Probably not. After Iceland is done nationalizing, given that the government's own coffers are nearly bare (to mix a few metaphors) I'd be surprised if the motion detecting doors at the branches worked any longer. The era of Big Government may be over (and reborn) but the era of small central banks has been a memory for decades.
Large currency trading desks live for places like Iceland. Oh, the bragging rights to have been killing it versus the central bank of Iceland. "I chew up the fiscal policy of affluent island nations for lunch." What a Baller. Getting it done (and all). Even Michael Lewis would take a journalistic leave of absence (oh please, please, please, please...) for a chance to smack down a central bank.
Fond of independence, quaintly naive when it comes to the global economy, just optimistic enough to permit a huge financial imbalance in the form of a brutal carry trade because they felt they were "Ready to be a global player," and "totally unintersted in that Euro thingamajig" And now? Sympathetic victims of a larger god-like force. The global economy. Smack. G7 unemployment check. Ouch.
Am I being really difficult if I note that their largest bank's name Kaupthing just makes me think of a "Kaput Thing?" Yeah, I know. It's a stretch.
Iceland Nationalizes Its Largest Bank [Wall Street Journal]
Posted by guest , Oct 09, 2008 11:54AM
Not exactly breaking the Bank of England, but these days any victory is to be savored.
Posted by guest , Oct 09, 2008 11:56AM
Is it supposed to be funny?
Posted by michange , Oct 09, 2008 12:00PM
Unfounded rumour is Belgium is quietly turning down ATM availability.
Posted by guest , Oct 09, 2008 12:01PM
Góðan daginn (hello in Icelandic) BUT how do you say good-bye in Icelantic?
Posted by redpandot , Oct 09, 2008 12:02PM
Kaput Thing *is* funny.
Posted by guest , Oct 09, 2008 12:09PM
I Swear too God I'm starting to develop psychic abilities
Defiant Mack at Morgan Stanley Throws Punches
Morgan Stanley's John Mack sought to calm investors and dispel rumors about the firm's state. Morgan shares fell 4.8%.
-WSJ 10/10/08
A defiant Richard Fuld took responsibility for his actions yesterday but denied that he had a hand in the meltdown of Lehman Brothers.
-NYT 10/07/08
Mr. Fuld, known as “the Gorilla” for his combative demeanor, sounded both weary and defiant as he defended his longtime firm. “This firm has a history of facing adversity and delivering,” he declared.
-Dealbook 09/10/08
My Powers Predict John Mack will be before congress within 27 days
Posted by guest , Oct 09, 2008 12:31PM
Kaput thing? Not if you read it on Alphaville first...
Posted by merkin capital partners , Oct 09, 2008 12:59PM
Was this some sort of stream of consciousness writing? Or did you copy in Icelandic and paste Google's English translation?
either way...wheels off.
Posted by guest , Oct 09, 2008 1:11PM
translation credit to flickr, the most picturesque business news service in the world
Posted by guest , Oct 09, 2008 1:12PM
Too incoherent, didn't read
Posted by guest , Oct 09, 2008 1:41PM
EP writes like a Russian love scammer