The collapse of the western world has begun.
The 1st modern country to collapse, Iceland has officially declared bankruptcy.
Iceland Bankrupt - BusinessWeek.com
Iceland Bankrupt - New York Times
The government looks to the World Bank and the IMF to rescue them, but the people are already experiencing terrible panic and distress.
Better off countries are considering 'buying' Iceland at distress prices.
Other countries looking down the long dark tunnel are reported to be several major middle eastern nations, topped by Saudi Arabia.
While the notion that the Saudi's could lose their oil centered economy was foolish only a few weeks ago, the drop in oil price to below $50 US a barrel signals a crisis condition because the Saudi's are heavily capitlized in external markets.
Certain insiders are saying the low price for oil will not change. It will remain low for six months or more, but no will (save the elite) will be able to enjoy it because the rest of the economy is in the tank.
Primegood
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