So what is the national referendum going to be about? According to some Facebook statuses and discussions you get the sense that too many people think that the president’s veto means that Iceland has an option on whether to pay the IceSave debt or not. If only things were that simple. The whole affair has been one of [...]

So I promised I’d explain the reason why the government’s current “solutions” for the household debt in Iceland are useless. A regular reader to this site, Vilhjalm A. has pointed out the unique situation home-owners in Iceland are facing because of the consumer price indexation attached to all mortgages in ISK: An unnormal country In normal countries there is an [...]

On October 25th last year, I wrote the first EDA piece called Connecting the Dots Part I. After so many words, so many entries, its simplicity is striking; David Oddson used to be prime minister with Geir Haarde the current prime minister as financial minister representing the Independent Party where Kjartan Gunnarsson used to be the CEO and the [...]

Who’s got a seat at the table when the government decides how to tackle household debt? Is it you? No, it is a group of middle aged economists and officials whose livelyhood has been dependent on looking out for the interests of industries and corporations. Then they drive off in their SUV’s to their comfortable homes. [...]

Eva Joly is back in Iceland today. A few things for her to consider: 1) Don‘t trust anyone in Iceland. Even the people you are working for. We are all too interconnected. Everyone has an agenda. Be open for sources that don‘t want to go through the filter around you. Set up a simple website and [...]

I’ve thought a lot about theory economist Gudmundur Olafsson’s attempts to divert the public’s attention from the injustice of price-indexation of loans. He uses the analogy of when a man borrows ten horses from him, he expects ten horses back. He makes no mention of the responsibility bestowed upon him as the lender to provide the [...]

My life and the life of so many of my friends has taken an extreme turn in the last year. Now we can safely say with the benefit of hindsight that the economic collapse of Iceland has been a life-changing event for just about everyone. Old truths have been demolished, new governments have been formed, old kings [...]

I have written almost daily about the economic disaster since last November. Things have largely gone as predicted. - The mess just gets messier as the nation learns that the banks were just tools for amassing personal wealth by an elite that is so corrupt it absolutely believes it isn’t. - The election this spring did not [...]

My sympathy is truly there for the Dutch and British savers who lost their money.  I would like them to get back as much as possible. But I do not want to pay that money myself. I do not want lower public service or higher taxes. And I don’t want to be walking down main street Laugavegur ten [...]

Iceland is a country of two nations. The wast majority that lives in and around the city of Reykjavik, which you might call the urbans and the tiny pockets of population that live in small towns around the coast, the rurals if you say so. The rural areas used to be larger and more important to [...]