Aug 21

- Iceland – Tourists and workers evacuated north of rumbling volcano (Ice Age Now, Aug 20, 2014):

Some 3,000 small earthquakes in Iceland since Saturday

have raised concerns that the country’s largest volcano system, Bardarbunga, located under Iceland’s largest glacier, Vatnajokull, could erupt and cause travel chaos across Europe.

Meteorologist Einar Einarsson said earthquakes were happening practically every minute. Continue reading »

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Aug 20

- Intense earthquake swarm started at Bárðarbunga volcano, Iceland (The Watchers, Aug 18, 2014):

Icelandic Met Office (IMO) is reporting a sharp increase in seismic activity by the subglacial stratovolcano Bárðarbunga in NW Vatnajökull ice cap​. A seismic swarm has been ongoing since 03:00 UTC on August 16, 2014, and near continuous earthquakes have been occurring since then.

This is the most intense earthquake swarm in this area for years, according to IMO. The last confirmed eruption of this volcano took place on June 18, 1910 (VEI 2), while the largest known eruption (VEI 6) took place in February 1477. In historic times there have been large eruptions of this volcano every 250 – 600 years.

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Jan 31

Flashback:

- Iceland’s Jailed Bankers ‘A Model’ For Dealing With ‘Financial Terrorists’

- Iceland Cancels EU Membership Bid

- The Secret Sauce Of Iceland’s Success Story: Debt Liquidation?

- How Iceland Overthrew The Banks: The Only 3 Minutes Of Any Worth From Davos (Video)

- Impossible In America: ‘Executives At Collapsed Iceland Bank Jailed For Fraud’ (Reuters)

- The Icelandic Success Story

- Iceland’s Economy Now Growing Faster Than The U.S. And EU After Arresting The Banksters

- Here Is What Happens If You Do Not Bail Out The Banksters And Avoid Getting Raped By The IMF

If all of this sounds also for you almost too good to be true …

… then you should read this article:

- We’ve Been Lied To About Iceland’s ‘Recovery’:

It turns out, most of these claims are dead wrong.

Despite being so widely reported by the mainstream financial media, Iceland is not a story of model economic recovery. It’s a story of how to fool people. And for now, it’s working.


Iceland

- Let Banks Fail Is Iceland Mantra as 2% Joblessness in Sight (Bloomberg, Jan 27, 2014):

Iceland let its banks fail in 2008 because they proved too big to save.

Now, the island is finding crisis-management decisions made half a decade ago have put it on a trajectory that’s turned 2 percent unemployment into a realistic goal.

While the euro area grapples with record joblessness, led by more than 25 percent in Greece and Spain, only about 4 percent of Iceland’s labor force is without work. Prime MinisterSigmundur D. Gunnlaugsson says even that’s too high.

Continue reading »

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Dec 16

- Iceland’s jailed bankers ‘a model’ for dealing with ‘financial terrorists’ (RT, Dec 14, 2013:

By jailing four top officers of Iceland’s failed Kaupthing Bank, the country showed the world the right way to deal with the people largely responsible for the 2008 financial crisis, said Charlie McGrath, founder of news website, Wide Awake News.

The US and other nations must take it as a model for the next time the too-big- to-fail corporations screw things up and ask for a bailout with taxpayers’ money, he added.

RT: The jail terms are the biggest penalty for such crimes in Iceland’s history. What is the significance of the precedent? Continue reading »

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Sep 25

- Cyprus-Style Wealth Confiscation Is Now Starting To Happen All Over The Globe (Economic Collapse, Sep 24, 2013):

Now that “bail-ins” have become accepted practice all over the planet, no bank account and no pension fund will ever be 100% safe again.  In fact, Cyprus-style wealth confiscation is already starting to happen all around the world.  As you will read about below, private pension funds were just raided by the government in Poland, and a “bail-in” is being organized for one of the largest banks in Italy.  Unfortunately, this is just the beginning.  The precedent that was set in Cyprus is being used as a template for establishing bail-in procedures in New Zealand, Canada and all over Europe.  It is only a matter of time before we see this exact same type of thing happen in the United States as well.  From now on, anyone that keeps a large amount of money in any single bank account or retirement fund is being incredibly foolish.

