around with the paper money supply. Increase it, and "over time" there's just as much "inflation" (not a price increase BUT a money devaluation) to cover that. So how much gold Chad has compared to other countries matters exactly zero.
    - jmtame 18y ago
      If you are actually arguing in favor of a fractional reserve system, I fail to see any logical support for that. A fractional reserve system has two truths, two facts: 1) The debt will always become greater in a country, because the money is debt in the first place. 2) The income disparity will always increase, meaning you will never be able to overcome poverty, sickness, or even war. The very way the fractional reserve system works is by nature transferring wealth from the lower and middle-class to the upper, and from there it goes to a few very wealthy, very elite.
      - deleted 18y ago
        [deleted]
      - 18y ago

by streety 18y ago

Xichekolas 18y ago

What kind of rates were you getting? I heard tell of 10+%. Of course, if you lose the principal, it's not likely to pay off now, but still impressive.

Tichy 18y ago
If someone offers you 10% interest, it is practically a given that the whole thing is not very trustworthy. I assume therefore that people investing in Iceland only did so with superfluous money that won't be missed too much.
streety 18y ago
It was about 6%. Not market leading but competitive. The main reason why I opened the account was that it was one of the few ISA providers accepting transfers in. They have more of my money than I would be happy losing but I consider myself to be more fortunate than most. I believe my position, and salary, to be secure for the next two years and icesave only has about one-quarter of my savings.

felixmar 18y ago

I've just read that ING has bought the British savings accounts from Landsbanki and another Iceland bank. That means your money is safe.

streety 18y ago
http://news.bbc.co.uk/1/hi/business/7658417.stm http://news.bbc.co.uk/1/hi/business/7658417.stm Not only that but apparently good old Alistair has my back.
helveticaman 18y ago
Don't want to get all diggity here, but...perhaps instead of trusting suits with your money, you might want to put them in a special kind of atoms that don't rust...or decay radioctively...It's kind of retro, but throughout history, it's been a sound thing to do.
- maxklein 18y ago
  Are you talking gold? That's just silly. you know how little Gold there is compared to the needs of the world? And you know that a gold based economy basically puts all the power in the hands of those who physically own the gold - what happens to countries like Chad and so on?
  - dualogy 18y ago
    #1 -- Well he didn't suggest that everyone do it. #2 The actual amount available at any given time is not so important as over time whatever amount there is reflects whatever "amounts" of goods, services, value and labour "exist". You have the same the other way around with the paper money supply. Increase it, and "over time" there's just as much "inflation" (not a price increase BUT a money devaluation) to cover that. So how much gold Chad has compared to other countries matters exactly zero.
  - jmtame 18y ago
    If you are actually arguing in favor of a fractional reserve system, I fail to see any logical support for that. A fractional reserve system has two truths, two facts: 1) The debt will always become greater in a country, because the money is debt in the first place. 2) The income disparity will always increase, meaning you will never be able to overcome poverty, sickness, or even war. The very way the fractional reserve system works is by nature transferring wealth from the lower and middle-class to the upper, and from there it goes to a few very wealthy, very elite.
    - deleted 18y ago
      [deleted]
    - 18y ago