Editorial comment from IceNews:
The Icelandic krona began its “managed refloat” on Friday – and celebrated on Monday with a spectacular belly flop, gasping for air and struggling not to drown. It is only fair to point out, however, that yesterday saw a marked levelling-out, with only slight changes in both directions.
Meanwhile, also on Monday, a thousand people celebrated the 90th anniversary of Icelandic nationhood by demonstrating against the incumbent government and central bank board on the beautiful Arnarholl hill, right outside the Central Bank of Iceland. Iceland gained total home rule 90 years ago, but only gained total independence from Denmark in 1944.
After the rally, nearly a hundred of the protesters went into the central bank itself to have a little chat with governor David Oddsson; but riot police happened to be manning reception at the time.
Despite the use of eggs and paint, the protestors eventually left peacefully after they had persuaded the police to lay down their shields and pepper spray (which were not used).
“David Out!” was the bank protestors’ chant. “It is a very simple demand and no one listens to it. Ninety percent of the nation wants him gone,” said protestor Gudjón Heidar Valgardsson, according to IcelandReview.com.
Back to the currency refloat: I will not be in Iceland over Christmas and decided it would be sensible to change my money before the currency was refloated. After all, at least we knew what we were getting with the controlled rates. The last I heard it was going to be refloated some time this week, but it actually began on Friday. So, first thing Monday morning I queued up at the bank, newly arrived December paycheque still warm in my bank account, to buy some British pounds.
It seemed everyone else in Iceland had turned out that morning to do the same thing (or dollars, euros or whatever). Not only was I significantly late to work, but each pound cost me two kronur more when I finally reached the desk than it would have done when I first entered the bank. That’s just crazy.
Economics professor Gisli Magnusson told RUV.is that the krona is, “Clinging to life on a ventilator”. The ventilator in this case being the new laws on foreign currency exchange; a rather draconian set of rules designed to allow the currency to refloat without plunging in value.
Many IceNews readers have commented that a currency refloat cannot be managed – that a currency is either floated or it is controlled by the state. This is of course true, semantically speaking.
But I would argue that the word ‘managed’ simply means ‘slow’ in this instance: a way of totally refloating the currency over time without further destroying the economy.
The logic behind the move lays in the facts that Iceland’s balance of trade now quite firmly sits in favour of exports, and the new currency laws actually force businesses to bring their foreign-earned cash home to Iceland. These factors mean that the country is steadily building up reserves of foreign currency which it can slowly and steadily pay back out to the people queuing up to remove their money from Iceland.
There are ISK 550 billion (EUR 2.9 billion) of foreign investments in Icelandic bonds and bank accounts – some or lots of which will presumably be removed when investors are permitted to do so.
Allowing the money to bleed out of the country as other currency comes in to replace it is a move designed to stabilise the krona exchange rate and stop all the investors removing their cash at the same time. The inevitable drop on Monday aside, the plan seems to be working. But it is still far too early to tell if it will work in the long run.
Indeed, Gisli Magnusson says the IMF has no confidence in the currency any more, believing that it should be totally abolished.
While things remain characteristically unclear at the moment, one thing is crystal clear: time.
Everything that happens needs to happen on time.
If David Oddsson has to resign, he must do it in time to save the reputation of the central bank. On the other hand, if he does not have to resign, he still needs to make his big move, whatever that will be, in good time.
If the Icelandic krona really is dead, this managed refloat needs to be abandoned in time, before all the currency reserves are decimated. If it can (and should) be saved, the refloat needs to be made to work, not just in time, but right now!
In any other year, now would be the time to let the politicians get on with it and just lay back and enjoy Christmas. This year will be different, because we will all be doing less Christmas shopping, so will have more time to follow politics and have our say – whatever our personal political persuasion.
Not that you need the invitation, but please feel free to leave comments!
Alëx, IceNews editor
I feel the damage has already been done. The drop in average salary and rise in the interest rates is the snake coiled up, waiting to strike. People, like governments, are seeing their reserves opened, trying to shore up loose ends. But now, with less coming in and more going out, very soon the choking begins. Even if the krona jumps back to normal, salaries will go nowhere and niether will interest rates. This isn´t gas we are talking about. When the market improves, the salaries don´t follow it. The companies that survive will be reluctant to approve growth for years because of this. What´s done is done. 85% GDP is too much for any economy to recover in a matter of weeks, months, or years. Migration is next, good luck convincing people to come back.
