1. There was a demand of reform in the fishing industry. It was needed because the resource was gathering in the hands of very few who in turn used their wealth to borrow intensely against it and invest in other sectors. The profits of the sector have increasingly been disappearing abroad. Oh and the UN Human Rights Council had condemned the system and claimed it was in violation of human rights. The new government indicated that reform measures would be taken. Then it appointed a reform committee dominated by industry lobbyists and politicians whose career depends on the industry. The result..a fucking fuck solution which benefits the…fishing industry.

Finnbogi Vikar, a member of the committee delivered a special opinion. “As I have said before, the appointment of this committee was a mistake because from the beginning it was clear what the result of the majority would be. One needs only to examine the interests behind the members of the committee to realise that most representatives of the wage-earning public and employees in this country have long ago taken a stand with the representatives of the largest organizations of employers and against the public’s interests after the collapse of 2008. Together these parties form a formidable power-bloc which controls a great deal in our society with the bloated undemocratic pension funds behind them. It is unbelievable that there is no demand to be made of the political parties and the politicians on this committee that they reveal the amounts donated to them from interest groups in the fishing sector in recent years.”

2. There were demands of constitutional reform. Iceland copied the Danish constitution in1944 and then Althingi neglected review and reform for decades on end, despite promises and indications otherwise. Reform is for example needed in clearer seperation of the branches, re-examination of the role of the president and timely separation of church and state. Althingi is stuttering through with a constitutional congress for which elections are supposed to be held in the autumn. The way appears clear for demagogues, special interests and representatives of the politicalparties to deliver a loud and argumentative debate and a fucking fuck result.

3. There was outrage over campaign finances. Political parties and members of Althingi were awash in cash from the finance sector, the energy sector, the fishing sector to name a few that their loyalties were not just questionable but plain obvious. The way politicians bent over backwards to exploit public utilities for the benefit of shaky corporations and ignore regulation for the suicidal financial sector left a bitter taste in the mouths of voters stuck with higher utility bills and monumental sovereign debt. So a campaign finance reform committee was created and its results are an almighty erect middle finger in the fucking fuck direction of those voters. The party‘s don‘t want real change and have just made some minor inconsequential changes.

The Movement‘s announcement. “This issue is a clear example of how Althingi is not going to consider the work of the Special Investigation Committee and its conclusions. The eight chapter of the committee’s report is named “Morality and procedures connected to the collapse of the Icelandic banks in 2008”. In Chapter 2.3 it says “One of the most obvious tool of the business sector to influence politicians are direct donations, both to parties and individuals.” The conclusion of the chapter is where conlusions are drawn and the lessons of the past are examined. “Ways to draw a clearer line between the financial sector and the political sector must be found. It can not be tolerated that the guardians of public interest act on the behalf of private companies in such a manner as was done in the event of the banking collapse.” With this new legislation, Althingi has rejected the conclusions of the part of the Special Investigation report which criticizes harshly the connections of poltical parties to the business and financial sectors. Unfortunately the financial interests of the four parties are placed above the publics. Democracy and transparancy are of little use against the mixed up priorities of those in power.

4. There was great displeasure with the president, Olafur Ragnar Grimsson who had opened the doors of the presidential office to the bankers and financiers who in turn jetted him around the world to open doors to global business. The president had become a caricature who had brought the reputation of the office down. Then he managed to somehow please the special interest group InDefence by approving their call for a national referendum on sovereign debt and won some credibility back with the increasingly xenophobic, scared and confused public. So he still occupies the office, trying to reinvent his damaged image to the amazement of observers. A president who owes his people is suspectible to participate in plenty of fucking fuck demagoguery.

