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Manitoba feels Iceland's pain

PAUL WALDIE

From Friday's Globe and Mail

Latest comment posted at 2:00 AM EST 10/10/08

Iceland is in the grips of a financial crisis that has pushed its three biggest banks ...Read the full article

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  1. Steve Church from Canada writes: The closest parallel that comes to mind is Newfoundland during the Great Depression. The island was hit so badly it returned to colonial governance.
  2. diane marie from calgary, Canada writes: Everyday people caught up in events and stuck with the fallout. One has to feel great sympathy for them.
  3. Michael Sharp from Victoria BC, Canada writes:

    Iceland would make a great colony.

    Canada.
    Ice.
    Iceland.
    Ice.

    We have so much in common.

    Except Victoria.
    No ice.
    All the more reason to separate.
    All that ice.
  4. J. Michael from Australia writes: $61-billion debt with probably only 150,000 working people, that puts the debt at close to $400,000.00 per working person. I don't think Canada needs such an addition to their country.
  5. John Deriso from Edmonton, Canada writes: Michael Sharp - please stop.
  6. Piet F from Canada writes: Michael: why is it that all your comments are completely nonsensical - be it about your far-right leanings or Iceland.

    You might just want to stop posting.
  7. Rollo T from Belgium writes: Other than a strategic position in the north Atlantic, Iceland has nothing to offer, unless it's lava you are after.
  8. Dr Demento from Canada writes: Michael Sharp from Victoria BC, Canada writes:
    'The British Virgin Islands.
    I'd move there.'

    Please do - preferably somewhere with no Internet connection . . .
  9. George BrownIII from Christmas Island writes: J Micheal, its a bargain, first agree to the take over, keep it secret then pay 0,00001 penny to the dollar on that 61 billion. In meanwhile let us start a collection, sent the money to me. Save Iceland Fund. POBox 1, Cayman Islands.
  10. Juliet Björnsson from Reykjavik, Iceland writes: I am completely stunned and amazed at the insensitivity of the posters on this board. I am a Canadian, married to an Icelander, living in Iceland. Let me try to bring a little perspective. Yes, we are in a financial crisis. A few individuals took some very big risks which in part (but entirely) resulted in the collapse of our banking system. An now we are facing the real possibilty of national bankruptcy. Although some Icelanders were foolish and took large foreign loans to finance luxury items, most Icelanders are hardworking individuals who just want to provide for their families and live a normal life. We work, we save, we play. The situation now is that we can‘t take our money out of the bank. And even if we could, our currency is worth next to nothing. We can wake up tomorrow and find our life savings completely gone. My family is young - even if we had to start all over from scratch, my husband and I have another 30 years of working life left. Where my heart gets heavy is for our elderly citizens who have saved for years for their retirement – what happens to them when all their savings go up in smoke. There is nothing funny about what is happening to Iceland. The nation is weeping. We fear for our jobs, we fear for the wellbeing of our families, and we fear for the survival of our nation as a whole. We have lost our standing in the world and feel many of our friends have turned their backs on us. We are fighting a battle here where the weapons used against us don't cause physical damage per say but are wounding us psychologically each time another economic blast hits us. Even so, I am proud to be here, just as proud as I am of being Canadian.
  11. Dale Brown from Victoria, Canada writes: Curious how Palinistas both North and South of the border combine sneering nastiness with know-nothingness.
  12. Guy Stewart from Reykjavík, Iceland writes: Hear, hear, Juliet.

    Canadians can afford to make fun after they kick the Conservatives out of office. Iceland's equivalent (Sjálfstæðisflokkurinn) has ruled the roost for time out of mind, with the recent consequences.

    Iceland is the purest paradigm of laissez-faire economics: its current situation is the result of deregulation, privatization and rampant consumerism. Its "green" reputation is a joke: no populace owns more SUVs per capita or rides roughshod over its environment as much as in Iceland. Like Canada, any of Iceland's green reputation is due to its relatively vast store of natural resources and unspoilt landscape - not because of the virtue of its philosophy.