This is not refloating the kronur, this is just a lie. This is worst than cuban Fidel Castro regime. This is not going to work like this. They are just making time because they don’t know what to really do. This is making even more harm to the economy and the people. Those people are not ready for this situation and this country is in big shit because of their mistakes. Things could be much better right now if the people at the CBI, the goverment and the banks would have done better much before… And yes, Finland got out of a situation like this, but they did so because the swift to the EURO, it took its time but they announced it and they took strong steps into something. This people don’t really now where they want this nation to go. Why don’t just drop the króna and take the norwegian króna? or the Danish króna? What is wrong with this people? I am in a good situation but each day I see more and more icelandic friends abandoning the country to find work abroad, people loosing everything while those bankers still make money on them… For how long are they going to keep like this? THE ISK KRÓNA IS DEAD AND BELIEVE OR NOT, WE NEED TO GET RID OF IT ASAP BEFORE OUR ECONOMY IS TOTALLY RUINED. WE CANNOT KEEP TAKING LOANS TO JUST TRY TO RESTORE CONFIDENCE IN A CURRENCY NO ONE WANTS ANYMORE, NOT EVEN THE MAJORITY OF ICELANDERS, are those people blind or what?????
LETS PRAY! because our future depends of these totally incompetent people.
At least you’ll have got a few more £ than $ or €.
I predict £1=€1 sometime in 2009, so foreign trips are going to VERY expensive for Brits too – those that can still afford a holiday of any kind.
I’m in Spain for 10 days over Christmas, and my debit card is already cowering in the corner of my wallet!
Iceland needs some shock doctrine. I suggest abolishing legal tender laws.
Oddsson will never resign, he sees himself as the father of modern Iceland, he led the country in the era of massive growth and prosperity and therefore this economic disaster is the peoples fault not his.
“Indeed, Gisli Magnusson says the IMF has no confidence in the currency any more, believing that it should be totally abolished.”
Who has confidence in the IMF? Exactly, what is the IMF??!!!
“Króna should be totally abolished”
????? I would abolish the IMF!
Only Icelanders should choose the Króna, … Euro, US dollar, … a new króna 1/100. ( year 1981, 2009 ) . I would prefer EURO.
Who is saying the króna is dead? Icelandic currency needs good management, clear rules, confidence, honest and reliable leaders, and currency will have oxygen to live: devaluation of the krona has been an absolute disaster, in the short term, but it can be a stronger currency medium term: situation now or in the future – next weeks, perhaps months – of the kronur is not the REALITY; it is necessary to look for the reality, and is necessary good management and confidence. Icelandic currency can have oxygen if icelander leaders do take good ways. Who should be the leader? Icelanders should choose, perhaps next spring.
If I was an icelander, I would say Yes to Haarde and NOT to some ministers; I would say NOT to Oddsson and Co.!
To Alex,the Editor,
I notice you are going to the UK for Christmas.Take care that you are not taken hostage!!
I have heard of an Icelander living in Edinburgh who now refers to himself as “Scandinavian”!!
It is a tragedy that your good nation and its people should bear the brunt of the Government’s ineptitude.
Interesting that the ministerial paycut has been declared “illegal”.
And ruining the country isn’t,I suppose??
There’s been a lot written on Wikipedia about “former Prime Minister and chairman of the Central Bank of Iceland Davíð Oddsson” over the last couple of months. We should really be writing about “former ballet dancer and professional comedian Davíð Oddsson”, so that people don’t give his utterances more credit than they deserve. He won’t resign, but should be removed on mental health grounds.
Alex, “a marked levelling-out, with only slight changes in both directions” is a result of the fact that (1) there are no foreign buyers of Krona at what is clearly a ridiculous rate in which they have no faith and (2) few sellers of Krona, because they are not allowed to by law !
Tied to the IMF’s now faltering faith in the Krona was the utterly misguided decision to raise interest rates to 18%.
While every other government has sensibly reduced interest rates to a bare minimum to stimulate the economy, Icelandic rates were raised in a futile attempt to protect the Krona. Virtually every international commentator has observed that there is simply *no* interest rate that will support confidence in the Krona.
The Central Bank can forget about its policy rate as a mechanism, the only thing preventing outflow of capital is the new legislation that the Icelandic government has introduced. Now legal restrictions are in place they should rapidly bring down the rate before the entire country is bankrupted. Icelander mortgage loans with an 18% rate, plus inflation link (another 15% perhaps) are simply going to cripple the country. Clearly the ratings agencies see this coming, which is why the housing bonds have been downgraded.
The Central Bank might want to take stock of reality and now that even the IMF realises that the Krona is unsupportable, the rate should immediately be brought down to a sensible level (5-10%).