5. It became clear in the banking collapse that on the global stage Icelandic politicians had neglected making friends, forming alliances and providing shelter for their citizens. Timothy Geithner laughed at advances made by David Oddson, the Nordic countries offered concerned but sound advice and Britain offered solutions. Instead Icelanders followed the lead of the Independence Party‘s leaders and decided to sulk, play the victim and accuse the international community of a siege. When things were coming to a heat, the Social Democrats delivered a plan that could restore Iceland‘s credibility abroad and solutions to the volatile currency and mounting public and national debt. An application was made to join the EU. And then the xenophobes, cold war relics, special interests and racists hijacked the debate to the point that grown up, educated people want the IMF out without any alternative solutions to Iceland‘s currency and debt problems, a national referendum designed to exit NATO without any alternative solutions towards Iceland‘s defences and to retract the EU application without ever having to offer alternative plans to restore Iceland‘s economic viability and international credibility. Meanwhile in the real world, Iceland recently dropped almightily the World Economic Forum‘s Report on Global Competetiveness as far as macroeconomic environment goes and is ranked number 138. The Independence Party, the Centre Party and the Left Greens have offered no solutions or propositions on how to restore Iceland‘s standing. They are currently getting away with spewing venom all over the only realistic and credible plan available. Oh and fucking fuck IceSave is still unresolved.

6. The media came under plenty of scrutiny for not delivering scrutiny at all. Now it is in the hands of Jon Asgeir Johannesson and David Oddson. Editor in chief David Oddson even has the nerve to accuse the State Broadcasting Channel of bias because a reporter there is the sister of Exista‘s CEO, implying that her media can not be trusted with delivering news. Apart from maybe DV, the media is worse than before. When investigative reporting was needed, Channel 2 cut theirs from the program and gave the nation cooking lessons from the wife of Baugur‘s head of finance. Agenda, propaganda and fucking fuck through your mailbox and television screen every day.

7. There were loud calls for debt reform through restructuring and write-offs. For a moment, people actually believed that those who had accumulated the greatest debts would have to pay the most. Then reality bit hard and cold. The government‘s promise of a fortress around Icelandic households ended up in solutions which benefitted those who had geared themselves the greatest. Those with a 100-200% mortgage were bailed out, especially if they could find members of Althingi willing to do their bidding within the banks. Those who had saved and put down payments on their homes were left to rot with their inflated debt. And what about Jon Asgeir Johannesson, Bjorgolfur Thor and their kind? Well they have so far managed to score deals with the banks on massive write offs domestically so they can manouvre deals where they can get back their companies abroad. And they have been granted stand-still agreements where their debt collects no interest and is not gone after either. Many of the same people are still main actors in the business sector. Bjorgolfur Thor has been seeking tax-exemptions while wage-earners are experiencing higher taxes and higher utility bills. Did you think Sigurdur Einarsson, wanted by Interpol a few months ago was here to be questioned the other day? No he was here in talks to buy a fucking fuck financial institution.

8. There was need for someone to hit the refresh button in the political arena but so far it seems like the old guard has gotten away with a restart. The Social Dems were and still are unable to find anyone with remotely the same political credibility as Johanna Sigurdardottir. The ladder below is crowded with wallflowers and followers of men. If Johanna has enough then it does not bode well for the only party with a plan for the nation. Meanwhile the Independence Party, Left Greens and Centre Party are ablaze with infighting. All three parties are currently letting the monkeys run their circus and if it were not for Steingrimur J. Sigfusson‘s incredible turn from idealism to realism then all bets would probably be off. But it says all about the unruly waters of Icelandic politics that isolationist xenophobe Ogmundur Jonasson has had to be brought in to the government again to appease his followers. The Centre Party is currently in suicidal mode as requests for rampant demagoguery is fully provided elsewhere. And then there is the Independence Party which freed from the oppression of David Oddson almost managed to start a self-examination and reconciliation process, only to fall prey to the rampant partisanship and playground politics of their great leader again. The party‘s ladder is also crowded with hungover leftovers from the heady days. The only realistic challenger to the madness is former vice-chairman Thorgerdur Katrin Gunnarssdottir who has the financial freedom thanks to the former banks and little political reputation left to lose. New pretenders on the political scene have been pushed out by the Citizen‘s Movement which collapsed in record time and the Best Party‘s moves are under relentless attack from the four parties. It is not just an economic crisis anymore but an all out fucking fuck political crisis.

