“The pain has been incredible. The government sold the banks to people with no banking experience and questionable management experience. To be honest I think it will take more than five years to get out of this financial hole, unless we strike oil. Our credibility has been completely shattered.” From Euromoney

Well this is what happened…. …apart from the UK and Holland not showing any signs of rushing into negotiating… ….nothing.

I handed in a paper yesterday where I examined the correlation between self-image and opinion towards the krona. The Icelandic krona has been praised by some as the nation’s saviour in some quarters while chastised as a root of many evils in others. Where you stand on the issue seems to correlate with whether you perceive yourself [...]

So is the stability agreement between the government, the unions and the Confederation of Icelandic employers in danger because of an extra 2.000 tons quota of monkfish? It might be if you listen to Vilhjalmur Egilsson, the chairman of the employers’ confederation. On the radio this morning, he was asked to rationalize how that could [...]

During a class on security issues we got to listen to an expert from the city of Reykjavik on the topic of environmental security. She pointed an interesting folly whereas bauxite is transported from across the world to Iceland where it is smelted to make aluminium. From there it is transported abroad and made into soda cans. [...]

I have been to a few radio and television interviews where people are supposed to discuss events and debate their opinions. Usually I have found people respecting of each others time to state their case and willingness to listen. Yesterday was the first time though where I have been where the EU membership was one [...]

Are you confused as to why the Independence Party is now topping the polls with 40,3% and adding 11 new members of Althingi if the vote were today? Don’t be. Voters are illogical, as is evident by this excellent summary from an article in Time. They would even vote for the party which caused the [...]

Because of time limitations (only 24 hours in the day) I am very grateful to Vilhjalm A. and Gandri for putting down in words exactly what I have been pondering about what Johanna Sigurdardottir calls the “definite solution to finally meet the required needs of Icelandic households”. From Vilhjalm A. (translations mine ): Finally the [...]

How are they trying to cook this up? The banks are now agitating for re installing bonus systems for the employees of their private banking and corporate banking divisions. Now it is great if bonus systems are available for employees, but when implementing those some basic questions must be answered. What are we rewarding? Remember, [...]

The minister of social affairs now wants to write off car loans which are overextended down to 110% of the market value of the car. A big relief for those who have seen their loans double, but a major folly. Yesterday I heard a Social Democrat explain how the Independence Party majority in Reykjavik’s city [...]