Ann: Greenland Confirms Substantial New Discovery, page-10

re: Ann: Greenland Confirms Substantial New D... not sure why GGG is so popular given that they are years away from production and U308 will not get out of the ground due to local politics

plus
from another newsletter

The initial joke (as mentioned previously) went like this:

Q. What's the difference between Ireland and Iceland?
A. The letter "R."

At the time this joke first made the rounds of European trading desks, it was meant as a slam on Iceland.

If you harken back to 2008, you may remember Iceland as one of the spectacular early flameouts. The tiny country of just 309,000 had turned itself into a giant hedge fund: Iceland's bank assets ballooned to $209 billion at the peak, 11 times the size of gross domestic product. (For comparison, U.S. banks would need assets of $160 trillion to match such a feat -- nearly three times global GDP.)

Relative to the economy, Iceland's banks were not just "too big to fail" but "too big to bail." Iceland was in the position of an unemployed real estate speculator who owned 11 mansions -- the idea of supporting such leverage was laughable.

And so Iceland did what it had to do: It let the banks go bust and the creditors go hang.

The near-term results were horrific. Half a million non-Icelandic bank accounts were frozen. Neighboring governments, not to mention bond holders, were outraged. Britain was furious at the losses forced on U.K. citizens, who had been happily loaded up on high interest rate accounts.

Iceland's currency, the krona, fell off a cliff. The stock market shut down. In October 2008, the New York Times opined that "Iceland is all but officially bankrupt."

IMO beware