Let’s take a look at a few of the examples of how Cyprus-style wealth confiscation is now moving forward all over the globe: Continue reading »

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Jul 22

- Wow. This story about Iceland’s “recovery” is a complete lie. (Sovereign Man, July 22, 2013):

July 22, 2013
Reykjavik, Iceland

Without doubt, Iceland was the canary in the coalmine for the sovereign debt crisis that is unfolding across the world right now.

It was the first place to go bust, crumbling under the weight of a credit-fueled boom that brought down most of the country’s banking sector and sent the currency into freefall.

Continue reading »

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Jul 05

- BREAKING NEWS: Iceland freezes out Citizen Snowden Bill, ‘no connection’ says Finance Minister (21st Century Wire, July 5, 2013)

Before:

- BREAKING NEWS: Iceland Congress puts forward bill to grant Snowden citizenship (21st Century Wire, July 4, 2013)

In other news:

- Snowden remains a headache for Putin (CNN, July 4, 2013)

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Jun 27

The secret sauce: NO BANKSTER BAILOUT!

- How Iceland Overthrew The Banks: The Only 3 Minutes Of Any Worth From Davos (Video)

- Impossible In America: ‘Executives At Collapsed Iceland Bank Jailed For Fraud’ (Reuters)

- The Icelandic Success Story

- Iceland’s Economy Now Growing Faster Than The U.S. And EU After Arresting The Banksters

- Here Is What Happens If You Do Not Bail Out The Banksters And Avoid Getting Raped By The IMF

- Two Thirds Of Icelanders Oppose EU Membership

- A Lesson For Europe: Why Iceland Won’t Join The Euro (Video)

- Iceland Once Again Tells IMF, UK, Netherlands To ‘Go to Hell’; ‘Ice Torture’ Repayment Scheme Collapses

Icelanders learned their lession …

- Iceland Cancels EU Membership Bid

… maybe also observing Greenland:

- Why is Greenland so rich these days? It said goodbye to the EU!


- The Secret Sauce Of Iceland’s Success Story: Debt Liquidation? (ZeroHedge, June 24, 2013):

That Iceland is so far the only success story in the continent of Europe, which continues sliding into an ever deeper depressionary black hole, as a result of the complete destruction of its financial sector and its subsequent rise from the ashes, is by known to most. What is still not exactly clear is what conditions have allowed success and growth to flourish in a barren wasteland where 60% youth unemployment is increasingly the norm, and where economic “outperformance” is measured in shades of red. As it turns out, perhaps the biggest jolt to Icelandic economic growth is what we said was the correct prescription for resolving not only the US but global growth malaise that struck in 2008: debt liquidation. Of course, instead the powers that be opted for merely masking unsustainable debt with more debt in the hope of preserving the global financial equity tranche, where some $50 trillion, or two-thirds of total, in US household wealth is concentrated, by drowning out hundreds of trillions in global debt through controlled debt inflation – which four years later still has yet to take hold, and which  with every incremental dollar, yen, franc or pound printed threatens to spillover into uncontrolled hyperinflation, i.e., loss of fiath.

Continue reading »

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Jun 26

- Iceland cancels EU membership bid (RT, June 25, 2013):

Iceland’s foreign minister Gunnar Bragi Sveinsson has announced the country has withdrawn its bid to join the European Union, in part unsatisfied with a deal on fishing rights within its territorial waters.

Three weeks after assuming the post, Sveinsson had indicated that Iceland’s newly elected coalition government was not keen on incorporation into the EU, a process that began in July of 2009 with the country’s official application and formal negotiations the following year.

