German Judges Rule: EU-U.S. ‘Trade’ Deal (TTIP) Would Undermine National Courts.

images-ttip_
TTIP, good for bureaucrats and corporate lawyers, bad for you and me (Image source)

There’s no doubt the so called Free Trade deal between the European Union and the United States (now the only hope Obama has left for preventing his political legacy being one of failure and disaster) will be one of the big news stories that will run and run througout the remainder of 2016.

The treaty which is formally titled Transatlantic Trade and Investment Partnership (TTIP) , has been the subject on ongoing secret negotiations between the European Union (EU) and American Department of Trade, the details of which (i.e. draft documents indicating what measure the final document will contain, not even members of elected governments have been allowed to scrutinise.

This is very much in line with Obama’s dictatorial style of governing, who can forget his response to the US congress when they demanded a debate on his healtcare reforms so they might know what they  were voting into law. The President told the peoples’ representatives; You will have to vote for it if you want to know what is in it.

The European Union’s ruling bureaucracy working in much the same way; EU commission chief Jean Claude Juncker and President of the European Parliament have both publicly expressed contempt for democracy while other senior officials have admitted the European Parliament and elected governments of member states are irrelevant, the bureaucrats will do as they please if member states elected bodies disagree.

The bureaucrats and corporate lawyers promoting TTIP are not having things all their own way however, in what amounts to a major blow for the deal the German Magistrates Association (DRB) has judged that special courts allowing firms to sue countries “had no legal basis”.

A key clause in the deal, proposed by the Obama Administration and supported by the EU’s negotiators, is the creation of an Investment Protection Court System (ICS) designed to protect businesses. In the court, corporate investors and businesses will be able to challenge new laws and policies implemented by member states which the investors believe will negatively affect their investments, Deutsche Welle has reported.

Judges from the DRB were scathing in their criticism of the proposal, saying: “The DRB sees neither a legal basis nor a need for such a court.” In a statement issued last week it added the assumption that investors don’t have “effective judicial protection” has no “factual basis.”

The judges also envisage problems with the trade model, warning that the definition of an investor’s assets is so broad, it will effectively hand the court jurisdiction to rule on almost any policy matter on a government’s agenda.

Furthermore, they say the Investment Court System represents a threat to the sovereignty of Europe’s current legal systems, adding that they have little faith in the EU’s ability to manage it.

The statement is being lauded as a major setback in the TTIP negotiations by the deal’s opponents, among which are numbered trade unions, human rights and equalities groups, nationalist organisations, business associations and political groups on both the right and left of the political spectrum. Without the support of Germany, Europe’s most populous nation, the deal stands little chance of being accepted The judge’s statement effectively turns the compromise into a deal that no-one wants.

“The EU offices must be in turmoil now,” said Nick Dearden of UK-based campaign group Global Justice Now. “They were really nervous about ever getting through an agreement that had [Investment Protection clauses] in it, because every time they’ve done consultations on it people have overwhelmingly said they don’t like it. So they put this on the table.”

“[The judges’ statement] is obviously more interesting than when some campaigner says something, because they’re actually going to have to administer this thing,” he added. “For us it’s probably the most significant statement that any group has made so far on that part of the agreement.

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TTIP on the Brink of Failure: EU ‘Frustrated’ By US Refusal To Accept Conditions It Insists Europe Must Accept
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We do not yet fully understand what the ‘deal’ negotiated by David Cameron for revised terms of membership actually commit us to, but the general push by the bureaucratic dictatorship in Brussels to abolish the national sovereignty of member states and create a federal European Superstate is well known.

New German Government Smartphone Spyware Will Monitor Citizens’ Calls, Typing AND See Through Their Camera Lenses
The German Interior Ministry has revealed a new “Bundestrojaner” or government trojan horse software that will enable security agencies to track the smartphone activities of anyone who downloads it. We understand Chancellor Merkel’s government has also adopted an “off the shelf” tool from a company which is said to help authoritarian regimes track their citizens …

If You Look At How Fast Global Trade Is Unravelling, You’ll Get Dizzy
Governments constantly make positive noises about the health of their economies although most people who are in work have felt no improvement on the position they were in after the crash of 2008. Wages are stangnant, employment has reduced somewhat (see below) and while the banks are printing money and the super rich are widening the gap between themselves and ordinary people faster than ever, the real situation is frightening.

