BBC NEWS: Iceland looks to serve the world

[SealLion]

check it out. This I thought was prettty interesting to read.

It's in light of Iceland's recent financial crisis of which there is quite a lot about. Even on the Wikileaks website.

But anyways, BBC has got a snippet of what Iceland is looking to do now.

Since the financial crisis, Iceland has been forced to retreat back from high octane bubble living to nature.......the country now wants ..... to become home to the world's computing power.....The problem is that while these computers look innocuous, they use a lot of energy.

There is of course the power you need for the servers themselves, but almost as significant is the energy used to keep them cool. ......In Iceland, with its year round cool climate and chilly fresh water, just a fraction of this energy for cooling is needed. It means big savings

what a smart idea, eh??


there's more on the BBC link here:

BBC NEWS | Programmes | Click | Iceland looks to serve the world

[slikrapid]

this looks strange to me, an unusual move, considering iceland's remote location further burdened by the ocean barrier

to start up such a large project they need substantial amounts of financing, that obviously won't be taken from the country's reserves, but in form of large credits from the big banks that are surely already rubbing their hands in glee, which brings another conclusion: who profits from a country's financial breakdown? yes, the banks (not counting the competition & co.)

[SealLion]

well definitly the banks will profit.
But I'm kind of amazed at any potential financing for this considering the latest financial trends in Iceland.

They have refused to repay certain banks due to the fact that Iceland is now known to be bankrupt, in a sense.

I do understand that they are not refusing to repay other banks such as frrom England, but other financial groups are still pressing ( to my knowledge, they are), Iceland in repaying it's loans/ debts.

[slikrapid]

But I'm kind of amazed at any potential financing for this considering the latest financial trends in Iceland.

They have refused to repay certain banks due to the fact that Iceland is now known to be bankrupt, in a sense.

i would say they made a deal here:

And, in an irony not lost on a country brought to its knees by finance, one early customer rumoured to have signed a deal to move servers here is - well who else - one of America's biggest investment banks.

its from the same article


edit:

and btw, we know that the big banks have the ability to create money out of thin air (hint: usa federal reserves) so they never really lose, just might have less profit than expected or get compensated in another way (say cheaper lease of iceland's future data center ressources)

[SealLion]

i would say they made a deal here:

And, in an irony not lost on a country brought to its knees by finance, one early customer rumoured to have signed a deal to move servers here is - well who else - one of America's biggest investment banks.

its from the same article


edit:

and btw, we know that the big banks have the ability to create money out of thin air (hint: usa federal reserves) so they never really lose, just might have less profit than expected or get compensated in another way (say cheaper lease of iceland's future data center ressources)

I missed that one.

Maybe they actually did make a deal. Pay less interest overall. Or mabye even paid them money to pay thier debts. LOL.

Or gave them a break to not cripple that country's debtor/credit rating. Most credit ratings instititions have communications with thier peers.

I wouldn't be surprised they did make a deal of some kind.

Banks and financing organizations are fairly powerful, to say the least.

I mean, the world can't do without money. That's how we all get by.