Iceland’s suspension of the bid began in earnest when its coalition government, which saw the defeat of left-wing parties in favor of the centrist Progressive Party and the Independence Party, indicated that it would call a public referendum on the matter.

Continue reading »

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Apr 29

- Iceland Just Says “Nei” To Pro-European Party (ZeroHedge, April 29, 2013)

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Apr 27

- Europe’s Fauxterity In Three Simple Charts (ZeroHedge, April 27, 2013)

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Mar 31

Flashback:

- How Iceland Overthrew The Banks: The Only 3 Minutes Of Any Worth From Davos (Video)

- Impossible In America: ‘Executives At Collapsed Iceland Bank Jailed For Fraud’ (Reuters)

- The Icelandic Success Story

- Iceland’s Economy Now Growing Faster Than The U.S. And EU After Arresting The Banksters

- Here Is What Happens If You Do Not Bail Out The Banksters And Avoid Getting Raped By The IMF

- Two Thirds Of Icelanders Oppose EU Membership

- A Lesson For Europe: Why Iceland Won’t Join The Euro (Video)

- Iceland Once Again Tells IMF, UK, Netherlands To ‘Go to Hell’; ‘Ice Torture’ Repayment Scheme Collapses


- Cyprus Parliament President Says “No Future” Under Troika, Calls For “Iceland” Solution (ZeroHedge, March 30, 2013):

Just last week Yiannakis Omirou, Cypriot House of Representatives President, was calling for the nation to accept it is “time for responsibility” as they progressed towards a final solution; and yet today, as Cyprus’ Famagusta reports, he believes the ‘Troika-imposed’ responsibility will, “turn Cyprus into a colony of the worst possible type.” His ‘Icelandic’ solution is to “leave the Troika and EMS behind,” to ensure “national independence, national sovereignty, moral integrity, and economic independence.” He may have a point; judging from the chart below of the Troika’s poster-child Greece, relative to Iceland, things are not going so well. As Omirou ominously concludes, “if we remain bound by the Troika and the memorandum Cyprus’ destiny is already foretold and there will be no future.”

Via Famagusta Gazette,

There is no other alternative but to free Cyprus from the bonds of the troika and the memorandum, House of Representatives President Yiannakis Omirou has said.

Continue reading »

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Jan 27

- How Iceland Overthrew The Banks: The Only 3 Minutes Of Any Worth From Davos (ZeroHedge, Jan 26, 2013):

“Why do we consider banks to be like holy churches?” is the rhetorical question that Iceland’s President Olafur Ragnar Grimson asks (and answers) in this truly epic three minutes of truthiness from the farce that is the World Economic Forum in Davos. Amid a week of back-slapping and self-congratulatory party-outdoing, as John Aziz notes, the Icelandic President explains why his nation is growing strongly, why unemployment is negligible, and how they moved from the world’s poster-child for banking crisis 5 years ago to a thriving nation once again. Simply put, he says, “we didn’t follow the prevailing orthodoxies of the last 30 years in the Western world.” There are lessons here for everyone – as Grimson explains the process of creative destruction that remains much needed in Western economies – though we suspect his holographic pass for next year’s Swiss fun will be reneged…

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Jan 03


More on Iceland HERE.


- Executives at collapsed Iceland bank jailed for fraud (Reuters, Dec 29, 2012):

REYKJAVIK (Reuters) – Two former executives at an Icelandic bank which collapsed in the 2008 financial meltdown were sentenced to jail on Friday for fraud which led to a 53 million euro loss, in the first major trial of Icelandic bankers linked to the crisis.

All three of the small North Atlantic island’s top banks collapsed in quick succession in October 2008 due to big debts incurred during a rapid overseas expansion.