9. According to rumour there are people preparing to take the law into their own hands this weekend if the parliamentary committee charged with determining the responsibility of the elected officials named in the Special Report this spring comes up with a fucking fuck whitewash. It is to the Icelandic nation‘s outstanding credit that not one of the politicians or the businessmen most responsible for the ponzi economy which collapsed has been physically hurt so far. But it is to the incredible detriment of the political system‘s inability to appropriate blame that ordinary Icelanders are being heard in private conversations saying that “If I do it alone then it is murder, but if a group of us do it then it is a revolution. I am too angry.” The government and Althingi apparently now must be careful. An indebted and outtaxed public might cross new boundaries if they continue seeing Jon Asgeir and Bjorgolfur Thor parking their Range Rovers in Laugavegur, if Sigurdur Einarsson returns to Icelandic banking or if David Oddson claims his kingdom back. Lady Justice is in a fucking fuck pickle in Iceland these days.

10. The public is currently in an all-encompassing state of fucking fuck delusion. Serious, well meaning, well educated people are discussing between themselves in “revolutionary” terms. Yet, they still buy Morgunbladid, access Jon Asgeir‘s cable TV, vote for the Independence Party and nod when Ogmundur Jonasson talks of Nazi Europe. Currently letters are going out to 1.000 Icelanders selected for a National Meeting on constitutional reform. Yet again, a simulated process is given priority over weighty substance in the national debate. The public has already been lead on a ride by the Citizens‘ Movement (guilty), the National Meeting (not guilty), national referendum on IceSave (not guilty) and the Gudmundur Franklins‘ of Iceland are only beginning. Instead of taking responsibility for getting to know the issues of today, voting responsibly and holding their elected officials to their words, people are talking revolutions, Right Green parties and secession from NATO, EEA and the civilized world. Good, sensible people seriously need to start taking a stand in the fucking fuck that is Iceland.

Related posts:

1. The Icelandic Discourse in A Nutshell
2. Blue Handballs and Tackles From Behind
3. Iceland Will Say No To The EU

But why did all those Icelanders take on these risky loans? Simply put, the Icelandic krona has been walking dead since early last decade when the Central Bank decided to implement inflation targets on the miniscule floating currency.  As the government proceeded to fulfill all its campaign promises in a couple of years as Geir Haarde was quoted saying, the ever rising interest rates attracted an influx of hot money which created an illusion of wealth, fuelled speculation and a bubble economy to rival all bubble economies.

Ordinary Icelandic consumers soon felt the pinch when the rising inflation started morphing their consumer price indexed loans into double/triple repayment monsters. It started to make sense borrowing in dependable currencies like the Euro, US dollar or the popular basked of Yen and Swiss Franks. The interest rates there were unheard of in Iceland and unavailable to ordinary citizens. That is until every bank in sight begun offering them around 2004-2006. The appeal was obvious and although most consumers balked at the risk involved in paying off their car-loans and mortgages in a currency different from the one in the one they were earning, many jumped on board. The krona would never fluctuate more than 15-20% would it and it would still be worth it?

Well, no…and the consequences were disastrous…

from M5.is. Click to enlarge

Astthor Skulason, a farmer paralyzed below the waist needs special farming machines and equipment to run his farm. “It looks like I have paid them much more than I borrowed”, he said talking to DV.is about Lysing, the financing company which still repossessed the machines. Astthor says the machines not only help him out with his work, but also provide him with much needed exercise as he tries to live with the handicap which he got from a car accident in 2003. An intervention and a collection on behalf of a couple of MP’s managed to allow him to keep his farm equipment.

Curiously, after the economic collapse voices started being heard about the supposed illegality of the currency loans. That was a new and unexpected angle, not heard while consumers were enjoying the benefits of the foreign interest rates. But now they had doubled and suddenly there were entities sprouting which had been unneccessary in the previous years of milk and honey. The Houshold Alliance and Borrowers Alliance as well as the office of the Consumer Spokesman claimed that it was illegal to tie payments of capital in Icelandic kronas to a different currency. This could not possibly be? Yet that was what happened when such a case hit the courts. The financial product had been illegal all along.

Currently the discussion has been about what minister of economic affairs, Gylfi Magnusson said or meant in Althingi last year when he seemed certain that the loans were in fact legal. The government had in fact sold off a couple of banks (Glitnir and Kaupthing) and taken majority ownership in one (Landsbankinn) based on such an opinion.  It then turns out that his ministry and the Central Bank all sat quiet and acted indifferently on legal advice which claimed the loans were illegal. The government stood idly by when people‘s lifes were torn apart becaue of these loans. The fortress promised for the households became the banks‘.

