Commentary - 10/10/08

LIVE DEMO - Iceland Devoured

I used the term "LIVE DEMO" because not only has it just happened, the consequences are still being figured out. But readers of this site already know the ending. We're just not sure what's going to be said to smooth the process over. This New York Times article Iceland, in Financial Collapse, Is Likely to Need I.M.F. Help says:

Iceland’s financial system collapsed Thursday, and analysts said it was probably only a matter of time before the country would have to turn to the International Monetary Fund for help.

Such a move, which would make this small island nation the first sovereign state to fall victim to the credit squeeze that began last year, would require it to accept harsh measures to restore fiscal and monetary stability.

They're even being labelled "terrorists!" (This certainly helps explain another reason for "War on Terror.")
Adding to Iceland’s sense of isolation, a diplomatic dispute with Britain over money stranded in the failed banks deepened as the British government invoked antiterrorism laws in an effort to get the money.

“Iceland is bankrupt,” said Arsaell Valfells, a professor at the University of Iceland. “The Icelandic krona is history. The only sensible option is for the I.M.F. to come and rescue us.”

But why would anyone bother with a small beautiful country like Iceland?
And where would residents even get an idea of being a player in the grand casino of international banking?

National Geographic Magazine provided a clue in March 2008, in their feature Power Struggle:

The people of Iceland awaken to a stark choice: exploit a wealth of clean energy or keep their landscape pristine.
It's a good story, and when you get to page four, you'll see:
When the opportunity arose in 2003 for the national power company to enter into a 40-year contract with the American aluminum company Alcoa to supply hydroelectric power for a new smelter, those who had been dreaming of something like this for decades jumped at it and never looked back. Iceland may at the moment be one of the world’s richest countries, with a 99 percent literacy rate and long life expectancy.
It certainly doesn't matter how smart people are when they're being lied to, and stolen from, by financial sociopaths. With no empathy nor conscience, they come across as your best friend and saviour, until the day you wake up to reality. Then it's too late. This is standard M.O. by agents of the Great Red Dragon.

So, who controls Alcoa? With no insiders owning enough to register a percent, it's just another pure plantation. The TOP 10 Major Holders, althought they only make up 1.3% of the institutional holders, control more than 40% of Alcoa.

Symbol Name Of Corporation

Alcoa, Inc. (As of 30-Jun-2008)
Top 10 Institutional HoldersSharesPct.Value
Capital World Investors41,760,3005.13$1,487,501,886
Wellington Management Company, LLP36,811,8264.53$1,311,237,242
State Street Corporation32,093,7943.95$1,143,180,942
FMR LLC (Fidelity)31,860,9723.92$1,134,887,822
Barclays Global Investors UK Holdings Ltd29,465,1283.62$1,049,547,859
AXA (Paris, France)28,297,8733.48$1,007,970,236
Vanguard Group, Inc. (The)25,658,1783.15$913,944,300
Blackrock Group Limited19,930,7692.45$709,933,991
Neuberger Berman, LLC17,494,4502.15$623,152,309
Allianz Global Investors of America L.P. (Munich, Germany)15,897,8911.95$566,282,877
% of Shares Held by All Insider and 5% Owners:0%
Top 10 [1.3%] of 756 Institutional Holders Control34.33%
Percentage of Barclays and "Associates" Control12.17%
NOTE: Capital Group manages two funds that control 2.35%.
Vanguard manages three funds that control 2.29%.
Washington Mutual manages a fund that controls 1.72%.
Therefore, the TOP 10 Major Holders control 40.69%, and
Barclays/Associates controls 13.89% of Alcoa.
Capital Group controls 7.48%.

Obviously, Iceland's financial crisis is NOT a laughing matter, nor a joke.
TITLE was taken through outrageous debt using Iceland's own banking system.
Iceland might seem far away and of little consequence to Americans, but this could easily be OUR future, too.

Today, we must say, "NO MORE!"
The Dragon Wins NO MORE!
Let's accept our failures now. Congress proved themselves not worthy of our trust.
Pass the American Monetary Act to prevent giving away TITLE to our homeland.

© 2008 by Edward Ulysses Cate
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