Comments on: What really matters

By: Iceland’s Crisis | Can Sar

Iceland’s Crisis | Can Sar — Sun, 04 Jul 2010 00:44:15 +0000

[...] are a proud, dynamic, and well-educated people and have recovered from worse, or (once more) in the words of Iceland Weather Report: Cultivating what really matters. A return to basic values. That’s the prevailing emphasis around [...]

By: alda

alda — Tue, 02 Dec 2008 18:11:17 +0000

What a delightful comment, Andrew. Thank you!

By: Andrew

Andrew — Tue, 02 Dec 2008 14:49:56 +0000

I don’t think anyone here in Norway blames Iceland for anything, garpur! Our economy is still in pretty good shape considering.

What happened to Iceland did not have a terrible effect on Norway, what was left of the Icelandic banks here have been redistributed.

And the mess [we are all in] was caused by the global downturn that originated with the US housing crisis and bank collapses. Poor Iceland is not the origin of it, rather another victim [of it's own policies mostly]!

We still consider icelanders our dear cousins and friends, if we can help you we will! After all what are friends and neighbors for?

By: The Other Katherine Harris

The Other Katherine Harris — Wed, 15 Oct 2008 14:23:36 +0000

I’m thrilled to have found you this morning! Reading here (and on other sites your recent posts recommended) has quickly shed more light on your slice of the global economic meltdown than all my reading elsewhere on leading news sites for three days.

By way of brief introduction, I’m a writer born near Dallas and based now in northern New Mexico, who had the good fortune to live twice in Europe for extended periods. Although I’ve never yet visited Iceland, your country has held a warm spot in my heart since university days, thanks to acquaintance with a lovely Icelandic lad who was also studying in Fort Worth.

It’s gratifying to know that, despite your grave troubles caused by corruption and greed at the top, good things are still happening (and being honestly reported) in “Niceland” — which is a lot more than we can say in the disintegrating US, which can trust its mainstream media only to lie.

I do hope your government keeps clear of the IMF/World Bank thugs and the EU, which have shown themselves champions of transnational corporate power and foes of social and economic justice. To anyone who hasn’t read it, I strongly recommend Naomi Klein’s “The Shock Doctrine” as the best overview of what we’re all up against.

I’ll be checking here often and wishing you and your readers every happiness,
Katherine Harris (Erin, for short)
Albuquerque, New Mexico

By: hildigunnur

hildigunnur — Wed, 15 Oct 2008 00:01:02 +0000

Garpur, well, the Danske Bank ppl have always taken the most negative stance towards Iceland, of all – not that they were necessarily wrong, but their own bank isn’t in a much better state, so they should basically shut up and mind their own business.

(and yes, I also would tell Greiningardeild Glitnis to shut up – and do)

By: maja

maja — Tue, 14 Oct 2008 23:50:40 +0000

Geez Garpur, you’re quite the negative nancy. There’s no point crying over spilt milk, all the Icelanders can do now is to move forward and look ahead. Of course the events that have occurred will be a lesson to everyone, but what do you expect the people to do about it now? You’re practically gloating over the whole thing.

By: garpur

garpur — Tue, 14 Oct 2008 22:04:41 +0000

An interesting news item:
- The Landsbanki majority holdings in an Irish stock stockbroker (Marrion) was sold for 30 million pounds, by the same group that sold it to Landsbanki in the first place. Landsbanki paid 90 million in 2005. That means that Landsbanki took a 60 million loss in 3 years, or a loss of 2/3rds of its original investment. If this is typical of the unwinding of assets, it explains why the Icelanders will end up with such a large debt. The Irish group essentially gets the company for free, plus 30 million profit. They should send christmas cards out to everyone in Iceland thanking them for the wonderful gift! This transaction also shows the stupidity, the criminal stupidity, of the Icelandic bankers. They thought they were doing the right thing by buying high-quality “safe” assets, but it appears that they overpaid for nearly everything they bought. One also must wonder why they took all that “hot” money and bought relatively low-yield, long term investments in assets that were not readily saleable. Idiotic.
- The IMF apparently has a pool of only $200 billion to use for loans, of which only $21 billion is actually lent. This suggests that the IMF will drive a very hard bargain in dealing with Iceland. They are not going to spend all their money on Iceland, with Hungary and the Baltic States in such trouble. You can wave goodbye to the aluminum smelting plants in Iceland. And wave hello to the Portugese fisherman along the coast.
- The Icelandic government has enough cash to supply the economy for 9 months. So there may not be any visible effects on daily life until then. By then, the government and the IMF will have an agreement for the sale of Iceland’s future.
- For those who read Icelandic, there is a must-read short article here, http://www.mbl.is/mm/vidskipti/frettir/2008/10/14/simbabve_nordursins/, “Simbabve norðursins”. The danish economist Carsten Valgreen saw this crisis coming years ago and explicitly warned Iceland about it. Incredible.He also says that the situation is so serious that no country in Europe, including Scandinavia, can help save Iceland. So it is Russia, the IMF, or broke. (By the way, Time magazine says that the Russian interest in Iceland may be in its continental shelf and the natural-gas reserves there.) Another must-read article is an interview with Prof. Gudmund-somebody-son who says that Iceland’s plight is worse than bankruptcy. Iceland doesn’t get to start over as in bankruptcy, they get the modern equivalent of debtor’s jail — you stay in until everything is paid back in full.

By: Flavian

Flavian — Tue, 14 Oct 2008 20:48:30 +0000

Hildigunnur,

With a euro at 150,- icelandic kronur Iceland is not exactly cheap. It is approximatly as expensive as Germany and more expensive than the UK and the US.

With a euro at 300,- icelandic kronur, Iceland is a bargain at least for european people. I believe that a really low real exchange rate is needed in order to ignite a positive economic trend on Iceland.

By: Vikingisson

Vikingisson — Tue, 14 Oct 2008 17:23:41 +0000

As the World Turns, indeed. All my friends that until now had zero interest in my interest in Diceland are now asking me all about it. Well not all about it, just the noise they heard on the news. I guess if cNN mentioned Diceland then it suddenly matters.

That was a crazy and risky ride that has now stopped and is due for maintenance. I think the people will pull through and perhaps demand more accountability (pun intended) from the few people that helped cause this mess. Back to basics perhaps and the more tangible resources. Once this mess is over perhaps the world will refocus on healing the planet instead of just the money. That is when Iceland can get back to the business of business.

And not to be an opportunist but I will be visiting next month while it is so much cheaper to get there and eat more than just ein með öllu. It will still put me further in debt but now is the time if I’m ever going to get there.

Keep a light on for this wayward Viking anxious to find his roots and heart.

By: americangirl

americangirl — Tue, 14 Oct 2008 17:22:09 +0000

^^^ ditto, ditto!

I have been reading your blog for awhile now, but have especially enjoyed it during this difficult time. Good to have a different point of view from the doom and gloom being reported in the foreign press. Niceland will soldier on and deal with this crisis and come out better for it in the long run. Keep up the good work!