Icesave and other financial ramblings

Sorry folks, more on Icesave, savings and the financial crises. I know most of you come here to learn about new Flight Simulator add-on products we are making, or read about my motorbike travel, but currently this 80K ‘loss’ keeps Nina and me pretty much (mentally) occupied.

You know I’m a writer….. yes, keep reading….. and I even published a book already. But I usually am not ‘written about’. Sadly I am now. My (shortened) story appeared in one of our country’s newspapers today, complete with picture of me and Nina.

When you turn on the tv here, you hear ‘Iceland’. Open a newspaper and you read about ‘Iceland’. Browse the Net: ‘Iceland’. I am learning more about them every hour, too late of course. It seems that the Icelanders changed from fishing fish to fishing money. And they apparently are living even more on credit than the worst offenders to date, the Americans!
No wonder their country is now bankrupt.

Almost half a million (!!) people are effected by a small bunch of profiteers playing with money they could never cover. That includes the Iceland government, who now appear to be just as ‘criminal’ as the bank managers and owners.

And not only individuals with small savings, or pensioners with their little ‘add-on’ savings are the victim. Quite a number of UK councils had put their money in Iceland too.
Of course some of all these ‘savers’ did it just for speculation or money making, trying to get the ultimate highest interest. But many of us ‘just’ picked Icesave becasue they appeared very thrustworthy AND give a high interest (with a mother bank of 120 years and an entire Western government officially backing them and guaranteeing possible loss).

The UK citizens will get their money back from the UK banks (through the UK guarantee fund).

For the Dutch it is not certain at all yet, because Dutch government is dragging its feet to guarantee the same. If and when we will get our money back in the end, I’ll swallow my words.
For now however I am less than impressed by first of all the Dutch National Bank, who provides the allowance and supposedly ‘oversight’ for foreign banks in our country. Nor by the AFM, who should keep checking the way these companies behave on the markets. (I just discovered that the AFM is now led by Hoogervorst. He’s the flaming idiot that killed the Dutch health system as we knew it and gave us hospitals that now are cutting corners to be cheaper, and  insurance companies who  have doubled our premiums and halved our health care quality. But I digress).

The only good thing so far (which is not helping me specifically) is that the Dutch government raised the savings guarantee to 100.000 Euros per bank per person. But they still maintain we should get our 20.000 Euros back from Iceland. Which is totally bankrupt. How can a country go bankrupt !!!!???

The crooks!

Latest news now is that there IS an individual who seems to be the cause of all this misery. Apparently the owner of one of the main banks had ‘played’ with the money of his customers … and lost it all. Bad investments. Russian mafia is also whispered. To cover his losses he had the brilliant idea of putting up the UK and Dutch savings banks and attract people’s money by offering very high rates (he was not the only one, mind you).

But instead of using the money as a regular bank would do, i.e. lend it to an ever higher interest, he used it to pay his debts. And now it’s gone.

All of this cannot be put on Wouter Bos’ plate of course, although formally he IS the highest ranking financial guy of this country now. But I personally DO blame our DNB and their bureaucrats who clearly fumbled Big Time and did NOT properly check what was being covered in Iceland. No due diligence!

So if Iceland really is broke and can not come up with the money, I fully expect the government to do so. It is then up to them to recover it from Iceland, the fraudulent  bank owner(s)….. or whomever. I really don’t care anymore. Sell Wall Street, sell Damrak, sell Iceland for all I care. Good riddens !

For the Dutchies among you reading this: here’s a good place to hang out right now: http://forum.spaarinformatie.nl/index.php

 

 

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