Continue reading »

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Dec 09

Flashback:

- Iceland’s Economy Now Growing Faster Than The U.S. And EU After Arresting The Banksters

- Here Is What Happens If You Do Not Bail Out The Banksters And Avoid Getting Raped By The IMF

- Two Thirds Of Icelanders Oppose EU Membership

- A Lesson For Europe: Why Iceland Won’t Join The Euro (Video)

- Iceland Once Again Tells IMF, UK, Netherlands To ‘Go to Hell’; ‘Ice Torture’ Repayment Scheme Collapses


- The Icelandic Success Story (azizonomics, Dec 8, 2012):

Emotionally, I love Iceland’s financial policies since the crash of 2008:

Iceland went after the people who caused the crisis — the bankers who created and sold the junk products — and tried to shield the general population.

But what Iceland did is not just emotionally satisfying. Iceland is recovering, while the rest of the Western world — which bailed out the bankers and left the general population to pay for the bankers’ excess — is not.

Bloomberg reports:

Few countries blew up more spectacularly than Iceland in the 2008 financial crisis. The local stock market plunged 90 percent; unemployment rose ninefold; inflation shot to more than 18 percent; the country’s biggest banks all failed.

This was no post-Lehman Brothers recession: It was a depression.

Since then, Iceland has turned in a pretty impressive performance. It has repaid International Monetary Fund rescue loans ahead of schedule. Growth this year will be about 2.5 percent, better than most developed economies.Unemployment has fallen by half. In February, Fitch Ratings restored the country’s investment-grade status, approvingly citing its “unorthodox crisis policy response.”

So what exactly did Iceland do? Continue reading »

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Nov 17

Start watching from 03:50 into the video.

For my German speaking readers: The translation is terrible, but still better than nothing.

Related info:

- Former Royal Navy Microwave Weapons Expert And UK Intelligence Services Agent Dr. Barrie Trower: Dangers And Lethality Of Microwave Technology (Video – 2:19:36)

- Former Royal Navy Microwave Weapons Expert: NWO TECHNOLOGY UPDATE – Deadly Mobile Phones & The Worst Genocide Ever Committed – The Dangers Of Wi-Fi To Women And Children (Video)



YouTube

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Nov 12

-Should Iceland Join The EU? YES – 27.3% ; NO – 57.6% (ZeroHedge, Nov 12, 2012):

There was one, just one, country that escaped the bankster Mutually Assured Destruction singularity force field in 2009 and after destroying the financial overhang and starting from scratch, has become a paragon of growth in the New Global Depressionary Normal. Iceland (profiled most recently here). As such, what Iceland says is signal, and what the legacy masters of the abovementioned New Normal repeat day after day, is recurring noise. Here is the signal: when Icelanders were asked if they should join the EU, this is what they responded:

  • YES – 27.3%
  • NO – 57.6%

Q.E.D.

Source

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Oct 02

Related news:

- Here Is What Happens If You Do Not Bail Out The Banksters And Avoid Getting Raped By The IMF

- Two Thirds Of Icelanders Oppose EU Membership

- A Lesson For Europe: Why Iceland Won’t Join The Euro (Video)

- Iceland Once Again Tells IMF, UK, Netherlands To ‘Go to Hell’; ‘Ice Torture’ Repayment Scheme Collapses



YouTube

- Iceland’s Economy now growing faster than the U.S. and EU after arresting corrupt bankers:

So Iceland didnt follow the rest of the world by bailing out bankers they arrested them. Now their economy is recovering faster than the EU and the United States.

Remember when the United States government told the American people that action was required to save the banks? Action in the form of Billions of dollars in debt? Yeah we remember that. Hundreds of Billions of dollars in National debt later were still chasing our tail trying to get out of debt.

At the time of the 2008 collapse Iceland was in worse shape than almost any other country in the world. Hmmmmm..

Imaging what America would be like today if we bailed out the victims of poor banking practices, and punished the bankers who were responsible instead of bailing them out.

After watching this video tell us what you think? Is Iceland off their rocker, or on to something that America should have done as well.

