[minoru_tanaka]

Iceland considering switch to Canadian dollar | CTV News (http://www.ctv.ca/CTVNews/TopStories/20120302/will-iceland-switch-to-the-loonie-120302/)

We're taking over

[FerrariEnzo]

Iceland is nice and no ice
Greenland is not nice and has ice


:rukidding: with the naming

BTW, i hear Icelandic girls are hot!

[minoru_tanaka]

BTW, i hear Icelandic girls are hot!

http://upload.wikimedia.org/wikipedia/commons/0/07/Miss_Iceland_07_Johanna_Vala.jpg

[StylinRed]

hope they dont plan on joining canada what with their burdens ;)

[FerrariEnzo]

http://upload.wikimedia.org/wikipedia/commons/0/07/Miss_Iceland_07_Johanna_Vala.jpg
hope they dont plan on joining canada what with their burdens ;)
with girls like that... I dont mind the burden!!!:fuckyea:

[murd0c]

hope they dont plan on joining canada what with their burdens ;)

I would trade Quebec for them any day :fuckyea:

[FerrariEnzo]

I would trade Quebec for them any day :fuckyea:

Quebec?? what is Quebec :whistle:

[bloodmack]

i hate it when ppl say hot girls come from this country.. dude theres always hot girls in EVERY country.

[TheNewGirl]

It's funny, I was telling someone about this months ago and they didn't believe me that Iceland (or any country) would consider our dollar.

[minoru_tanaka]

Soon to be Canadian cuisine
http://upload.wikimedia.org/wikipedia/commons/thumb/4/4b/Thorramatur.jpg/800px-Thorramatur.jpg

[sonick]

Iceland is nice and no ice
Greenland is not nice and has ice


:rukidding: with the naming

BTW, i hear Icelandic girls are hot!

lol hot chick from Mighty Ducks 2:

"Greenland is full of ice, Iceland is very nice"

[RacePace]

http://upload.wikimedia.org/wikipedia/commons/0/07/Miss_Iceland_07_Johanna_Vala.jpg

I can get behind this change

[unit]

iceland is a tiny little economy, i cant see the harm in them using our dollar.

[nack]

Soon to be Canadian cuisine
http://upload.wikimedia.org/wikipedia/commons/thumb/4/4b/Thorramatur.jpg/800px-Thorramatur.jpg

if you've tried it, it's actually pretty damn tasty

[minoru_tanaka]

if you've tried it, it's actually pretty damn tasty

Do you eat the brains?

[Gridlock]

I don't know much about international monetary policy.Is there a risk of further ongoing problems with their economy causing problems in terms of becoming canada's problems?

As far as I can imagine, they would pick a date where their currency(the krona?) becomes pegged in value to the canadian dollar, the population exchanges their krona for the cdn dollar and life carries on. The krona ceases to exist.

I see a bunch of upsides for iceland in that, minus losing a pretty big part of their sovereignty in terms of national monetary policy. They get to have a stable currency in operation taking some pressure off their problems.

The part that I don't quite get is what benefits there are for us? Obviously good to have more of your money in circulation, but I can't see how we'd be immune to their economy going from "shit" to "worse than shit" which is a definite possibility. They'd now be doing that in our money instead of theirs.

[nack]

Do you eat the brains?

never had the head before.....always freaked me out :pokerface:

[minoru_tanaka]

I don't know the benefits for us but they only have about 300K pop so less than Surrey

[tiger_handheld]

If anyone has watched Phelm 123 with Travolta, you know that Iceland is famous for ASS models.

[tiger_handheld]

I don't know much about international monetary policy.Is there a risk of further ongoing problems with their economy causing problems in terms of becoming canada's problems?

As far as I can imagine, they would pick a date where their currency(the krona?) becomes pegged in value to the canadian dollar, the population exchanges their krona for the cdn dollar and life carries on. The krona ceases to exist.

I see a bunch of upsides for iceland in that, minus losing a pretty big part of their sovereignty in terms of national monetary policy. They get to have a stable currency in operation taking some pressure off their problems.

The part that I don't quite get is what benefits there are for us? Obviously good to have more of your money in circulation, but I can't see how we'd be immune to their economy going from "shit" to "worse than shit" which is a definite possibility. They'd now be doing that in our money instead of theirs.

I don't know the benefits for us but they only have about 300K pop so less than Surrey


Pure economic benefit.