Even more curiously and telling of the political cesspool that is Iceland anno 2010 is that the MP‘s and media calling for Gylfi‘s head on a plate did not raise an argument with his stance at the time. The nerve of the Independence Party knows no limit as they call for Gylfi‘s resignation when lead by failed Central Banker David Oddson and bailed out businessman Bjarni Benediktsson.

In fact, the political elite and Althingi‘s collective shame is all the greater considering that former minister of commerce and industry Valgerdur Sverrisdottir of the Centre Party has stepped forward and claimed that she knew all along that the loans which just about all financial institutions in her nation were making were illegal!

Did you get that? The minister responsible for the banks in Iceland working properly turned a blind eye for nine years on them selling an illegal product which at worst in many cases ruined people‘s lifes or at best changed them completely. She even sponsored a bill in 2001 where it was made clear. The members of Althingi‘s economic committee which should have discussed the bill at the time included Johanna Sigurdardottir, now PM for the Social Democrats and Margret Frimannsdottir who at one point was the party‘s vice chairman, Ogmundur Jonasson, now Left Green xenophobe, Kristinn H. Gunnarsson and Hjalmar Arnason from the Centre Party, the former who has written inspired columns about the potential damage the banks would face if the loans were deemed illegal. The Independence Party had four representatives on that committee, including corrupt Kopavogur mayor Gunnar Birgisson, Fisheries minister to be Einar K. Gudfinnsson, Sigridur A. Thordardottir and the current chairman of the Confederation of Icelandic Employers Vilhjalmur Egilsson.

Where have all these people and all these political parties been sticking their heads for the last decade?

A truck driver in his sixties, Olafur Jon Leosson took his own life in October 2009. Olafur had not been able to make payments of the currency loan he had taken with financing company Lysing to finance the purchase of his truck. Olafur left a letter to his family where he claimed unemployment and debts had left him with no other way out. A big source of desperation was that his good friend Nathaniel B. Agustsson had signed a guarantee for his loans. “He obviously feared that I would be in trouble because of this. He was really affected by being unemployed for a long while and I could feel how the worries were breaking him down”, said Nathaniel to newspaper DV. Ten months after Olafur‘s death, the Supreme Court of Iceland ruled that the loans had been unlawful. Olafur‘s son Gustaf commented to DV that things might have turned out differently for his father if the ruling had come earlier. “The top managers of these companies knew this. It just has to be. When you run a company you have to be clear about what you can and can not do”.

Related posts:

1. The Currency Loans Were Legal – The Dark Side Of The Government’s Inept Solutions
2. In All Fairness: The Currency Loans And What Now
3. The Benefit of The Doubt

From Vilhjalm A. (translations mine ):

Finally the government has come out with their version the of the “skjaldborg” – the fortress around Icelandic homes.

Here’s what the government proposes to do:

- special solutions for those with low income or have suffered short term drop in wages
- solutions for people with two homes
- lower limits on penal interest rates
- on foreclosure, the market value of homes will be withdrawn from claims
- people will be able to live in their home for 12 months in spite of bankruptcy or foreclosure
- the limits on collection fees lowered
- rules on tax claims write offs reviewed
- moderate write offs tax free
- large write offs taxed
- effects of price indexation limited

The average employed working Icelander with a mortgage gets ….. just about nothing. No reduction / write-down of the mortgage principal. No way to negotiate with the banks, except by filing a lawsuit against them.
But if you own TWO homes, congratulations, you get relief – just give back one of the houses!

Oh my! This is going to be costly. How should we finance the rebuilding? - Johanna and Steingrimur at the household debt cliff drawn by Halldor Baldursson

See the critical article by Samtök lánþega blog, entitled “Ekki neitt !” (Nothing!):
http://gandri.com/?p=885

There is nothing on previously defined solutions for mortgage adjustments.

There is nothing there on actions to force financial institutions to abide by the laws.

There is nothing there about interpreting unclear contractual obligations in the favor of consumers, as is clearly stated in Icelandic law that it should.