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Aug 25

- IMF Says Bailouts Iceland-Style Hold Lessons in Crisis Times (Bloomberg, Aug 13, 2012):

Iceland holds some key lessons for nations trying to survive bailouts after the island’s approach to its rescue led to a “surprisingly” strong recovery, the International Monetary Fund’s mission chief to the country said.

Iceland’s commitment to its program, a decision to push losses on to bondholders instead of taxpayers and the safeguarding of a welfare system that shielded the unemployed from penury helped propel the nation from collapse toward recovery, according to the Washington-based fund.

“Iceland has made significant achievements since the crisis,” Daria V. Zakharova, IMF mission chief to the island, said in an interview. “We have a very positive outlook on growth, especially for this year and next year because it appears to us that the growth is broad based.”

Continue reading »

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Apr 01

Is there no water fluoridation in Iceland? LOL!


- Two thirds of Icelanders oppose EU membership. Can you blame them? (Telegraph, Mar 31, 2012):

Icelanders cast a cold eye on the EU

Leftie bloggers keep returning, as a dog returneth to its vomit, to my admiration for Iceland. The fact that I praised Iceland’s economic model is a source of constant delight to them. Yet they are starting to look badly behind the times. Iceland is growing faster than the eurozone and, because its government didn’t make the mistake of assuming private bank liabilities, its recovery is not burdened by European-level debt-to-GDP ratios. Small wonder that, according to the most recent poll, 67 per cent of Icelanders oppose EU membership.

Don’t take my word for it. Listen to The Economist. Or to The Guardian. As the main Icelandic daily Morgunblaðið puts it:

Íslendinga vera klára þjóð sem hefði herst við þá erfiðleika sem kynslóðir þeirra hefðu gengið í gegnum og þeir vissu betur en að kasta á glæ frelsi sínu.

For the tiny number of people in the world who don’t read Icelandic, here it is in English:


YouTube

As they say in Reykjavík: Hver hlær núna? Who’s laughing now?

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Mar 27

- A Lesson For Europe: Why Iceland Won’t Join The Euro (ZeroHedge, March 27, 2012):

In a brief but as usual succinct statement, MEP Daniel Hannan points out the country that decided to say no to establishment-rules and stuck to its guns by taking losses, devaluing its currency, and growing its way out of its pit of despair. The eloquent Englishman notes Iceland’s current enviable position in terms of not just growth but Debt to GDP and proffers upon his European Parliamentarian peers that perhaps, just perhaps, there is a lesson in here for all European governments (cough Greece/Portugal cough). 67% of Icelanders are now against joining the Euro.


YouTube

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Mar 10

Jumping out of the frying pan right into the (hell) fire.

Before:

- Icelandic Anger Bringing Record Debt Relief in Best Crisis Recovery Story

- Iceland Once Again Tells IMF, UK, Netherlands To ‘Go to Hell’; ‘Ice Torture’ Repayment Scheme Collapses

- Iceland: Economy Exits Recession

See also:

- Why is Greenland so rich these days? It said goodbye to the EU!


- Iceland Will Adopt Euro or Other Currency, Prime Minister Says (Bloomberg, Mar 10, 2012):

Iceland will either adopt the euro after joining the European Union or drop the krona and unilaterally adopt another currency as “the situation can’t remain unchanged,” said Prime Minister Johanna Sigurdardottir.

“The choice is between surrendering the sovereignty of Iceland in monetary policy by unilaterally adopting the currency of another country or become a member of the EU,” Sigurdardottir said in a speech delivered at a Social Democrat Alliance party convention today in Reykjavik, the capital. EU membership will allow Iceland to “cooperate with EU countries as a sovereign nation, which has a say in the decision and policy making in all fields of cooperation.”

Iceland started EU-entry talks in July 2010 and will probably vote on accession in early 2013. Of a total of 35 negotiating chapters for EU accession, Iceland has opened 11 and completed eight, the EU said in December. The primary challenges facing the talks relate to agriculture, the environment and fisheries, according to EU Enlargement Commissioner Stefan Fule.