Just a note from London to offer my sympathy to all those Icelanders who have been let down by their banks and are facing such an uncertain future. I promise to buy Icelandic exports whenever I can! Our thoughts are with you. md
All the small nations currency are pegged to other strong currencies or their economies depend of other nations under different situations ( Curacao and Holland, etc…) Iceland seems to be the only country to venture in having an independent currency, economy and politics, it just does not work anymore to dance alone. Iceland needs a partner to dance with. This world is about what you can offer and what you can get instead… It is about co-dependence. You cannot be on your own in the globalized world ( unless you want to live again in a house of stone and wood and eat sheep sitting around a fire)
Now that we survive THANKS TO INTERNATIONAL HELP, As ethiopia, somalia, just name it… well It seems that we need to reorganize this country.
Many people say that the Icelandic krona is undervalued, that Iceland is a rich country. Well, when you have to live on international aid, then it means that we need their money, at this very moment, to be able to buy food, medicines, etc… that is that we are surviving on INTERNATIONAL HELP PROGRAMS, and thanks God SPAIN that such a thing like the IMF exists, otherwise we would be hunting down and slaughtering to the last sheep in Iceland so we could survive and not die of hunger. Otherwise you would see thousands of people dying because they don’t have medicines. You would see the cars queueing at the gas stations, getting covered by snow with empty tanks… WAKE UP. We are able to buy the basic and fundamental things THANKS TO THE INTERNATIONAL HELP, MONEY FROM EU, IMF, POLAND, NORWAY, ETC…. and now americans of icelandic heritage are collecting money to help the thousands of icelandic families who are going through misery because they have lost their jobs and they don’t even have money to buy clothes or food for this christmas.. WAKE UP!!! Drink an expresso or TWO!!! AND WAKE UP!!!! AND THEN EVERYONE SAYS THIS GOVERN AND CBI LEADERS TO BE CRAPPPPP!!! AND THEY ARE STILL THERE !!!!
WAKE UP!!!
Physchim62
“He won’t resign, but should be removed on mental health grounds.”
I totally agree, some of the speeches and decisions he has made can only be classified as insane!
Unfortunately he won´t be fired either. Oddsson and Haarde are such great mates and the story goes that Haarde only got the job as PM because he promised Oddson the chairman of the central bank position.
Julia Set is absolutely correct, Alex, and no, there is no such thing as a managed float, which is not a semantic problem but is a contradiction in terms. The Icelandic government should not, out of basic decency toward its citizens, mask the low value of the Krona — whatever that may be, we have frankly no idea — and allow its people to assume thinga are better than they are. A condemning lack of transparency has been the hallmark of the Icelandic government’s treatment of the financial crisis since its very inception and only feeds the total absence of trust on the part of the international community in its continuing actions. Until the government makes the full situation clear — the truth about the lack of value of the Krona, the immensity of Iceland’s total foreign debt and the dire effects of this situation on the future of the economy — people will have no means to form proper judgments about their own prospects and will rightly suspect the worst.
Well, even though the krona has lost in value, Iceland more than compensates for this with a lot of entertainment value recently!
:D
I think it’s pointless to talk about this again.
It is being clear that the government will do whatever wants, and more importantly whatever the FMI and the director of Confederation of Icelandic Employers decide is better for their pockets!
From recent information, I am pretty secure to say that Iceland is doom.
“And yes, Finland got out of a situation like this, but they did so because the swift to the EURO”
Not quite. Recession in Finland started in 1989. The central bank of Finland & the government had a policy of keeping the currency strong, i.e. fixed to the ERM. That killed our exports, ruined companies, banks and people. In late 1991 there was a 14% devaluation, with not much effect. In 1992 the markka was finally floated. Totally, our currency depreciated some 40%. Finland joined the EMU only in 1998, six years after the floatation, when the economy was good again.
I’d immediately float the krona and use the IMF & other loans to support people in need. The strategy of using borrowed money to back up krona, will not work. It will only weaken the economy and keep the prices of foreign goods artificially low.
The sooner one accepts the reality, the faster the recovery can start. After the borrowed money is wasted on currency speculation with no improvement accomplished, the awakening will be rude. It does not have to be this way. Just float it.
Julia Set said:
“Icelander mortgage loans with an 18% rate, plus inflation link (another 15% perhaps) are simply going to cripple the country.”
==============================================
The mortgage loans are not linked to the CB rate of 18%.
Where did you get that idea from? Mortgage loans are index linked but with a fixed interest of ca 5% interest p/a
Your only solution in the midst of a crisis appears to be to encourage more short term borrowing at the lowest interest rates in Iceland’s history. I just do not see the golden sunrise there.
Being indexed to inflation, alone will be an unsurmountable obstacle for a mortgage holder.
It will make perfect sense for thousands to hand back the keys to the mortgage lender.
