Reykjavík Grapevine - 05.12.2008, Side 4

4 | REYKJAVÍK GRAPEVINE | ISSUE 18—2008
LETTERS
Sour Grapes
Say your piece, voice your opinion, Send your letterS to letterS@grapevine.iS or text +354 893 9589
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Reykjavík
Enjoy the Thermal Pools, Museums,
Public Transport and discounts.
24 / 48 / 72 hour cards - Great Value For Money
Sold at the Centre and most Reykjavík hotels.
As a retired Canadian banker, I want to
suggest an alternative restructuring mon-
etary plan for Iceland, and as a friend
believe it can provide hope for future gen-
eration rather than another mountain of
debt and the eventual loss of your rights
and assets.
Question: if Egil's treasure were
found today would it have value? The
answer of course is yes because it was
supposed to be gold and silver, which
has a value today just as it did in Egil's
time and it would have kept up with in-
flation and still be 'worth a fortune' in
present times.
The most successful currency in
the history of man has been those tied
to the gold standard. A coin containing
gold has immediate world-wide value
and can not be discounted nor manip-
ulated. The best example is the "Soli-
dus" (or nicknamed the 'Bezant') that
was coined by emperor Constantine in
Constantinople in the 4th century A.D.
It contained 65 grains of gold and this
currency became accepted all over the
known world for 800 years. If the Be-
zant were in existance today, it would
still have a real value. 65 grains of gold
equals .1369 troy ounces, multiplied by
current gold price of $700USD/ounce,
equals $95.83 in US dollars. This would
be the current and indisputable world-
wide value of the Bezant today. What
other ancient currency can make this
claim?
The problems that got Iceland into
this mess and indeed so very many
other countries, is the debt-based mon-
etary system that prints worthless piec-
es of paper and issues them as debt. It
was debt that got you into this situation
and the "experts" now say, more debt
will get you out. It's like paying off the
Visa Card with the Master Card, and I
believe the reason so many of your citi-
zens are thinking of leaving Iceland to-
day is that in their heart they know that
these future loans and increased debts
will enslave all future generations of
Icelanders as well as hand over your as-
sets of fishing and energy and airspace,
etc, etc to the bankers of the world.
My suggestion is this: As a person
might go into bankruptcy and start over,
so should Iceland. Say to the world, "we
are very sorry, but this is what has hap-
pened. We will endeavor to repay our
debts when we get going again." And to
'get going again' accept a loan from a
like-minded country like Norway (cur-
rently said to offer $650 millionUSD val-
ue) and with this money buy gold and
mint a new currency tied to gold. As
with the Bezant it can have a defined
number of grains with a 99.99% purity
and will immediately have world-wide
acceptence and value.
Of course the current 'expert' bank-
ers will aggressively challenge this
because they want their debt machine
to continue, but I have no doubt that
a NISK (new Icelandic Kroner) tied to
gold will protect the value of your cur-
rency in future and allow you economy
to restart.
To go along with this, the new
banks of Iceland must stop issuing Fiat
money (paper) and stop the practice
of 'fractional reserve lending' (increas-
ing the money supply with no value at-
tached). The banks now become issu-
ers of 'script money' backed and fully
exchangeable' into gold. In this way
there will not be inflation to take away
the value of the currency, and as gold
is accepted around the world, the NISK
would also be guaranteed that same ac-
ceptance. Banks should return to their
original function of safe-keeping real
assets, and not the printers of worthless
paper and speculative investors.
This, then is the concept to restart
your economy and restart trade with
the world, but most of all to keep your
heritage and your assets for the future
generations of Icelanders.
John Zufelt
Dear John,
While the Grapevine tends to agree with
all extreme measure and radical ideas,
and I do believe that your points are
valid, I fear that our current monetary
system is to intrenched in our collective
psyche for us to be able to revert back to
the gold standard. But, if you set up the
petition, I'll sign it.
Editor.
Dear

I know your country is impact of eco-
nomic.
Have any cooperation chance in trade
with us?

we are a company in Taiwan of Asia.
Chan

Dear Chan,
Thank you for your kindness. Now if
you would put all your money in an en-
velope and mail it to the address on the
preceeding page.
Editor.
Hi!
I got tired to watch icelandic people
wasting money! I have had enough and
give you my tips for free!
EVERY YEAR HUNDREDS OF TOUR-
ISTS VISIT GEYSHIRES AND GULLFOS
FOR FREE!! FREE!
Why?
Start taking some payments.
Susana
Dear Susana
I disagree wholeheartedly. I strongly
believe that our natural wonders should
remain open to all free of charge. Enjoy-
ing nature is a birthright, not a privi-
lege. Besides, these good people have
already spent a fortune coming over
here to see the Geysers and Gullfoss.
And they spend considerable amounts
while here, so indirectly they are paying
anyway. In any case, I think the small
amount of money this might return will
do little to improve our situation.
Editor.
I don´t know how to respond this but
some people from England now call-
ing me as a terrorist just because I live
here. This is what one ofthe guy left me
message -
"o muji terrorist .. hamro gov ko paisa
khane??
Translation in English would be - hello
terrorist , why you are taking our gov-
ernment money ? brown did very good
job freezing icelandic assets u livin in
a country full of terriost which implies
that u are terrorist aswell "
This guy is fully ignorant and he has
lack of knowledge of the term "terror-
ist" in deeper concept. If it was even
said by native Englishman I would still
say - lack of of knowledge of the term.
I wish Icelandic government will take
some legal action that anti-terrorist law
been applied against Iceland.
Anil
Dear Anil,
In so far as I can make sense of your let-
ter, I think you have suffered for being in
the wrong place at the wrong time. You
should maybe look into joining the In
Defense initiative at www. indefense.is.
Editor.