A Capacent Gallup poll last month showed that about a quarter of the island’s voters support joining the bloc, or 26.3 percent, while 56.2 percent oppose EU membership.

Iceland could fix the krona’s exchange to the euro and be sheltered (ROFL!) by the European Central Bank “as early as by the middle of next election term” in 2015, said Sigurdardottir.

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Feb 24

Inside Job, Narrated by Matt Damon (Full Length HD) from jwrock on Vimeo.

Description:

‘Inside Job’ provides a comprehensive analysis of the global financial crisis of 2008, which at a cost over $20 trillion, caused millions of people to lose their jobs and homes in the worst recession since the Great Depression, and nearly resulted in a global financial collapse. Through exhaustive research and extensive interviews with key financial insiders, politicians, journalists, and academics, the film traces the rise of a rogue industry which has corrupted politics, regulation, and academia. It was made on location in the United States, Iceland, England, France, Singapore, and China.

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Feb 20

Here is what happens if you really stand up, fight and win!

See also:

- Iceland Once Again Tells IMF, UK, Netherlands To ‘Go to Hell’; ‘Ice Torture’ Repayment Scheme Collapses

- Iceland: Economy Exits Recession

Even better:

- Why is Greenland so rich these days? It said goodbye to the EU!


- Icelandic Anger Bringing Record Debt Relief in Best Crisis Recovery Story (Bloomberg, Feb. 20, 2012):

Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger.

Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.

“You could safely say that Iceland holds the world record in household debt relief,” said Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen. “Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that.”

The island’s steps to resurrect itself since 2008, when its banks defaulted on $85 billion, are proving effective. Iceland’s economy will this year outgrow the euro area and the developed world on average, the Organization for Economic Cooperation and Development estimates. It costs about the same to insure against an Icelandic default as it does to guard against a credit event in Belgium. Most polls now show Icelanders don’t want to join the European Union, where the debt crisis is in its third year.

Continue reading »

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Oct 29


YouTube Added: 27.10.2011

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May 24

1 of 2:

Added: 21.05.2011

2 of 2:

Added: 21.05.2011

Paul Craig Roberts:

“The west prides itself that it is the standard for the world, that it is a democracy. But nowhere do you see democratic outcomes: not in Greece, not in Ireland, not in the UK, not here, the outcomes are always to punish the innocent and reward the guilty.

And that’s what the Greeks are in the streets, protesting. We see this all over the west.

There is no democracy, there are oligarchies, some of these smaller European countries are not even run by their own governments, they are run by Wall Street… There is probably more democracy in China than there is in the west.

Revolution is the only answer… We are confronted with a curious situation.

Throughout the west we think we have democracy, we hold ourselves up high, we demonize China, we talk about the mafia state of Russia, we talk about the Arabs and so on, but where is the democracy here?”

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May 22

5/22/2011 — MASSIVE eruption at Iceland Volcano Grimsvotn — watch in HD

This is an airplane shot of the large eruption in Iceland yesterday afternoon. The volcano, Grimsvotn, projected a very large plume of ash high into the atmosphere, and was captured in HD by this Icelander.

movie is free for download over at the Icelandic public television website:

http://www.ruv.is/frett/nyjar-myndir-fra-grimsvatnagosinu


Keflavik airport closed after Grimsvotn volcano erupts, but ash plume not expected to cause widespread travel disruption


Ash rises from the Grimsvotn volcano in Iceland. Photograph: Halldora Kristen Unnarsdottir/AP

Iceland has closed its main international airport after a volcanic eruption sent a plume of ash, smoke and steam 12 miles into the air.

The airport and air traffic control operator Isavia said no flights were taking off or landing at Keflavik airport.

A spokeswoman said the ash plume from the Grimsvotn volcano was covering Iceland, but “the good news is that it is not heading to Europe”. She said it was blowing north-west toward Greenland instead.