Bank - Big 5 canadian banks now have more ppl to serve

Exports/Imports - Iceland is known for aluminum and fish industries. Canadian biz could soon have access to quality seafood without exchange risk

Reserves - Iceland + Canada control well over 50% of the arctic and the oil that is there. HUGE potential for O&G companies in AB.

[Manic!]

Good news. Now we just need to find some place warm in the Caribbean to do the same.

[Gridlock]

Good news. Now we just need to find some place warm in the Caribbean to do the same.

we tried.

Turks and Caicos Islands - Wikipedia, the free encyclopedia (http://en.wikipedia.org/wiki/Turks_and_Caicos_Islands)

TL;DR-there have been several attempts to admit them as either a province or territory. It never really got off the ground.

Really, it would open up more problems than it would solve. Same reason Peurto Rico joining the US as a full state runs into problems.

[Gridlock]

Pure economic benefit.

Bank - Big 5 canadian banks now have more ppl to serve

Exports/Imports - Iceland is known for aluminum and fish industries. Canadian biz could soon have access to quality seafood without exchange risk

Reserves - Iceland + Canada control well over 50% of the arctic and the oil that is there. HUGE potential for O&G companies in AB.

All great points that I didn't think of or read. Any risks?

[OTG-ZR2]

ditch the krona for the loonie.... and call it a kroney?

[Death2Theft]

After the hard fought battle that iceland fought to kick the bankers out of their system, I find it impossible to believe they would so blindly sign onto another fiat currency.
Iceland economic crisis documentary - YouTube
Pure economic benefit.

Bank - Big 5 canadian banks now have more ppl to serve

Exports/Imports - Iceland is known for aluminum and fish industries. Canadian biz could soon have access to quality seafood without exchange risk

Reserves - Iceland + Canada control well over 50% of the arctic and the oil that is there. HUGE potential for O&G companies in AB.

[too_slow]

Off-topic but I've always wanted to go here:

http://i.thestar.com/images/a3/06/391eeb144c5592271a944d7fc38b.jpeg

[godwin]

For those hankering for Icelandic beauties.. One of Iceland's national asset is their gene banks / data, since everyone is so closely related.. most people have kids before they get married in their teens. They actually license their gene data out to researchers.

It might a be a bit difficult for a stereotypical Asian RSer to get into the game. ;)

[godwin]

Denmark might have something to say about it (Iceland's former overlords).. but I think that's pretty much it.

Icelanders are fiercely independent.. so honestly politicians might say one thing but the locals will not like it very much.

Iceland is not that big.. so I don't see any direct benefit to the Big 5 banks in terms of customers.. AND it is not like Iceland is the back waters like NWT where there is no ATM machine for miles.

All great points that I didn't think of or read. Any risks?

[tiger_handheld]

Denmark might have something to say about it (Iceland's former overlords).. but I think that's pretty much it.

Icelanders are fiercely independent.. so honestly politicians might say one thing but the locals will not like it very much.

Iceland is not that big.. so I don't see any direct benefit to the Big 5 banks in terms of customers.. AND it is not like Iceland is the back waters like NWT where there is no ATM machine for miles.

300k population like someone said above.
300k bank fees / mortgages/ loc's / investments / etc. etc. the $ value of all banking products is probably close to about 1-2billion. that some nice top line growth for the top 5 banks

[godwin]

Again you are assuming Iceland doesn't have existing banking infrastructure... they do (which got them into trouble in the first place).. Adopting Canadian $ as a sovereign currency doesn't automatically mean the Big5 has access to the market in Iceland. In fact, if they go they will have a huge learning curve as Icelanders are more mobile than our typical Canadian banking customer.

300k population like someone said above.
300k bank fees / mortgages/ loc's / investments / etc. etc. the $ value of all banking products is probably close to about 1-2billion. that some nice top line growth for the top 5 banks

[belka]

Off-topic but I've always wanted to go here:

http://i.thestar.com/images/a3/06/391eeb144c5592271a944d7fc38b.jpeg

Don't ever try to see what is at the bottom of those pools. :heckno:

[murd0c]

I'm not sure how this works so I have to ask. If they do decide to go with the CAD what happens to there current money and debts? I have no clue what there dollar is worth now but its not like we would give them a bunch of cash how would they buy it from us I guess I'm saying?

[SkinnyPupp]

Iceland is nice and no ice
Greenland is not nice and has ice


:rukidding: with the naming

BTW, i hear Icelandic girls are hot!
http://img.list09.com/wordpress/wp-content/uploads/2012/02/crossfit-girl-annie-thorisdottir.jpg

Crossfit girls :megusta:

[murd0c]

WOW thats fricken hot

[gars]

Off-topic but I've always wanted to go here:

http://i.thestar.com/images/a3/06/391eeb144c5592271a944d7fc38b.jpeg

I went there on my way home from London. It's pretty interesting, but also a little overated. I definitely didn't feel any health benefits from soaking there, and it wasn't particularly hot either. Just a lukewarm bath that's a funny colour.