There Is No Freedom Without Transparency
… the Democrat / Republican political puppets in the USA would be supported by European leaders including Prime Minister David Cameron in the UK, France’s Francois Hollande and Germany’s Angela Merkel who, even as I type, are preparing massive interventions in Libya and Iraq, both turned into chaotic and lawless failed states by previous US / European interventions

How TTIP will open way for American corporations to take over NHS
TTIP establishes a global corporate cartel
Canada trade deal paves way for global fascism
Germany kills Canada trade deal
Europe Bureaucratic empire
Extending Europes bureaucratic Empire

Julian Assange On The TPP: “Deal Isn’t About Trade, It’s About Corporate Control”
Obama Goes Full – On Nazi: “US Accused of Forcing EU to Accept Tar Sands Oil Trade
Germany Axes Canada-EU Trade Agreement, This Will End TTIP Stitch Up Too
France’s President Hollande Says ‘Non’ To Obama’s Demand for Corporate Global Oligarchy
The Death Of Democracy – Lobbying For TTIP
Syriza Official Vows to Kill EU-US Trade Deal as ‘Gift to All European People’
Now We Know Why Huge TPP Trade Deal Is Kept Secret From the Public
Leaked EU – TTIP document: Destruction of Democracy planned
Massive Protests In Europe Against TTIP – Mainstream Media Blackout
US Senators Block Obama’s Fast Track For Corporate Friendly Trade Deals
Controversial TTIP (Global Tyranny) Legislation Held in ‘Secure’ Room to Avoid Leaks
EU Bureaucrats To Push TTIP Through Before Obama Leaves Office?
TTIP on the Brink of Failure: EU ‘Frustrated’ By US Refusal To Accept Conditions It Insists Europe Must Accept
Will TTIP Make Europe A Colony Of The USA?
Opposite of Transparency: Germany’s TTIP Room ‘Smacks of Totalitarianism’
German Judges Rule: EU-U.S. ‘Trade’ Deal (TTIP) Would Undermine National Courts.
Could Corrupt EU-US ‘Free Trade’ Deal Be Extended To Israel?

Elsewhere: [Boggart Blog]…[Little Nicky Machiavelli]… [ Ian’s Authorsden Pages ]… [Scribd]…[Wikinut] … [ Boggart Abroad] … [ Grenteeth Bites ] … Ian Thorpe at Flickr ] … [ Tumblr ] … [Ian at Minds ] … [ The Original Boggart Blog] … [ Authorsden blog ]

Pension Liberation Day – Time For A New Toy

Easter Monday, it’s a holiday in most of the world so there isn’t much going on. Big thing is it’s pension liberation day, us poor saps who were duped into saving for our retirement is schemes that made sure we couldn’t get our hands on the money and when we popped our clogs the thieving insurance companies kept our cash (and of course they never told us about SIPP schemes, oh no, us the well off people kept that one to themselves.

One thing the coalition government do deserve a pat on the head for is liberating our pensions so we can at least afford a few decent toys to ease our retirement.

As today was pension liberation day, I thought I’d show you the wise and prudent investment I am putting my retirement money into.

Wha – heeeeeeyyyyyyy.


E Type Jaguar

De – dollarization Moves Ahead – Once Again We Told You So,

by Phil T Looker

Forgive us a little self indulgent gloating, after all it was back in 2005, way ahead of the other contenders, we told you that moves were under way in the east to dump the US dollar as global reserve currency. That was when China, Russia and Iran abandoned the Petrodollar and started to trade in the currency of the vendor nation.

Our mate Ian had spotted the vulnerability of the US dollar and wrote about a move made by the old Iraqi tyrant Saddam Hussein in the 1990s, that showed the way.

How Saddam Hussein May Posthumously Win His War With The USA

Since then, here and on Little Nicky Machiavelli as well as at The Daily Stirrer we have reported the gradual erosion of the US grip on world trade as American international bullying and worries about their debt saw support for the Petrodollar steadily eroded.

And now from The Australian Financial Review via Zero Hedge, we have this:

US Officially Loses Battle Over China-Led Investment Bank

Add the IMF to the (now long) list of those who apparently share the UK’s view that joining the China-led Asian Infrastructure Investment Bank is an “unrivaled opportunity,” as Christine Largarde says her institution not only sees a “massive” opportunity for cooperation with the AIIB but is also “delighted” to explore the possibilities.

International Monetary Fund chief Christine Lagarde has said the IMF would be “delighted” to co-operate with the China-led Asian Infrastructure Investment Bank…

Mrs Lagarde said there was “massive” room for IMF co-operation with the AIIB on infrastructure financing.

