Mis-use of Anti-Terrorism legislation

[FreshAL]

Well that didn't take long did it.

This is just about all the proof you need that you cannot trust the government with sweeping powers "because they need them to fight terrorism" - they will be mis used.

[Hetzer]

I'm fvcking ashamed of Iceland right now. My old dear was on Skype last night, asking me "Who's side are you on?" I didn't have a clue until she mentioned this anti-terrorism thing being used to freeze the assets. Well tough titty, that's UK tax-payers money those thieving scumbags have robbed, and if it takes an abuse of an act to get at least some of it back I say carry on.
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"There's the horizon! Ride hard, ride fast and cut down all who stand in your way!"

[Kickstart]

Hi

While the actions of the Icelandic banking industry are pretty dire, misuse of the terrorism laws to act on it is far worse in my opinion.

All the best

Keith
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Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing

[Itchy]

Depends, you could see the risk miles away , ie a bank was offering way above interest rates of others....

higher return = higher risk...

people accepted this risk by putting their deposits in..

They lost...

It is not that different to betting on a horse....

So why bail out? , you gambled you lost...

You can't go to a casino put it all on black lose and demand it back can you?. same principle....
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Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching.

[Itchy]

you know the use of this anti terrorism law actually will probably damage the economy further , in that sure you might get you 15bn back....

But it will give jitters to people doing business here in the future.... ie the government can seize it at any time...

Much like gold gitters , ie in 1929 the US government seized people's gold and it took till 1976 I think for this to be repealed..

So sure you might gain 1bn council money and 14bn of private company money but you lose the war in the end.
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Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching.

[ColdInsomnia]

[iooi]

In one breath GB is saying that world help is need to stabilise the markets and then he goes and does a stupid selfish trick like this to protect ??? British investors.

What he has missed is that the boot may soon be on the other foot and some other country will do the same to one of our buissnesses.....
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Just because my bike was A DIVVY, does not mean i am......

[Phoenix]

[Nick__C]

I can't see why the council's put so many money in icelandic banks anyway....
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'02 GS 500.

[Hetzer]

[Itchy]

The government told them to invest the surpluses of cash councils and police authorities , had in excess of their immediate expenditures and stick them in a bank...


Many councils/police forces and local authorities saw the icelandic banks 7-8% interest rate and put it there...


Not realising that the higher the interest rate the riskier the bank happens to be , because they are short on capital and want to recapitalise as soon as possible thus

Higher interest rate = more desparate
Higher interest rate = riskier


B&B was offering 6.7% AER = high risk
A&L was offering 8.1% AER = high risk

etc etc

Now HSBC and Barclays are also in the sh*t , the difference is that HSBC and Barclays are only neck deep in the Sh*t while B&B now defunct , northern Rock , Hbos etc , had vanished below the surface of the pool of sh*t.

And thus they haven't jumped in on the high interest rate wagon yet and still offer terribly savings rates for their customers...

Its pretty much like Bonds,

AAA bonds = low yield but 0% chance of default
BBB bonds = higher yield but larger chance of default
CCC Bonds and below = junk very high yield but companies of this type fold easily (see GM and Ford).
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Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching.

[Courageous T]

Hetzer, whilst i do agree with a lot of your posts, i can't help but get the feeling you read the daily mail?

[Nick__C]

I see,
but still.
British money would make more sense in British banks.
Seems absolutely stupid to put essential money in banks that are at high risk of collapse.
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'02 GS 500.

[ColdInsomnia]

[Hetzer]

[Nick__C]

indeed ColdInsomnia

Gutted for us if the consequences are passed onto us.
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'02 GS 500.

[Itchy]

What do you mean the consequences get passed onto us?...


Banks collaspe we suffer the consequences


Banks get bailed out taxes have to go up substantially to cover the loans made to these banks from the government.


Banks survive? , they get to gang rape us again...

Its a heads you lose

Tails you lose

Oh and back to the original topic , the use of the anti terror laws may well have been a misuse of power, and since the UK government used it which caused the collaspe of Iceland's companies contrary to normal bankruptcy law, we may get out 1bn council money back....

though will have to pay 5-15bn compensation back for collasping their companies.
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Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching.

[Nick__C]

That's exactly what i meant.
the consequences of them being bellends means we have to take a hit like you said with taxes.

Did you just give me bad karma for that???
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'02 GS 500.

[JonB]

Heard yesterday that the Icelandic Banks were actually borrowing money in order to pay the high interest.

LMAO monkeys or what.
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Be careful whose advice you buy, but, be patient with those who supply it. Advice is a form of nostalgia, dispensing it is a way of fishing the past from the disposal, wiping it off, painting over the ugly parts and recycling it for more than it?s worth.

[Itchy]

[iooi]