Comments on: The biggest bank robbery in Iceland’s history? http://icelandweatherreport.com/2009/02/the-biggest-bank-robbery-in-icelands-history.html Thu, 17 May 2012 15:30:33 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: 30 20 show dvd http://icelandweatherreport.com/2009/02/the-biggest-bank-robbery-in-icelands-history.html/comment-page-1#comment-20244 30 20 show dvd Sun, 19 Dec 2010 09:28:35 +0000 http://icelandweatherreport.com/?p=1701#comment-20244 I really enjoy consumers who write blogs, it's definitely really challenging to put together all method of knowledge just about every other means. Exceptional job. I really enjoy consumers who write blogs, it’s definitely really challenging to put together all method of knowledge just about every other means. Exceptional job.

]]> By: alda http://icelandweatherreport.com/2009/02/the-biggest-bank-robbery-in-icelands-history.html/comment-page-1#comment-6842 alda Wed, 04 Mar 2009 10:28:48 +0000 http://icelandweatherreport.com/?p=1701#comment-6842 BX - perhaps you would like to start your own blog? BX – perhaps you would like to start your own blog?

]]> By: Blank Xavier http://icelandweatherreport.com/2009/02/the-biggest-bank-robbery-in-icelands-history.html/comment-page-1#comment-6837 Blank Xavier Wed, 04 Mar 2009 00:25:15 +0000 http://icelandweatherreport.com/?p=1701#comment-6837 Ingibergur wrote: > A “respectable” representative of Althing repeaded uncountable > number of times that the “stofnfé” i.e. saving bank capital were > funds without a shepheard meaning that it was “up for grabs”. Politicans are people. I think about 90% of people are corruptable. Put a person into a situation where there are incentives (financial and otherwise) upon them to behave in a way which although optimal for themselves is non-optimal for others (such as the State), then they will. This is why Governments are a bad idea. They cannot work, for their interests will in practise be against those of the State and People they are supposed to represent. Ingibergur wrote:
> A “respectable” representative of Althing repeaded uncountable
> number of times that the “stofnfé” i.e. saving bank capital were
> funds without a shepheard meaning that it was “up for grabs”.

Politicans are people. I think about 90% of people are corruptable. Put a person into a situation where there are incentives (financial and otherwise) upon them to behave in a way which although optimal for themselves is non-optimal for others (such as the State), then they will.

This is why Governments are a bad idea. They cannot work, for their interests will in practise be against those of the State and People they are supposed to represent.

]]> By: Blank Xavier http://icelandweatherreport.com/2009/02/the-biggest-bank-robbery-in-icelands-history.html/comment-page-1#comment-6836 Blank Xavier Wed, 04 Mar 2009 00:22:39 +0000 http://icelandweatherreport.com/?p=1701#comment-6836 Lino wrote: > in the short term wealth is NEVER created: as for instant creation of > wealth simply by merging, it’s just asset shuffling (and related > liabilities do not disappear like that). Yes. However, two entities together can have as a result of being merged a higher annual profit than they would have seperately. That improvement in profitability is the creation of wealth. [snip excessive caution] What you have said is correct. However in the original post, the context was that excessive caution was, without reason or justification, presented as the correct and best approach. It was this unthinking assumption that I questioned. Lino wrote:
> in the short term wealth is NEVER created: as for instant creation of
> wealth simply by merging, it’s just asset shuffling (and related
> liabilities do not disappear like that).

Yes. However, two entities together can have as a result of being merged a higher annual profit than they would have seperately. That improvement in profitability is the creation of wealth.

[snip excessive caution]

What you have said is correct. However in the original post, the context was that excessive caution was, without reason or justification, presented as the correct and best approach. It was this unthinking assumption that I questioned.

]]> By: Blank Xavier http://icelandweatherreport.com/2009/02/the-biggest-bank-robbery-in-icelands-history.html/comment-page-1#comment-6835 Blank Xavier Wed, 04 Mar 2009 00:19:22 +0000 http://icelandweatherreport.com/?p=1701#comment-6835 hildigunnur wrote: > Ewww! What’s this horrid libertarian doing here spewing gall? We > were FINE, until the likes of him started taking over. No. You were not. Iceland was desperately backwards and poor and the entire economy was regulated for the sake of the fishing industry. There was as a result a great deal of human suffering and a massive waste of lives, of potential, of dreams and hopes which could never be, not in that circumstance. hildigunnur wrote:
> Ewww! What’s this horrid libertarian doing here spewing gall? We
> were FINE, until the likes of him started taking over.