Mrs Lagarde, speaking at the opening of the China Development Forum in Beijing, also said she believed that the World Bank would co-operate with the AIIB.

Meanwhile, Switzerland is now on board and India, Indonesia, and New Zealand are reportedly set to follow. As a reminder, the deadline for applications is the end of this month and it appears that the UK’s move to become a founding member has suddenly made the AIIB the coolest club on the block. Australia is expected to tender a “qualified yes” tomorrow.

We have reported the who saga of how Obama tried to bully the world on this, and how one by one, the nations of the world gave him the finger. It’s all in our Currency Wars paged and its related links.

Gotta have a grin at the ineptitude of politicians, haven’t you?

RELATED POSTS:
China – UK dump the US dollar for bilateral trade
Putin Flushes The Dollar Down The Toilet – We Told You So
Petrodollar Alert: Putin Prepares To Announce ‘Holy Grail’ Gas Deal With China

ELSEWHERE:
De-Dollarization Du Jour: Russia’s Largest Bank Issues Yuan-Denominated Guarantees
Leading the charge to multipolarity and de-dollarization are Russia, resugent despite economic sanctions and the rising superpower in waiting, China. The downgrading of the dollar is clearly demonstrated in the launch of the BRICS bank and the establishment of the AIIB.

EU and US talk of war with Russia
The European People’s Party (EPP) is the largest political group in the European Parliament, and they are unerringly supportive of America’s efforts to start a war with Russia. “The time of talk and persuasion with Russia is over,” MEP and Vice-President of the EPP told a meeting on Tuesday, 21 April, “Now it’s time for a tough policy, and concentration on defence and security …”
This Is Why The US Just Lost Its Superpower Status According To Larry Summers
As more and more countries flock to join the Chinese led Asian Infrastructure Investment Bank after Britain, France Australia, India and other traditional US allies defied Washington to associate themselves with China’s initiative, conservative economic pundit Larry Summers once a contender for the chairmanship of the Federal Reserve delivered a sharp rebuke …

Christmas Message: Economic Recovery, Bah, Humbug

Contributed by Phil. T. Looker

Albert Finney as Ebeneezer Scrooge
Albert Finney as Ebeneezer Scrooge (source)

These words or something near them were seen in almost every financial newspaper and website today:

“Oil prices have dropped $50 a barrel. That may not sound like much. But when you take $107 and you take $57, that’s almost a 47 percent decline…!”

To certain people not unconnected from this blog who have an easy come, easy go attitude to money this may not sound like a big deal. When the accountants and maths geeks get busy with their scientific calculators, the decline starts to look catastrophic.

The Financial Pundits seem to think so anyway. And even Ian has to agree for one the meths geeks are right. So what’s going on?

Many people who have spent the last couple of years hailing the shale revolution and crowing about the economic boom it would usher in (never mind the serious environmental concerns about fracking). Being traders rather than accountants they failed to understand the downside side of shale’s effect on business. The significance of little things like the fact that much of the day-to-day shale operation was being run on junk bond financing. Thus they had no problem in convincing themselves that in the future every day would be Christmas. Sorry but I have to be Scrooge and tell you the bubble just burst.

The bubble floated well in the zero gravity environment of zero interest rate policy (ZIRP) where investors desperate for “yield” — i.e. a better return than sweet FA on their money — ended up in the bond market’s junkyard. These investors, it turned out, were the big institutional concerns, pension funds, insurance companies, mixed bond investment trust funds. ZIRP was killing them.

In the good old days of the late 20th century boom-and-bust they would see an annual interest rate of between 5 and 10 percent which enabled them to fund their obligations, i.e. pay pensions, settle insurance claims, cover company salaries and have a bit left over for a Christmas jolly.

ZIRP ended all that. In fact zero interest destroyed the most important index in the financial world: the true cost of borrowing money. It also destroyed the entire relationship between borrowed money and the cost-structure of the endeavors it was borrowed for. Shale oil is the prime (or sub prime) example.

The fundamental constraint for investing in shale oil was that the wells were only good for about two years after which they were pretty much fracked,(hence that was the contstraint nobody in the entire fracking world talked about).

So, if you were in that business, and held a bunch of leases, you had to constantly drill baby drill and drill and drill again just to maintain production. Drilling costs between $6 and $12-million per well.
Over the past seven years is that the drillers and their investment bankers, aided and abetted by the kind of scientists who deal in mathematical models, theory, speculation and guesswork hyped the holy shite out of the shale fracking business (the scientists had no qualms about building mathematical models that exaggerated the oil and gas yield from wells by 96% with makes even the climate science fraud look reasonable).