There is nothing there about actions to stop collection methods based on contracts which have been judged illegal by Icelandic courts.

There is nothing there about speeding up those court cases awaiting a Supreme Court’s decision.

There is nothing on the ideas of individual MP’s about the so-called “key-bill”.

There is nothing there on the ideas of individual MP’s about lowering the statue of limitations on individuals from 10 years down to 4.

Vilhjalm A again:

In the meantime the banks are happily handing out huge loan write-downs to businesses and granting themselves salary bonuses.

I don’t think it’s possible any longer to pretend that the government has some secret plan or motive to help the average Icelander. And the do-nothing strategy is not the result of ineptitude, either. It’s looking more and more likely that the real intention of the government is to reduce the need for imports by depriving the average person of almost all available discretionary spending, first by increasing taxes on everything and second by making them spend almost all their money on paying off loans to the banks. You can’t spend what you don’t have.

Finally my own two cents: The way they presented these “solutions” does not bode well for the Social Democrats or the Left Greens. Sure it is a step in the right direction, but the focus is on soothing the pain for those who overextended themselves during the good times, a strange emphasis for the so-called “welfare” government. It might be possible that there has developed a siege-mentality within the government after the monumental tasks it has faced since assuming the responsibility to clean up in the economic disaster area. But by calling this a definite solution and pretending like this is going to put things to rest regarding the massive household debt Icelanders are facing because of the collapse of the krona, the government appears out of touch.

Related posts:

1. Discussion On Household Debt Held Hostage By Progressive Party
2. The Icelandic Household Debt Dilemma And The Government’s Useless Permanent Poverty Solution
3. Iceland In Debt

And this is someone who is to the left politically.

Her shortcomings according to this disgruntled voter was that she is never seen or heard. In a time of great peril to the nation she doesn’t “lead” the nation like a “leader should”. For example, she should just have hammered the IceSave bill through Althingi.

And that is the legacy of the perceived “strong leader” which David Oddson’s career as PM has left us with. A misguided reliance on “strong managers”, in other words attention seeking bullies.

From a realistic standpoint it seems as if Johanna really didn’t want to be still in politics. But she is there because she was the only one who could lead the Social Democrats. They like the Independence Party have suffered from an over-reliance on a “strong manager” for the last decade or so. What they tend to leave behind is a scorched earth, where only “yes people” and mediocrity survive in the shadow of their overbearing personality. Sensible people, future leaders opt out. That is why the Independence Party ended up with Geir Haarde and Bjarni Benediktsson first amongst people like Petur Blondal, Birgir Armannsson, Gudlaugur Thor Thordarson and Illugi Gunnarsson (women are not required to lead the Independence Party). If Johanna hadn’t ran, then the Social Democrats would have had Ossur Skarphedinsson, Arni Pall Arnason and Katrin Juliusdottir spearheading their campaign. No, Johanna was vital to a successful campaign from the left and she has remained the glue that keeps the inadequate pieces together.

The consequences are both good and bad. The good news is that in Johanna’s government, the ministers are in a much stronger position individually than David Oddson’s lapdogs ever were. Ogmundur Jonasson’s hissy fits would not have been made public in the secret chambers of David’s governments. Opinions of others than the leader are aired in the open, with consequences for those who hold them of course. The flip side is that Steingrimur J. comes off as the one holding the reins, and while he is taking the fight on issues like IceSave and budget cuts, the Social Democratic ministers have dropped some important balls, like Arni Pall Arnason regarding household debts, Katrin Juliusdottir on the Verne Holding issue and Kristjan Moller on building bridges and tunnels to nowhere.

I for one don’t miss the “strong management” style of Ingibjorg Solrun Gisladottir and David Oddson in Icelandic politics. Good leaders allow others to blossom around them, and all they seemed to grow was weed. It would be good to hear less cries for stronger leaders and more demands for a strong nation with a fit government.

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The new and old Icelandic way: Johanna Sigurdardottir has refused to publish a “guestbook” of those who come to see her because she has no legal obligation to do so.