No. You were not. Iceland was desperately backwards and poor and the entire economy was regulated for the sake of the fishing industry. There was as a result a great deal of human suffering and a massive waste of lives, of potential, of dreams and hopes which could never be, not in that circumstance.

]]> By: alda http://icelandweatherreport.com/2009/02/the-biggest-bank-robbery-in-icelands-history.html/comment-page-1#comment-6713 alda Tue, 24 Feb 2009 22:28:07 +0000 http://icelandweatherreport.com/?p=1701#comment-6713 Dang! Care to mention names? Or at the very least some characterizing details? Dang!

Care to mention names? Or at the very least some characterizing details?

]]> By: Ingibergur http://icelandweatherreport.com/2009/02/the-biggest-bank-robbery-in-icelands-history.html/comment-page-1#comment-6708 Ingibergur Tue, 24 Feb 2009 18:43:00 +0000 http://icelandweatherreport.com/?p=1701#comment-6708 A "respectable" representative of Althing repeaded uncountable number of times that the "stofnfé" i.e. saving bank capital were funds without a shepheard meaning that it was "up for grabs". A “respectable” representative of Althing repeaded uncountable number of times that the “stofnfé” i.e. saving bank capital were funds without a shepheard meaning that it was “up for grabs”.

]]> By: The biggest bank robbery in Iceland’s history? « Economic Disaster Area http://icelandweatherreport.com/2009/02/the-biggest-bank-robbery-in-icelands-history.html/comment-page-1#comment-6699 The biggest bank robbery in Iceland’s history? « Economic Disaster Area Tue, 24 Feb 2009 14:09:23 +0000 http://icelandweatherreport.com/?p=1701#comment-6699 [...] A must read article from the Icelandic Weather Report [...] [...] A must read article from the Icelandic Weather Report [...]

]]> By: Lino http://icelandweatherreport.com/2009/02/the-biggest-bank-robbery-in-icelands-history.html/comment-page-1#comment-6692 Lino Tue, 24 Feb 2009 09:37:13 +0000 http://icelandweatherreport.com/?p=1701#comment-6692 >In and of itself, good. A great deal of wealth was created. The two banks together were worth much more than the two banks seperate; together they would produce more wealth per year than seperate. Putting them together is something any sensible person would do. in the short term wealth is NEVER created: as for instant creation of wealth simply by merging, it's just asset shuffling (and related liabilities do not disappear like that). What can happen is eventually wealth unlocking (that was already there, though inexpressed perhaps), but that is more than just cooking accounting books and related financial "wizardry" and drawing nice organization charts >No opportunities to make good money which were missed due to excessive caution, etc? isn’t excessive caution as bad as excessive risk? because it deprives the people who have invested of money just as surely I do not agree: it depends on the profile of investor you are and the kind of yield/risk/liquidity/diversification configuration you choose/afford, according as well to your (institutional) mission. It can make perfectly sense to choose not to take "missed opportunities". >In and of itself, good. A great deal of wealth was created. The two banks together were worth much more than the two banks seperate; together they would produce more wealth per year than seperate. Putting them together is something any sensible person would do.

in the short term wealth is NEVER created: as for instant creation of wealth simply by merging, it’s just asset shuffling (and related liabilities do not disappear like that). What can happen is eventually wealth unlocking (that was already there, though inexpressed perhaps), but that is more than just cooking accounting books and related financial “wizardry” and drawing nice organization charts

>No opportunities to make good money which were missed due to excessive caution, etc? isn’t excessive caution as bad as excessive risk? because it deprives the people who have invested of money just as surely

I do not agree: it depends on the profile of investor you are and the kind of yield/risk/liquidity/diversification configuration you choose/afford, according as well to your (institutional) mission. It can make perfectly sense to choose not to take “missed opportunities”.

]]> By: hildigunnur http://icelandweatherreport.com/2009/02/the-biggest-bank-robbery-in-icelands-history.html/comment-page-1#comment-6691 hildigunnur Tue, 24 Feb 2009 09:28:51 +0000 http://icelandweatherreport.com/?p=1701#comment-6691 Ewww! What's this horrid libertarian doing here spewing gall? We were FINE, until the likes of him started taking over. Not the richest-country-in-the-world (as if that was ever true, just fake). Ewww! What’s this horrid libertarian doing here spewing gall? We were FINE, until the likes of him started taking over. Not the richest-country-in-the-world (as if that was ever true, just fake).

]]>