It was not a shale revolution but another Ponzi scheme, it was Enronomics all over again; as long as the money kept rolling in they could pay out the early investors and boost confidence in their scam. In the few short years they drilled the results looked so impressive that to quote the song Evita sings “The money kept rolling in”. It was going to save the American economy, it was going to chain the Russian bear, it was going to put the arabs in their place and restore the status quo.

Sadly the shale oil and gas economic “miracle” was a rerun of the dotcom bubble, the housing bubble, the South Sea bubble, the Tulip bubble (which we generally accept was the first investment bubble). It was deja vu all over again. The frackers sucked so much oil out of the ground in a short period of time that they killed the goose that laid the black, slimy egg; in response to American over production the Arabs cut their prices, demand for oil at a price that made it worth drilling for just dropped away.

The current stage (stage 4?) will see much of the junk financing default, bankers will steer clear of junk financing just as they steer clear of sub prime mortgages now, and a lot of planned wells will be abandoned, meaning that the current crop of wells will crap out within two years, and production will not be replaced by new wells because there is no money in it (it may come as a surprise to lefties but the objective of business is to make a profit. Still, on the bright side, all those wannabe protestors can go home and spend Christmas with their dear old Mum, no point protesting against something that ain’t gonna happen.

Protesters Gather Around Europe To Demonstrate Against Undemocratic Secret Agreement With USA

Protests against the secretive Trans Atlantic Trade And Investment Partnership (TTIP) will take place today in cities all over Europe. The deal, the terms of which will give Corporate businesses the power to sue governments and overturn any laws made by the UK Parliament (or any elected elected assembly in nations that sign the treaty) which the corporate lawyers see as obstructing their ability to steal taxpayers’ money make a return their investment, has been largely negotiated in conditions ofr such secrecy that even our Members of Parliament and other elected representatives in European Unions and the USA have not been allowed to know what its clauses contain.

That which we do know of has only reached the public domain thanks to leaks and whistleblowing.

Today’s demonstrations will be held in fifteen locations across the UK including London, Bristol, Edinburgh and Bognor Regis to voice opposition to the deal. Those against it say it could lead to the privatisation of the NHS (see below) and the removal of food safety regulations to allow the sale of produce from GM crops and chlorine washed chicken to be sold in European shops without any legal requirement for labelling to inform consumers of what they are buying.

The European Commission (Euronazis) has done its best to suppress opposition to TTIP particularly in the UK by ruling out the involvement of public services in the deal. However, the UK Trade Minister Lord Livingston has admitted to the Huffington Post that talks about the NHS were still on the table. This is due to those enemies of democracy, The Labour Party having taken large chunks of the NHS outside the public sector by setting up independent health trusts and making General (family doctor) Practices into private businesses.

Another major concern for believers in democracy is the provisions in the treaty that would enable foreign investors – for example American firms investing in the NHS Trusts privatised by Blair’s Labour government – to sue a host government if they think their profits are affected by a change in policy.

The campaign against TTIP has been actively opposed by the usual suspects, the Occupy movement, the Unions and worker rights organisations and fringe left wing groups but has also aligned these groups with nationalist political movements that have seen an upsurge in popularity in the past few years as European nations surrendered more sovereign powers to unelected bureaucrats in Brussels while in the USA there has been an erosion of powers held by legislatures of the fifty states as more laws have centralized power in Washington D.C.

The controversial ACTA (Counter-terrorism) legislation, which was booted out of the European Parliament by MEPs after millions campaigned against it, is also said to have ben shoe-horned into the agreement at the insistence of the Obama administration. Plans to compel internet providers to monitor customers’ online activity and other breaches of an individual’s privacy and hand over data to security agencies, one of the core elements of ACTA, is rumoured to be included in TTIP.

These sneaky tactics to get authoritarian legislation onto the statute books by the back door when it has been thrown out by democratically elected lawmaking bodies is something Brussels has a track record for. The unpopular European Constitution, which would have been a massive step towards the creation of a single European superstate, was repackaged as ‘The Lisbon Treaty’ after convincing ‘No’ votes in the French and Dutch referendums in 2005. Two years later, when Ireland, the only European nation constitutionally bound to hold a referendum on any treaty affecting sovereign powers, voted down the Lisbon Treaty, the bureaucratic dictators said, “Wrong, vote again.”