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Bjarni Benediktsson – Independence Party
1. Defend the interests of family’s friends and Independence Party fat cats.
2. Try to ignore David Oddson.
3. Pretend to be leader of the Independence Party.
4. Be against everything he was for 11 months ago.
5. Ask nation to please look forward, not backwards.
6. Blame everybody else.
7. Try to ignore David Oddson.
8. Blame the foreigners.
.
100. Defend the interests of the Icelandic public.

Johanna Sigurdardottir – Social Democrats
1. Regret lost chance of retirement.
2. Defend the interests of Social Democratic, Independence Party and Progressive Party fat cats.
3. Fruitless search for other leadership candidates within own party.
4. Clean up mess from others party.
5. Scold misbehaving little kids from Progressive Party.
6. Ask PR rep to address nation.
7. Avoid appearances to calm nation.
8. Defend the interest of Icelandic public.

Steingrimur J. Sigfusson – Left Greens
1. Clean up mess from others party.
2. Defend the interests of Independence Party, Progressive Party and Social Dem fat cats.
3. Defend the interests of capital owners.
4. Attempt to keep Ogmundur Jonasson heavily sedated.
5. Remind people who is really to blame for the mess.
6. Address nation like it is stupid and too demanding.
7. Help banks and bankers get back on their feet.
8. Defend the interests of Icelandic public.

Thor Saari – The Citizens’ Movement / The Movement
1. Cheat voters.
2. Break promises.
3. Be against everything.
4. Act like everyone else is stupid.
5. Buy Sudoku puzzles for Margret Tryggvadottir.
6. Love the attention.
7. Talk with behind.
8. Come up with bad policy suggestions.
9.  Defend the interests of Icelandic …oh, who are we kidding?

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Ms Sigurdardottir said that it was “unfair” that the IMF and Nordic donors had made access to additional aid conditional on Iceland’s resolving the Icesave issue. But the prime minister voiced hope that the IMF review would start “within the next few weeks”.

In written answers to FT questions, she said that the UK and Dutch authorities “cannot wash their hands” of regulatory responsibility for the failures of Icelandic banks that operated in Britain and the Netherlands.

She suggested that the UK was contradicting Mr Brown’s own principles by making Icelanders pay for the mistakes of a private Icelandic bank. “The British prime minister has said that it’s not the general public that should suffer from the wrongdoings of the banks but the banks should compensate the public. Obviously he does not count the Icelandic public in [that].”

From the Financial Times

About time!

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From Bloomberg

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We have to bring an ISK 170-180 billion (12% of GDP) budget deficit into balance in three years. This amount equals around a third of the central government’s budget in one year. This can only be accomplished through deep expenditure cuts and tax increases. Purchasing power and standard of living will therefore have to contract sharply in the coming years.

From Forbes

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If you’re visiting from the planet Eadrax, you could be forgiven to think that Steingrimur J. Sigfusson is the Prime Minister of Iceland. Well, although he is constantly answering for the government and appears to be in the middle of everything, especially IceSave and people’s TV screens, he is not.

Johanna Sigurdardottir is. Remember her?

Rarely has a head of state been so low key during such a tumultous time in her country’s history. The reasons might be the following.

Apparently she was on her way out before the economic disaster. She is after all 67 years old, the retirement age in Iceland and has battled for decades for issues that were hardly given priority during the Independence Party’s reign, such as public welfare. She’d seen the leadership role within the Social Democrats being handed solely to Ingibjorg Solrun Gisladottir and probably thought she’d given her all in the job as a minister of social affairs.

But after the crash, her party really did have no other credible person within their ranks that could lead it. She seemed to have been begged and coerced into accepting the position of the Social Democratic leader at the perilous time last winter. Without her, things might have gone much differently at the voting booths for the party in April.

So is she merely a figurehead? She doesn’t waste time meeting with foreign heads of state or visiting foreign countries like her predecessors, some say because of poor languague skills. She leaves the limelight to Steingrimur J. Sigfusson, maybe a smart move as he is becoming the face of the government that has to reach a deal on IceSave?

It seems like she is there to buy the Social Dems some time, and to lend them much needed credibility. There are few politicians around which garner as much trust as Johanna. But is it a smart move to keep number one underground during these times?

Then again, an invisible prime minister is so far better than what we had before.

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