Any loan over Kr.30m will quickly become an intolerable burden
Loan Capital (eftirstoðvar med verðb) had risen by about 10% in the first 9 months of 2008
Have fun
http://www.ibudalanasjodur.is/lanareiknir/lanstimi.aspx
Is inflation at over 20% now? the Kronur has deflated 50%, inflation will surely reach 50%
at a guessestimate on a mortgage from October for the first 12 months at 30% inflation
Mortgage
Kr.10m ” 66,000 p/m
Kr.30m ” 175,000p/m
Inflation for years 1980 – 1984 was on ave. 61% p/a
and by 1992 it was brought down to 3.7%
AFAIA currency restrictions were quite strong then.
The fundamentals that were practiced in 1980′s, to export, have the foreign currency banked and provided to importers to purchase the necessary consumer items. To export more than is imported. Putting controls on consumer spending and putting controls on short term borrowing.
The same degree of recovery is not possible today due to the enormity of index linked mortgages and the flood of foreign currency loans.
No matter what you or Suomi have offered as a solution, neither comes close to dealing with those fundamentals.
Iceland is stuck between a rock and a hard place.
Julia
“While every other government has sensibly reduced interest rates to a bare minimum to stimulate the economy, Icelandic rates were raised in a futile attempt to protect the Krona.”
But it doesn’t work! The economic crunch is only now beginning to pick up steam. The low interest rates mean that it’s cheaper to borrow money. But what is this money backed up with? Empty promises, failed deals, and defaulting real estate loans.
Over here on the Continent, there is big talk about deflation; naturally, since liquidity is just melting like snow in the sun. But the debts are still there, the loans are still there. The credit is still on the books, the money owed is still the money owed, only it does not move for the time being. Companies are laying off globally, because crude materials and expensive products are piling up on the shelves. Surplus consumables and not enough credit, that’s deflation for sure.
But should things get moving again, production is not gonna go up anytime soon. People who lost their jobs are not gonna get new jobs soon. And all the while, the extra cheap credit, courtesy of low interest rates, will be around. It cannot be struck from the books; economy as we know it only works as it does because a credit/debt relationship cannot be dismissed just so. How, pray tell, is the U.S. economy deal with that two billion (I have lost track) of Fed loans that are backed up by nought but broken promises? Inflation, that’s how: a surplus of money and a dearth of consumables.
The bottom line is: if the Icelandic Central Bank had slashed interest rates, odds are that the króna would inflate at 25% by now, perhaps 35%. Deflation means the economy starves. Inflation means people starve. You choose.
Last week, there has been talk of a study for the Citigroup board of directors which predicts exactly this: hyper-depression, or hyper-inflation:
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3526645/Citigroup-says-gold-could-rise-above-2000-next-year-as-world-unravels.html
We can only hope that the guys who prepared that study were the same guys who put up Citigroup’s business plans for the last year ;-) But I wouldn’t count on it being wrong; the scenarios they outline make sense.
The IMF certainly is to be blamed for not having the brains to figure out that maybe, just maybe, it would be wiser to grant the loans to Iceland now, and wait with seeing through its demands til winter was over. I would not want to be on Iceland this winter.
I said “a credit/debt relationship cannot be dismissed just so”. But perhaps it’ll change. Ecuador is already pulling the plug and telling some of its creditors to close their eyes, ‘cuz what they see then will be exactly the debt Ecuador is gonna pay them back. A desperate country since the IMF was done with it, they have nothing to lose.
Alan Greenspan was right back in Ocotber: there is a fundamental “flaw” deep down in the whole way the global economy was built up. It is nothing obvious, so much is certain, or what governments do all over the globe would not have so little effect. But it is serious.
Gus:
Thanks but, I do not need an expresso to wake up; only a stupid needs an expresso to wake up! Placidly I sleep; clearly I see the dawn.
Your speech, so pessimistic and radical, is very good but, I do not agree your expositions and conclusions.
“Now that we survive THANKS TO INTERNATIONAL HELP, As ethiopia, somalia, just name it… well It seems that we need to reorganize this country.”
I suppose, cultural and professional qualification of an Icelander is the same that the one of a man in Ethiopia or Somalia, since you are similar these nations like in the same situation. What a stupidity! Do you think before writing ??!! Wealth is not only to have money but cultural and professional formation: an Icelander could work in USA, Canada, UK, Denmark or Germany. The Icelanders are leaders. Perhaps you have not read the information. Could a man from Somalia or Ethiopia work in these countries? Yes, a man from these countries could beg in the streets of some European cities.
“Many people say that the Icelandic krona is undervalued, that Iceland is a rich country. Well, when you have to live on international aid, then it means that we need their money, at this very moment, to be able to buy food, medicines, etc… that is that we are surviving on INTERNATIONAL HELP PROGRAMS, and thanks God SPAIN that such a thing like the IMF exists, otherwise we would be hunting down and slaughtering to the last sheep in Iceland so we could survive and not die of hunger.”