And to give the Irish a clue as to what they could expect if they got it wrong again, the European Central Bank (ECB ) engineered the collapse of the Irish economy in the months before the second vote.

With Members Of The European Parliament making more noise that previously and the managers of the European Union under the closer scrutiny than previously (a European Commission candidate already rejected for conflicts of interest), campaigners hope they can repeat the success of ACTA and get TTIP kicked into touch as well.

RELATED POSTS:

Cameron Plays Deal Or No Deal In Europe
David Cameron, who was apparently up all night trying to make other European leaders understand why his country needs a better deal in order to poersuade the prople it is a good idea stay in the EU. Unless Cameron gets what will enable him to sell the idea of surrendering national sovereignty to a Federal European Superstate ruled by a committee of unelected bureaucrats in to the British public he will not campaign for the UK to remain in the bloc

Obama’s TTIP Trade Deal Would Be Disastrous for Europe, Says Independent Study
On November 14th, Deutsche Wirtschafts Nachrichten (German Economic News – the German Financial Times or Wall Stret Journal) published two articles in print and on the Internet , covering the first independent study of probable short and long term impacts of the Obama administration’s pet American hegemony project, the Transatlantic Trade and Investment Partnership (TTIP).

a href=”http://www.greenteethmm.com/TTIP-democracy.shtml#141115-TTP-secret”>Americans Are Waking Up To Obama’s Secret Treaty To Establish A Golbal Government System
Occupy Democracy Shows How Undemocratic Britain Has Become

Protesters Gather Around Europe To Demonstrate Against Undemocratic Secret Agreement With USA


American Bankers And Private Healthcare Firms Already Buying GP Practices

More Truth About Undemocratic TTIP
http://www.greenteethmm.com/TTIP-democracy.shtml#141002-ttip-choice”>
TTIP – USA and EU Putting Trade And Profit Before Liberty And Choice
EU Kommisar Admits Brussels Is At War With Democracy
http://www.greenteethmm.com/TTIP-democracy.shtml#141011-wakeup”>WAKE UP! TTIP Free Trade Treaty Will Enslave You


WAKE UP! TTIP Free Trade Treaty Will Enslave You


European Union Euro – Nazis Block Democratic Challenge To TTIP Travesty
This Kind Of Fascism Is What The Anti UKIP Whiners Want For Us
Hundreds of protesters arrested in Brussels as leaders debate ‘maintaining citizen’s trust’
Unhappy Lords
Slaves To The Machine
Evil Labour Government Helped Private Companies Profit From NHS
Captive Minds And Intellectual Cowardice
Chasing Bubbles – poem

More Truth About Undemocratic TTIP

When I posted a link to my recent article in the Transatlantic Trade and Inestment Partnership (TTIP) to Facebook, my mate Graham (Major Lear to you) sent this reply. Unfortunately I can’t link to the article he mentions as gather.com is currently defunct. But the reply Graham left on Facebook covers the most important parts of the threat to liberty and British sovereignty posed by thisso called ‘free trade treaty’ which is about anything but free trade as it would give global corporations the ability to legally circumvent laws passed by the parliaments of sovereign nations. Globalisation is fascism, simples.

In reply to WAKE UP warning of the nature of TTIP, Graham wrote:

“Yes, I have heard of it and more to the point we are going to get meat and poultry from America that is contaminated with poison something that our meat and poultry does not have at the moment.

First let me explain to you that when we British buy our meat from the local supermarket all packaged up we know what is exactly in that meat and by law our law and European law no meat can contain any hormones such as pig growth hormone ractopamine and milk hormone BST.

When we British buy our meat from the local supermarket all packaged up we know what is exactly in that meat and by law our law and European law no meat can contain any hormones such as pig growth hormone ractopamine and milk hormone BST. Chicken can be pumped with water to make it seem more succulent but as for hormones, it is a big no, no. Even out fruit and vegetables cannot be washed in chemicals and pesticides that is a big no, no as well.

However, it’s not like that in America I am afraid meat such as beef, pork, lamb is awash with hormones that are given to the animals in the form of food and injections to make the animals larger than they normally are, chickens when being prepared are washed in a solution containing arsenic and pesticide is used in fruit and vegetables. That is why when we British go to our supermarkets to buy our groceries we see no North American produce in any form.

However, that is all about to change, because America and the European Union have come to an agreement to have American food imported to Europe and Europe to export food to America under an agreement called the Transatlantic Trade and Investment Partnership.

