Skip to comments.Iceland: frozen assets (excellent article, well worth reading)
Posted on 12/13/2008 7:19:34 PM PST by PotatoHeadMick
Six months ago, Iceland was one of the worlds richest nations. Now its bankrupt. AA Gill visits the first victim of the economic ice age.
In the summer of 1783, there was a volcanic eruption in the southeast of Iceland that vomited lava into the Skafta river, which boiled and ran with fire like a mythological Nordic curse. The volcanic gases were toxic and poisoned animals in their byres. Seething clouds of opaque ash plumed into the sky, blotting the sun. Everything that photosynthesised withered and died. There was a famine that killed a fifth of the population a fifth of the people who had survived the smallpox epidemic that had previously seen off a quarter of all Icelanders.
(Excerpt) Read more at business.timesonline.co.uk ...
Over a year ago I read of Iceland’s pending financial disaster, so it’s a little odd this article makes it out to be something that’s very recently come about.
Yes, there were a lot of people predicting that the Icelandic banks were heading for disaster but the smelly stuff only hit the fan in the past three or four months, in the article Gill points out that most Icelanders have enough money to see them through to the New Year but then they’re bust.
I've been there a few times and it's pretty desolate ~ sheep, volcanos, glaciers.....
We were looking at opportunities for "travel" a couple of weeks back. So far no one has bothered to fix their websites to show new prices on sheepskin coats (which can, in good times, be had for up to $2000 bucks, but were only down to $800).
Hotel prices looked good. Air fare from NYC was decent ~ back to to prices not seen since the late 1960s.
I wanted to know about the price of a tour to a glacier in January ~ no one had a price.
The disaster of all disasters waits for another day ~ maybe New Years.
Very sad. The small country is far far less corrupt than America is now. The Icelanders will probably be better off then people who invested with Bernie Maddow.
what is happening to the world?.....can anyone give an understandable paragraph about how this has all happened?
Why do you think that the Russians bailed out Iceland —out of the goodness of their hearts?
I'm sure your old time Vikings who brought their Irish slave women to Iceland with them raided European shores with the highest of moral values in their minds ~ farm, home, motherhood, country.
They still took people slaves and stole their stuff!
This situation requires a deep examination of the standard Icelandic outlook on dealing with foreigners. I fear it hasn't changed much in the last millenium.
Now, if they'll start patching up their websites I'll see if it's worth taking another trip there in the dead of winter to "see stuff".
You are measured by how squarely you stand against bad luck. Not how you squander good luck.
Long read, may interest you.
Oh come on. Icelanders are choir boys and girls compared to Chicago and our Indonesian President Elect.
Not all is going badly for Iceland. I read that Iceland imports only 1% of their energy needs.
Retaliation for losing the Cod War, I think.
ping for later
This is a sign of things to come all over the earth. It is happening here in the good 'ol USA.
Now, don’t you be saying nothin’ bad about the elves!