Iceland does not live thanks to international aid since nobody gives money to you and get nothing; Iceland lives thanks to icelanders work and what they will have to pay, with their work. I do not give guarantees anybody … if I know that boy is not going to pay to me. Iceland pays quota, and, Iceland pays its invoices, and has taken a loan – equivalent 12 years from quota-; first payment, 5 years.
IMF says: objective is to restore the confidence in the banking system and stabilize the krona. Medicines are being pleased with reserves of the Central Bank. You read nothing! I do remember, ICB governor, Mr. Oddsson said that Iceland could pay medicines and main things a year, is for this reason, reserves in the Central Bank could not be squandered, and reserves in the Central Bank cannot be spent in supporting the krona, this one should be stabilized, not revalued with money from the IMF, besides the support to the banking and economic activity.
Do you read something? Or, do you only write radical speeches?!
Knowless and Elke: You both appear to be worried that lower interest rates will encourage more borrowing. Your concern highlights one of the problems with Icelandic banking in recent years.
Borrowing depends upon the willingness of a credit committee to grant a loan, not on the rate. The credit decision is based upon the collateral offered and the ability for repayment.
IT WAS THE FUNDAMENTALLY MISGUIDED STRATEGY OF HIGH CB RATES WHICH ENCOURAGED ICELANDERS TO BORROW ABROAD IN THE FIRST PLACE !! (With Icelandic banks as their willing accomplices in arranging the foreign loans.)
No bank in Iceland is forced to grant a loan to anyone or any institution if they do not consider the counterparty creditworthy, regardless of the rate.
That they did so in the past was based on (1) inexperienced and/or wilfully naive credit officers (2) the need for the banks to keep increasing their loan books to supply them with more income (3) a blatant disregard for asset quality (4) blinkered unwillingness to see the oncoming credit crunch.
People will only take new loans if they are granted !
Regarding the rates though, the CB interest rate also sets the rate at which other financial institutions can borrow. In recent years the borrowing of banks in Iceland became disconnected with the local rate, because they started borrowing on the wholesale market. With that closed to Iceland for the near future, they will again need to seek to borrow from the Icelandic CB if they are to resume lending – AT THE CB RATE. This is turn will feed through to consumer rates very quickly.
The housing fund issues bonds to fund itself. With their recent downgrade and Iceland’s sovereign downgrade (Moody’s today), their own bonds will have to deliver a higher yield to be attractive which in turn will mean higher rates for Icelandic borrowers.
Please Guys…
Let’s mind our words!
I remind that we are debating and picking each other doesn’t bring any constructive view.
Our friend Gus, only came 4 years ago to Iceland.
Still have a long way to go about Icelandic culture and we are here to help him to debate around civilized people, which actually also know some stuff ;-)
LOOK ORCHAFINE, YOU WERE DANCING AROUND A FIRE IN THIS COUNTRY WHEN WE HAD OPENED THE FIRST UNIVERSITIES OF THE WORLD. INSTEAD OF RECOGNIZING IN WICH STEP THIS SOCIETY IS IN HUMAN EVOLUTION YOU HAVE CHOSEN TO COVER YOUR LACK OF HUMAN SENSE BY PUTTING YOURSELF ABOVE THE REST OF US WITH THE BIG LIE THAT YOU WERE “RICH AND SUPERIOR” AND YOU THREW THAT STUFF TO ALMOST ALL FOREIGN PEOPLE COMING HERE. I WAS TIRED OF THE ENDLESS ICELANDIC STORY TELLING THAT ALWAYS ENDED WITH THE THING THAT YOU ARE ONE OF THE WEALTHIEST NATIONS IN THE WORLD AND BLA BLA BLA, ACTUALLY YOU WERE LOOSING THE OPPORTUNITY OF LEARNING FROM OTHER CULTURES AND PEOPLE.
ICELANDIC SOCIETY IS PRETTY MUCH CLOSED TO ANYTHING COMING FROM ABROAD. AND IF YOU FINALLY ACEPT SOMETHING YOU CHANGED IT TO AN ICELANDIC VERSION OF IT, WHATEVER IT IS… MUSIC, ACADEMIC CONCEPTS, ETC… YOU HAVE EVEN CREATED A TAXONOMY SISTEM WITH ICELANDIC NOMENCLATURE WICH DOES NOT CORRESPOND TO ANY SCIENCE BUT TU JUST THE INVENTION OF A MAN WHO THOUGHT AN ICELANDIC SYSTEM WOULD BE MUCH BETTER THAN THE INTERNATIONAL ONE WHICH USES LATIN NOMENCLATURE FOR CLASSIFYING PLANTS, ANIMALS, ETC… AND IN ALL AREAS OF KNOWLEDGE YOU HAVE ONLY “COPIED” THE NAMES WICH ARE BASICALLY GREEK AND LATIN AND YOU HAVE TRADUCED THEM INTO ICELANDIC, ALSO A LOT OF CONCEPTS FROM THE GERMAN AND ENGLISH. YOU TAKE THEM AND YOU GIVE THEM A MEANING SOMETIMES VERY DIFFERENT THAN WHAT THEY REALLY HAVE.. AND SO ON… SO WHAT IS GOING ON IN THE ICELANDIC UNIVERSITIES IS SO WRONG IN MANY WAYS. THEN YOU SEE JUST ANYONE USING ACADEMIC AND PUBLIC MEDIA TO PUT OUT “RESEARCH WORK” THAT IS EVERYTHING BUT ACADEMIC MOST OF THE TIMES AND MAKE LAUGH THE INTERNATIONAL COMMUNITY.