I know who will be getting the better deal when this agreement comes to fruition and I can assure you that I will like many more British citizens be scrutinizing the labels on the food that I buy that says where the food is coming from, that’s something else that we have in Europe all food sold must have the place of origin on the packaging. I wrote this, it was one of my last articles on Gather, I wrote a little more on the subject as well.

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EU Bureaucrats To Push TTIP Through Before Obama Leaves Office?
The bad news for us punters, (great for bankers and corporate business) is that the EU bureaucrats intend to push through the ‘free trade’ deal with the USA, the Trans – Atlantic Trade and Investment Partnership (TTIP) before Barack Obama leaves office. Supporters of the treaty that will create an environment that is anything but free …

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… the Democrat / Republican political puppets in the USA would be supported by European leaders including Prime Minister David Cameron in the UK, France’s Francois Hollande and Germany’s Angela Merkel who, even as I type, are preparing massive interventions in Libya and Iraq, both turned into chaotic and lawless failed states by previous US / European interventions

Elsewhere: [Boggart Blog]…[Little Nicky Machiavelli]… [ Ian’s Authorsden Pages ]… [Scribd]…[Wikinut] … [ Boggart Abroad] … [ Grenteeth Bites ] … Ian Thorpe at Flickr ] … [ Tumblr ] … [Ian at Minds ] … [ The Original Boggart Blog] … [ Authorsden blog ]

How did Iceland go bankrupt – A Boggart Wickedpedia explainer

When news broke that Iceland had virtually gone bankrupt last weekend most people’s reaction was a sigh of relief. No more of those irritation Kerry Katona adverts people thought, assuming the frozen food chain had been made insolvent because Miss Katona had eaten all the fish fingers. She has in recent months certainly started to look as if she ate all the pies.

Fortunately (or maybe unfortunately) that is the wrong Iceland. The store you see in the high street, well more often in a low rent location just off the high street is still going strong. Kerry has not managed to eat all the taking yet. The Iceland that has been caught up in the global financial meltdown is the almost barren lump of volcanic rock in a low rent location just off Greenland.

So how did Iceland get hold of so much money to gamble in the global toxic debt derivatives markets? Apparently it is something to do with the price of fish. What has that to do with the price of fish you might well ask. Well there was a glut of toxic debt and a shortage of fish around the world. This was caused by letting the bankers meddle in the fishing industry. Nobody wanted toxic debts, everybody wanted fish.

As the submarine volcanoes around Iceland make it a place fish like to live and Icelandic property prices were cheap all the fish moved to Iceland and were followed by the financial services industry who saw a chance to make a killing (anybody can join a seal clubbing club). All the investors had to do was keep the fish in the water where Kerry Katona could not eat them and the Icelandic economy was underwritten by fish.

While the major economies floundered Iceland became the plaice to invest in. People all around the world put their money into Icelandic banks. As soon as the investors went off for a fish supper the Icelandic bankers took the money (or at least what was left of it after television presenters duffed up by Bjork had been compensated) and bought Collateralised debt obligations and other cod investment vehicles. The bottom fell out of the fish based economy and Iceland had nothing to fall back on. Not much will grow on Iceland and there are few natural resources.

It turned out an Icelandic entrepreneur named Magnus Gruntsdottir had been trading in fish futures without telling anybody that Icelandic fish have no future. They are destined at an early age to end up in fish fingers or to be laid alongside a pile of chips and sprinkled with salt and vinegar. As soon as the world markets learned this the Icelandic economy took a battering.

Fish had been everything to Iceland, they even brewed an alcoholic drink from fermented fish. This drink is unique in that when drinking wine or beer one finds the first glass enjoyable but by the seventh or eighth it is making the drinker want to throw up. The Icelandic fish liquor works the opposite was. The first sip makes people throw up but by the second glass one is so desensitised it has no effect.

We Boggart Bloggers have a feeling news of the financial crisis will seem like six glasses of fermented fish liquor by the end of this week.

Labour Minister says investors are entitled to their money from the government of Iceland in the wake of that fragment of the death of capitalism, but Conservative blogger iain Dale is on the case. Tory voting individual savers first, wasteful Labour councils nowhere.

Guardianista Frozen Cash – Arch plotter and shit stirrer Guido Fawkes remembers some smug economic pundit writing for The Guardian just a month ago recommended that with the economic crisis already panicking the markets a safe haven for punters cash was Iceland.
Good work there.