With no hint of irony the lobbyist group InDefence which has fought vehemently against the payment of the IceSave debt to Holland and the UK, accepted an award this weekend. The award is called the Kjartan Gunnarsson Freedom Award and it was presented by the youth association of the Independence Party at the party’s headquarters. [...]

For nations who still engage in bullfighting, rodeo etc. it is absolutely ridiculous to oppose whaling on emotional grounds. But with reserves of unsold whale meat mounting and a minuscule market for the meat, it is quite reasonable to oppose whaling on economic grounds. The business case has always been puzzling, but it might not be a [...]

One should not underestimate the political crisis in Iceland. Earlier this week, a Social Democrats insider Andres Jonsson pleaded to the “moderate section” of Independence Party to meet them on the issue of the EU. It is understandable that some of the Social Dems should cast their glance to the right. It is not far [...]

Tyler Durden at ZeroHedge points out this video of Columbia University economist Fredric Mishkin who has changed the title of his 2006 pen-for-hire paper on Iceland’s economic state from Financial Stability in Iceland to Financial Instability in Iceland. Some time ago we penned a post, titled”Mishkin On Iceland: “Nothing Is F*#&ed Here Dude” which discussed [...]

I got the permission of the author to translate this remarkable article from Smugan into English. If you need proof why Iceland is in a no less perilious situation today as it was before 2008, then read what AK72 has compiled on the curious privatization of the South Peninsula’s energy resources into the hands of [...]

It is quite amazing how successful the Independence Party has been at projecting two of their own larger problems onto others. In classical psychology, projection is always seen as a defence mechanism that occurs when a person’s own unacceptable or threatening feelings are repressed and then attributed to someone else. An example of this behavior might be blaming [...]

If Ragnhildur Sverrisdottir is worth anything as a PR person then surely she must distinguish herself from Bjorgolfur Thor’s latest attempts at total self destruction of his reputation. Or maybe she is working for free and her advice worth every penny? In an astonishing interview with VB.is Bjorgolfur comes across as a spoiled little child [...]

The worst thing that could happen if consumer debt is forgiven and Iceland does not have to pay for IceSave is that too many people would go on with their lives as if nothing had happened and keep voting for the Independence Party.

The Independence Party convention this weekend confirmed the stronghold that the old guard of David Oddson and the Fisheries Union has on the party. A declaration stating that Iceland should retract its application to the EU immediately was approved by the majority. The fallout could see an interesting split in what was once a proudly modern party. [...]

After the state announced that it was going to take over 75% of Glitnir it was clear that Stodir/FL Group, the largest owner of the bank would go under. It had been clear for some time that Baugur, Stodir/FL Group’s owner was in a bad shape financially. This created an immense problem for two funds [...]