YOU JUST DON’T WANT TO RECOGNIZE THOSE THINGS. AND NOW THAT YOUR COUNTRY IS TOTALLY RUINED AND EVERYTHING HERE IS COLLAPSING THEN YOU CAN MAYBE LEARN TO BE MORE MODEST AND COME DOWN TO THE EARTH WHERE THE REST OF HUMANITY LIVES.. YOUR SENSE OF SUPERIORITY IS DISGUSTING TO THE EYES OF THE REST OF THE HUMANITY AND IT RESEMBLES ONLY THE NAZI IDEAS. THAT IS THE SENSE OF MANY FOREIGN PEOPLE LIVING OR VISITING THIS COUNTRY.
YES, ICELANDERS CAN BE VERY NICE PEOPLE, BUT THEY SOMEHOW HAVE TO BE ALWAYS ABOVE EVERYONE ELSE. IF YOU SEE THAT SOMEONE IS DOING SOMETHING BETTER THAN YOU YOU JUST TOTALLY BOICOT THAT PERSON, YOU CAN SEE IT IN ALL CONTEXTS: WORK, UNIVERSITIES, OR AT BAR.
YOU SIMPLY HAVE TO BE UNIQUE AND THE BEST… YOU JUST CANNOT AFFORD IN YOUR MIND TO BE JUS “HUMAN” AND KNOW THAT YOU CAN COMMIT MISTAKES, AND EVEN NOW WHEN EVERYTHING IS A CRAP AND YOU ARE LIVING ON INTERNATIONAL AID YOU STILL DON’T WANT TO RECOGNIZE THE SITUATION AND THIS IS THE CRAZY, NONSENSE AND ALL ABOVE THAT.
AND YOU SAY YOU ARE GOING TO TEACH ME HOW TO BE CIVILIZED??? WAKE UP REALLY. WHY DON’T TO DISCUSS THE PROBLEMS WE ARE DISCUSSING HERE ON THIS PLACE?? WHY DO YOU ALWAYS TRY DO DENY WHAT IS HAPPENING?? WHY DO YOU ALWAYS HAVE TO TRY TO COVER THINGS DOING AS IF NOTHING WAS GOING ON??
WHY SO MUCH LACK OF HONESTY AND MODESTY??
I DON’T WISH ANYONE THE BAD, BUT THIS COUNTRY REALLY MUCH DESERVES WHAT IS HAPPENING TO IT… AND AS LONG AS YOU KEEP IN YOUR IGNORANCE THINGS WILL ONLY GET WORSE AND WORSE, UNTIL YOU HAVE NOTHING LEFT BUT YOUR OWN SHAME. DON’T YOU SEE THAT THE REST OF THE WORLD IS LOOKING AT THIS COUNTRY AND THE INTERNATIONAL COMMUNITY CAN HARDLY BELIEVE HOW “CLOSE-MINDED” AND SELF-CENTERED THE PEOPLE OF THIS COUNTRY IS??? BIG SHAME REALLY, AND THEN YOU GO KNOCKING AT EVERYONE´S DOOR BEGGING FOR MONEY AND HELP…
DOES ICELANDIC SOCIETY HAVE ANY SENSE OF DIGNITY??
HOW MANY ICELANDIC UNIVERSITIES ARE BETWEEN THE BEST 100 UNIVERSITIES OF THE WORLD?
AND YES, THIS COUNTRY IS LIVING ON INTERNATIONAL AID/ HELP, NOT ONLY FROM THE IMF BUT ALSO FROM MANY OTHER COUNTRIES…
DID YOU FORGET ABOUT THE ICELANDERS IN NORTH AMERICA RAISING FUNDS TO HELP ICELANDIC FAMILIES WHO HAVE LOST JOBS, HOUSES AND EVERYTHING?? THEY ARE RAISING FUNDS SO THOSE FAMILIES CAN AFFORD TO EAT AND, ALSO BUY PRESENTS FOR THE CHILDREN IN CHRISTMAS…. MMMM SOUNDS REALLY MUCH LIKE THIRD WORLD CAMPAIGN…
“The IMF also lends to countries with balance of payments difficulties, to provide temporary financing and to support policies aimed at correcting the underlying problems; loans to low-income countries are also aimed especially at poverty reduction” ( IFM WEB PAGE)
AND YOU PEOPLE YOU JUST KEEP DENYING EVERYTHING..