Continue reading »

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Mar 02

After four days of continues earthquake activity it appears that Krísuvík volcano has stepped up it’s activity by a order of magnitude. Since midnight there have been over 400 earthquakes in Krísuvík volcano. The activity is continuing when this is written and does not show any signs of slowing down at this moment. Geologist in Iceland are expecting more earthquakes in this area over the next hours and even earthquakes that are larger then ML3.0 in size.


Earthquake location 27 Feb 15:40 GMT

The largest earthquakes where ML3.3 and ML3.7 in size. This is automatic size by the SIL system. The depth of the earthquakes was 4.7 km and 1.1 km according to the automatic SIL system. Due to high number of earthquakes the SIL system is putting earthquakes down all around the Reykjanes Peninsula. While there might be some earthquakes there, the number is not nearly as high as can be seen on the map. The earthquakes can be located by there low quality number.

Continue reading »

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Mar 01

See also:

- Iceland Once Again Tells IMF, UK, Netherlands To ‘Go to Hell’; ‘Ice Torture’ Repayment Scheme Collapses

Here is what happens if you didn’t bail out the banksters:

- Iceland: Economy Exits Recession



A pipeline sits at the Hellisheidi geothermal energy plant, operated by Orkuveita Reykjavikur, near Hengill volcano, in Hengill, Iceland.

Feb. 28 (Bloomberg) — Europeans left stranded at airports last year as an Icelandic volcano spewed ash across the continent may soon benefit from the power that seethes beneath the remote north Atlantic island.

Iceland is doing a feasibility study into building a 1,170- kilometer (727-mile) power cable to Scotland to send some of its untapped potential 18 terawatt-hours of geothermal and hydropower — that’s enough for 5 million European homes. The project has the full backing of the government, Industry Minister Katrin Juliusdottir said in an interview.

“Icelanders live with earthquakes and volcanic activity but the benefits are that now we can monetize these powers,” said Valdimar Armann, an economist at Reykjavik-based asset manager GAMMA, who estimates annual clean-energy exports could reach about a tenth of the island’s $12 billion economy.

The island is trying to emerge from Europe’s biggest banking meltdown this century to restyle itself as one of the European Union’s main sources of renewable energy. The power cable, which would be the longest of its kind ever built, would come as the EU strives to reach its target of 20 percent clean energy by 2020. In about 20 years, Iceland’s energy revenue per capita may rival that in Norway, where oil income has made its $540 billion sovereign wealth fund the world’s second-biggest, Armann said.

Continue reading »

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Feb 22

See also:

- Iceland Summons US Envoy Over Demand For MP’s Twitter Account Details

- Icelandic MP Fights US Government Demand For Her Twitter Account Details

Here is what happens if you didn’t bail out the banksters:

- Iceland: Economy Exits Recession

If it would not be so cold and had less volcanic activity I would move to Iceland …

… or Greenland:

- Why is Greenland so rich these days? It said goodbye to the EU!



Unlike in Ireland and Greece, there seem to be some smart and righteous politicians left in Iceland.

Hats off to Iceland for a second time for telling the IMF, the UK, and Netherlands to “Go to Hell” over the most recent Icesave proposal, better thought of as Ice Torture.

Please consider Iceland’s President Vetoes Icesave Deal

For the second time, Iceland’s president vetoed a bid by the island nation’s Parliament to repay the U.K. and the Netherlands more than $5 billion lost by depositors in Iceland’s epic 2008 banking collapse—sending the matter to a referendum by a deeply skeptical public and complicating the country’s application to join the European Union.

The dispute over Icesave—the online arm of a failed Iceland bank that took deposits from British and Dutch savers—has percolated for more than two years, reflecting the Icelandic people’s dissatisfaction with paying the price for what is almost universally regarded as the hubris of a few bankers.

Continue reading »

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