    Time to get our heads out of the sand.
  13. Guy Olivier from Columbus, Ohio, United States writes: This is big. Watch one country after another fall as Iceland is doing now. This is funny to some? Strange.
  14. Ray Prefontaine from Winnipeg, Canada writes: Anyone knowing something about Icelandic history will know that these people are incredibly tough and resilient - isolation in a cold, desolate but beautiful land, 2 major plagues in the Middle Ages that each killed between 25 and 50 % of the population, major volcano eruptions and famines in the 1800s that forced immigration to the New World (notably to Manitoba and the US Mid-West). Given this history of hardships and recovery, the country and people of Iceland will survive this "financial meltdown" as well.
  15. John Q Public from Oakville,Ont, Canada writes: It is very sad that the hard working, good people of Iceland pay the price of a few greedy overleveraged bankers. Thats a huge debt ratio, unbelievable there was not some sort of government regulation.
    We are all paying a price to some degree for the incompetent US banking system though. My retirement fund is worth 50% of what is was 2 months ago. At least the assets aren't frozen ... yet.
  16. Normand LaBine from Winnipeg, Canada writes: Very sorry to see another indirect casualty of Neo Conservative imperialism. We love going to Gimli and spending time enjoying the people and their culture as well as their tourist attractions, and as others have posted, a hard-working, creative and ingenious community. truly sad.
  17. Pohaku Pohaku from Hawaii, United States writes: Get ready for a common currency in North America. This is all part of the great plan.
  18. S Lucht from British Columbia, Canada writes: What Ms. Björnsson has written is important. What's happening in Iceland is happening all over the world, thanks to the greed of a relatively few highly-placed people (and in many cases, the willingness of average folks to play along in the hope of cashing in). Complex financial dealings involving huge amounts of money, on a seemingly solid but quietly rotting financial foundation. Iceland's case may seem extreme, in part due to the country's small size and relatively large corporate debt, but we're all getting a taste of the same thing.
  19. Graeme Thompson from Guatemala City, Canada writes: I didn't realize there was a big connection between Manitoba and Iceland, but I do remember hearing from the son of the man who drew Snow White for Walt Disney, that he modelled Snow White on an Icelandic waitress he met in Winnipeg -- just before he was called by Walt Disney to go to California and work for him.
    I heard that on Saltspring Island, where the son of the caricaturist lived 15 years ago.
    Graeme Thompson, Guatemala City
  20. S H from Texas, United States writes: To Ms. Bjornsson: I, too, have been shocked by the insensitivity of many on this site for quite a while, and especially so since we had enjoyed many good feelings about Canadians after numerous northern vacations. Your expressions of despair towards not only your family's predicament but also the elderly touched me and you have my admiration of your heart. I am disgusted by the treatment Iceland has received and have suspected for quite a while trouble was coming - how devasting I had not guessed. Our families immigrated from Norway and Denmark to frontier Texas long ago - please convey from we of similar bloodlines to your husband, family and friends in Iceland our prayers and best wishes. Good luck.
  21. H M from Canada writes: Holy sh"t that sucks. I wonder if it's better to visit a country during a recession or a boom? I have always wanted to see Iceland, but maybe they don't want company when they're down in the dumps.
  22. Dennis sinneD from Calgary, Canada writes:

    John Deriso from Edmonton, Canada writes: "Michael Sharp - please stop. "

    ...

    You make the rules why?

    Michael, as you were...
  23. Tom W from Vancouver, Taiwan writes: These banks don't deserve our sympathy; in expanding their reach to 17 countries and into the sub-prime lending world they placed their domestic customers and economy at extreme risk.

  24. j adams from Winnipeg, Canada writes: Graeme Thompson from Guatemala City, Canada: Yes there is a strong connection between Iceland and Manitoba. They have been forging a close relationship for many years now. There have been some dark moments in their history here eg. when the Manitoba Government expropriated property belonging to the orginal settlers families to make Hecla Island Provincial Park.

    Yes that is true about they guy who drew Snow White. You did speak to the man's son but the story I read was a little different. He saw his inspiration for Snow White standing on a street in downtown Winnipeg, he only saw he once but was so enamoured by here beauty he remembered her and modelled Snow White after her when asked draw her. I wonder about her being Icelandic. Jet black hair is not a common genetic trait in Icelandic people.

    Best thing about Gimli where the Icelandic people settled, besides the awesome beauty of Lake Winnipeg is: they make Crown Royal there. In a glass with one ice cube please!
  25. Silent Minority from Winnipeg, Canada writes: Tom W from Vancouver, Taiwan writes: These banks don't deserve our sympathy; in expanding their reach to 17 countries and into the sub-prime lending world they placed their domestic customers and economy at extreme risk.

    No, perhaps not, but the unsuspecting elderly placing their faith in the younger generation should garner a bit of sympathy.
  26. Maria Doroha from Selkirk, MB, Canada writes: http://findarticles.com/p/articles/mim0JSF/is166/ai30214808

    Winnipeg Snow White and Charlie Thorson
  27. Some Guy from Canada writes: Apparently British local governments, companies, and private citizens have lost 20 billion pounds. The Icelandic government has promised to make good the loses of British private citizens of 6.5 billion pounds, but not those of local government and companies. Even the 6.5 billion ponds represents $40 000 US for each Icelandic citizen. For us all of this is a nuisance, for the US and Europe it is painful, for Iceland it is a huge tragedy they will be a generation recovering from.
  28. And you wonder - Why? from Toronto, Canada writes: I love a well thought out debate and hearing all perspectives...but how about showing a little civility and respect for people and differing view points.

    I thought we Canadian's were above the type of attack comments I am seeing posted everywhere these days. It is almost as discouraging as the crisis we are in the midst of globally.

    Happy Thanksgiving Canada :)
  29. fergus macduff from United Kingdom writes: people shouldn't be too smug regarding what is happening in iceland. lots of us in the uk had savings in those banks and it is not certain we'll get our money back. having visited iceladn a few times i can say it is a lovely country but it has few natural resources or manufacturing so the icelanders were living in a big dream workd when it came to the new wealth they were generating. most bought the lie from what i could see. as one other poster stated, stand by. this is going to get much bigger. forget about retiring, think about surviving.
  30. Sober Second Thought from Toronto, Canada writes: For once I agree with Micheal Sharp (all of it!)

    I say we let Iceland join Canada.....! They belong with us, but then again, my great grandmother was Icelandic.
  31. Roop Misir from Toronto, Canada writes: I love Gimli.

    If Canada spends $18,000,000,000 on Iceland, shall Gimli become an Earthly Paradise much sought after by tourists?

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