EVERYTHING IS FINE IN ICELAND, ICELAND IS A RICH COUNTRY, YEAH!!! LETS CELEBRATE!!!
I WILL LAUGH ALL THE WAY TO THE SHOPS WHEN THE EURO GETS TO 300 ISK…. TAKING MY VISA CARD FULL OF EUROS FROM MY FOREIGN ACCOUNTS… AND BUYING THINGS THAT ICELANDERS CANNOT AFFORD ANYMORE!!
gus, calm down, it seems you weren´t treated properly and obviously you are against everyone. sit down, breath deeply go back to your pathetic life and leave us alone.
best wishes in xtmas. (u too, gus)
THERE IS PEOPLE HERE WHO ARE TRYING TO TAKE AWAY FROM PEOPLE WHO THINK DIFFERENT THE RIGHT TO EXPRESS THEMSELVES FREELY:
JESUS AND ORCHAFINE, WHAT YOU WANT IS YOUR “CLOSE MINDED” TRADITIONAL ICELANDIC WAY OF DOING THINGS, AND THAT IS “YOUR WAY” BUT THIS SITE IS ABOUT COMMENTS WHERE EVERYONE IS FREE TO EXPRESS THEIR IDEAS AND OPINIONS. WITHOUT SUCH FREEDOM OF SPEECH THIS SITE AND ITS COMMENTS WOULD BE USELESS. THEREFORE IT IS NOT YOUR JOB TO INVITE ANYONE TO PARTICIPATE OR TO LEAVE THIS FORUM AS YOU ARE EQUALLY PARTICIPATING LIKE EVERYONE ELSE IS DOING. THE ADMINISTRATORS OF THIS SITE ARE THE ONES WHO CAN REALLY DECIDE HOW, WHO AND WHEN SHOULD BE LIMITED TO PARTICIPATE HERE.
JESUS, YOU DON’T KNOW ME AT ALL, THEREFORE BY NO MEANS YOU DON’T KNOW IF MY LIFE IS PATHETIC OR NOT. AND AGAIN, COMMENTS HERE ARE NOT ABOUT MY LIFE BUT ABOUT THE ICELANDIC KRONA AND OTHER PROBLEMS RELATED, SO PLEASE, KEEP IN LINE WITH THE COMMENTS AND STOP TRYING TO TAKE AWAY PEOPLES RIGHT TO SPEAK OUT FREELY.
JESUS WHY DO YOU SAY “LEAVE US ALONE”??? WHO IS “US” TO START WITH??
THAT IS ANOTHER “TRADITIONAL CLOSE MINDED” WAY OF NOT FACING REALITY. YOU JUST ELIMINATE OR BOICOT WHATEVER IS DIFFERENT THAN WHAT YOU THINK. AND YOU NEVER OFFER A SOLUTION OF CONTINUATION SO THIS DEBATE CAN GO SOMEWHERE. READ ABOUT “GREEK DIALOGUES”. YOU WILL LEARN A LOT ABOUT PRINCIPLES IN DIALOGUE.
WHAT I DENOUNCE HERE SEEMS TO BE THE SHARED OPINION OF MANY MANY PEOPLE. CHECK COMMENTS ON THIS SITE.
ORCHAFINE: I HAVE BEEN MORE THAN 5 YEARS IN ICELAND, NOT ONLY 4. AND I ASK YOU. WHO IS GOING TO TAKE AWAY FROM ME MY RIGHT TO EXPRESS MYSELF??? ARE YOU GOING TO DO THAT??? AND, HOW??
YOU DON’T HAVE THE RIGHT AND YOU CANNOT POSSIBLY TAKE AWAY MY RIGHT TO EXPRESS MY OPINION, WHETHER I HAVE BEEN HERE FOR ONE MONTH, ONE YEAR OR A WHOLE LIFE… ONE OF THE MAIN MISTAKES OF YOUR “CLUB OF PERFECT ICELANDERS” IS THAT YOU THINK YOU HAVE THE RIGHT TO GIVE OR TAKE OTHERS RIGHT TO TALK AND EXPRESS THEIR OPINIONS BECAUSE THEY ARE “FOREIGNERS AND HAVE NOT BEEN ENOUGH TIME HERE” AND I ASK YOU ORCHAFINE: HOW LONG DOES SOMEONE NEED TO BE HERE IN THIS COUNTRY TO BE CONSIDERED A PERSON??? AND WHY DO YOU THINK “YOU” HAVE THE RIGHT TO DECIDE WHEN I DO COMPLETELY PARTICIPATE OF THIS SOCIETY??? I DON’T NEED YOUR PERMISSION AT ALL!!!