Btw, it's actually pretty cheap to fly to Europe via Icelandair, and you basically get a free stop over in iceland. Stay a few days, and experience it. I want to go back to see the northern lights.

[Hehe]

I'm not sure how this works so I have to ask. If they do decide to go with the CAD what happens to there current money and debts? I have no clue what there dollar is worth now but its not like we would give them a bunch of cash how would they buy it from us I guess I'm saying?

For Canadian, there really isn't much difference. Iceland's central bank would decide a rate that it would convert their krona into CAD and usually provides a deadline of such conversion. Bank of Canada would exchange tons of CAD cash for something of equal value (gold, other currencies like USD, Euro.. etc) and usually sell them on the market to avoid any sudden shock to CAD value.

In essence, Iceland would give up monetary policy (as it can no longer affect the amount of money in circulation) for stability (of CAD) for its people.

These are strategies often used by financial less stabled countries to avoid inflation.

But from an economic point of view though, I don't see it being good for Iceland. CAD is heavily dependent on natural resources, something Iceland lacks. I'd say they would be better off with USD or Euro.

[Brianrietta]

After the hard fought battle that iceland fought to kick the bankers out of their system, I find it impossible to believe they would so blindly sign onto another fiat currency.


And yet you have no problems believing that the United States is sending an aircraft carrier to the gulf so that Iran can sink it so that they don't have to disassemble it.

:rukidding:

[Death2Theft]

Crazy how wide her mid section still is even with abs. That there is a viking woman!
http://img.list09.com/wordpress/wp-content/uploads/2012/02/crossfit-girl-annie-thorisdottir.jpg

Crossfit girls :megusta:

[Death2Theft]

Why else are they sending the oldest most outdated worthless rust bucket carrier out there? To make sure no one else in the middle east gets nukes? LOLZ.
And yet you have no problems believing that the United States is sending an aircraft carrier to the gulf so that Iran can sink it so that they don't have to disassemble it.

:rukidding:

[godwin]

But from an economic point of view though, I don't see it being good for Iceland. CAD is heavily dependent on natural resources, something Iceland lacks. I'd say they would be better off with USD or Euro.

Iceland's key resource is their energy (geothermal) hence the existence of aluminium plants, tourism and fish resources. Kinda simliar to BC.

I think they should do with Yuan.. since the Chinese tried to buy them anyways. Who wants to use USD or Euro?

Honestly the populace would rather go with Danish Krone than Canadian $.

Ecuador is another country that is based on USD.

[falcon]

Again you are assuming Iceland doesn't have existing banking infrastructure... they do (which got them into trouble in the first place).. Adopting Canadian $ as a sovereign currency doesn't automatically mean the Big5 has access to the market in Iceland. In fact, if they go they will have a huge learning curve as Icelanders are more mobile than our typical Canadian banking customer.

The only way I can really see this working on Canada's end is if the Big5 take over/merge the Icelandic Banks and implement our system and banks there. That is the only way to really guarantee the same thing doesn't happen again. I see it as a positive for Iceland too, because they are not only getting a strong currency but also a proven banking system linked to one of the strong world economies.

[godwin]

You are missing CMHC.. there is no such thing in Iceland... the one thing that current gov is so proud to claim that will prevent the same thing from happening here.

The only way I can really see this working on Canada's end is if the Big5 take over/merge the Icelandic Banks and implement our system and banks there. That is the only way to really guarantee the same thing doesn't happen again. I see it as a positive for Iceland too, because they are not only getting a strong currency but also a proven banking system linked to one of the strong world economies.

[Sid Vicious]

i hate it when ppl say hot girls come from this country.. dude theres always hot girls in EVERY country.

even pakistan and afghanistan?

[Manic!]

even pakistan and afghanistan?

Yes.


http://www.nypost.com/rw/nypost/2011/12/06/news/web_photos/06.1n037.pakistan.c--300x450.jpg

[dinosaur]

the comments are the most interesting.

Is Canada the world's next superpower? – Erin Burnett OutFront - - CNN.com Blogs (http://outfront.blogs.cnn.com/2012/03/06/is-canada-the-worlds-next-superpower/?hpt=hp_t3)