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mathematically perfected economy™ (MPE™)    1  :   the singular integral solution of  1) inflation and deflation,  2) systemic manipulation of the cost or value of money or property, and  3) inherent, artificial multiplication of debt into terminal systemic failure;    2  :  every prospective debtor's right to issue legitimate promises to pay, free of extrinsic manipulation, adulteration, or exploitation of those promises, or the natural opportunity to make good on them;    3  :  our right to certify, to enforce, and to monetize industry and commerce by this one sustaining and truly economic process.

MORPHALLAXIS, January 14, 1979.

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 Post subject: Iceland debt talks collapse/restarted/ Energy for debt idea
PostPosted: 01 Mar 2010, 9:45 am 
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Joined: 29 Jan 2008, 6:06 pm
Posts: 731
Iceland returns to negotiating table on debt repayment dispute
March 1st 2010
Image
Mr. Olafur Ragnar Grimsson, President of Iceland (Photo:bobsguide.com)

Leader of the opposition Gunnlaugsson Expects Icelandic Referendum on Icesave



Claire Archer wrote:
Icelandic officials have restarted negotiations with their counterparts from Holland and the UK over $5.3 billion owed to investors from the two countries following the collapse of Landsbanki in 2008.
More at the Source:http://www.bobsguide.com/guide/news/2010/Mar/1/Iceland_returns_to_negotiating_table_on_debt_repayment_dispute.html


Image
[Referendum] petitioners outside the President's residence. Many Icelanders believe they are being bullied into repaying the loan.(Photo:timesonline.co.uk)

Iceland debt talks collapse
Referendum: Saturday, March 6th, 2010

Leigh Phillips wrote:
26.02.2010 @ 09:30 CET EUOBSERVER / BRUSSELS - Talks between Iceland and the UK and the Netherlands over the Icesave banking dispute collapsed late on Thursday, making a referendum on a previously agreed deal more likely, a vote the government in Reykjavik is almost certain to lose.

The Icelandic finance ministry announced on Thursday evening that the latest round of talks between the parties had "adjourned without a final resolution."

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Reykjavik street: The Icelandic people are up in arms about the Icesave deal (Photo: European Commission)

Representatives of the three parties had been meeting in London for the last two weeks.

"We had hoped to be able to reach a consensual resolution of this issue on improved terms", said Icelandic finance minister Steingrímur Sigfússon, "but this has not as yet been possible."

"Constructive proposals were made by both sides during these talks, but significant differences remain," he added.

Icelandic negotiators are to return to Reykavik to discuss what is to be the government's next move.

After the Icelandic Icesave internet bank collapsed in 2008, depositers in the UK and the Netherlands were compensated by their governments to the tune of €3.8 billion. The Hague and London now are demanding Reykjavik pay them back.

The government has agreed to do so, but the terms are considered onerous by a majority of the population. Under the terms of the agreement the loan will be paid back over 15 years with interest, with estimates suggesting every household will have to contribute around €45,000.

The UK-Dutch side had reportedly offered reduced interest rates and a suspension of interest for two years, an position described by the Dutch as their "best offer".

The Icelandic side felt that the interest applied would still be too high to be palatable domestically.

The Icelandic president had refused to sign the government bill that approved a schedule of payments to the two governments, provoking a referendum on the matter due on 6 March, which analysts and pollsters expect the government to lose.

In trying to negotiate better terms for payback of the debt, the government had hoped to avoid the vote, as it is certain to threaten the supply of international financial aid.

The referendum is now likely to proceed and a No vote all but assured.

The development further threatens the likelihood of Iceland acceding to the European Union, as the UK and the Netherlands have hinted that they will block accession talks with the north Atlantic nation if the Icesave issue is not resolved.


Source:http://euobserver.com/9/29565/?rk=1

http://www.euractiv.com/en/financial-services/iceland-faces-icesave-referendum-after-talks-fail-news-299409

Iceland EU accession inspires exotic ideas for debt

Geothermal Energy Process



Quote:
Gijs Graafland, an analyst at the Planck Foundation, suggests swapping part of the unlimited geothermal energy potential of the island against its foreign debt. He calls his initiative 'Energy for Debt'.

The 'Energy for Debt' option is about building a solid, sustainable economy in Iceland based on harvesting geothermal energy under the banner of boosting Europe's energy diversity and security, Graafland explains. "Then Iceland would become Europe's main energy supplier," he writes in a Planck foundation position paper.

According to the analyst, by linking the northern island with the UK via a high-voltage direct current (HVDC), Iceland would be poised to become not a major energy supplier to Europe, but would also be linked to its data hub since HVDC can also carry information.

The author argues that this would be a win-win situation for all three parties concerned. Iceland would receive massive foreign direct investment and would see its debt reduced or cancelled. Britain and the Netherlands would gain competitiveness and have their lending repaid.

Yet the main opposition is likely to come from Icelanders themselves.

"The suggestion that Iceland should allow access to its energy resources in order to avoid debt repayments would be met by a strong nationalistic backlash, irrespective of party lines," Baldur Arnarson, a journalist for the Morgunbladid daily newspaper, told EurActiv.

Arnason said the real debate about energy resources on the island is centered around the question of whether it is possible to sell energy produced by hydroelectric power stations at a higher price than currently negotiated in deals with the large-scale aluminum smelters on the island.

Aluminum smelting occupies a central position in the Icelandic economy, with two plants already in operation and three more planned. The high amount of energy needed for these plants to operate makes cheap Icelandic energy particularly palatable to investors in the aluminum sector, with companies such as Alcan and Alcoa investing heavily in the EU hopeful.

Yet, as indicated by the improving performance of local Green parties and the success of a local best-seller by Andri Snær Magnason ('Dreamland: A Self-Help Manual for a Frightened Nation'), aluminium smelting is encountering growing resistance in Iceland. This is the real bone of contention splitting the island, not swapping energy for debt, Arnarson stressed.

'Energy for Debt' thus does not appear to be on the menu for Icelanders, Arnarson said. Instead, he highlighted a particularly daunting debate on renewable energy, "in particular considering the upcoming emissions transmission scheme [...] in Europe," he added.




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While 12,000 homes a day continue to go into foreclosure, mathematically perfected economy™ would re-finance a $100,000 home with a hundred-year lifespan at the overall rate of $1,000 per year or $83.33 per month. Without costing us anything, we would immediately become as much as 12 times as liquid on present revenue. Transitioning to MPE™ would apply all payments already made against existent debt toward principal. Many of us would be debt free. There would be no housing crisis, no credit crisis. Unlimited funding would immediately be available to sustain all the industry we are capable of.

There is no other solution. Regulation can only temper an inherently terminal process.

If you are not promoting mathematically perfected economy™, then you condemn us to monetary failure.



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