I CAN ONLY SEE MORE AND MORE ENCOVERED RACISM, KEEP TALKING HERE AS YOU HAVE BEEN SHOWING WHAT KIND OF PEOPLE YOU ARE….
AS I LIVE PERMANENTLY IN THIS COUNTRY AND I WORK AND PAY TAXES AS EVERYONE ELSE DOES, I HAVE ALL THE RIGHT TO SPEAK OUT MY OPINION ABOUT THE ICELANDIC SITUATION. AND THAT OPINION IS AS VALID AS ANY OTHER. DID YOU KNOW THAT I HAVE THE RIGHT TO VOTE IN LOCAL ELECTIONS??? WAKE UP, YOU DON’T EVEN KNOW WHAT IS GOING ON…
I HAVE BEEN ALWAYS TREATED PROPERLY, AND I AM ONE OF THE FEW FOREIGNERS THAT ENJOY A GOOD LIFE HERE. I LIVE IN WEALTH AND HAVE MANY FRIENDS, INCLUDING SOME ICELANDERS THAT YOU WOULD BE REALLY SURPRISED TO KNOW THAT WE EAT AT THE SAME TABLE REGULARLY. AND I AM TALKING ABOUT BIG BIG NAMES.
I AM NOT A POOR FOREIGNER WHO HAS A SHIT OF WORK. I ACTUALLY HAVE A VERY HIGH SALARY AND A VERY GOOD JOB. I WEAR THE MOST EXPENSIVE CLOTHES YOU CAN BUY IN THIS COUNTRY.
AS I SAID, I HAVE LOTS OF FRIENDS. SOME OF THEM ARE COMMON, VERY POOR PEOPLE WHO HAVE COME TO THIS COUNTRY TO WORK AND HAVE A BETTER LIFE. I HAVE SEEN HOW THIS PEOPLE HAVE NOT BEEN TREATED PROPERLY. I HAVE SEEN HOW THE ICELANDIC SOCIETY HAVE TREATED THEM AS SECOND-CLASS PEOPLE. AND I HAVE SEEN HOW ICELANDERS HAVE PUT THEMSELVES ABOVE THE REST OF THE HUMANITY WITH THE LIE OF BEING RICH. AND THAT IS NOT MY OPINION ONLY BUT THE OPINION OF NOT HUNDREDS BUT THOUSANDS OF MILLIONS OF PEOPLE AROUND THE WORLD… SO WAKE UP AND START LISTENING..
AND ALL I HAVE DENOUNCED HERE IS NOT ONLY WHAT I HAVE SEEN AND HEARD IN THE STREETS AND IN MY EVERYDAY EXPERIENCE IN THIS COUNTRY. I HAVE “ALMOST” NOT SUFFERED OF ANY BAD SITUATION BECAUSE OF BEING A FOREIGNER, BUT I HAVE SEEN THAT BECAUSE I HAVE MONEY, GOOD CLOTHES AND A POSITION IN SOCIETY I HAVE ENJOYED A RESPECT MOST OF THE FOREIGN PEOPLE WHO “WORKED AND LIVED” IN ICELAND WHEN IT WAS A WEALTHY LAND, DID NOT HAVE.
NOW THAT I HAVE DENOUNCED THE MISERIES OF OUR SOCIETY, AND THE REALLY HIDES BEHIND THE PICTURE OF “OUR” PERFECT ICELANDIC NATION, NOW IS TIME TO OPEN OUR EYES AGAIN AND SEE WHAT IS HAPPENING AND ACCORDINGLY ACT TO SOLVE THE MAIN PROBLEMS.
FOR A BETTER ICELAND AND A BETTER SOCIETY,
AND PLEASE, DON’T COME UP WITH SOMETHING LIKE “GO HOME” OR “FOREIGNERS SHOULD GO” OR STUFF LIKE THAT. THERE ARE THOUSANDS OF ICELANDERS LIVING ABROAD, THIS IS AN HISTORICALLY MIGRANT NATIONS WITH BIG COMMUNITIES PRESENT IN MANY COUNTRIES AROUND THE WORLD. SO I DON’T THINK YOU ARE IN THE PLACE FOR DECIDING WHO SHOULD STAY OR LEAVE. YOU CANNOT ALSO DECIDE WHEN SOMEONE HAS THE RIGHT TO SPEAK OUT IN THIS COUNTRY, OR WHEREVER THEY ARE IN THE WORLD, AS EVERYONE IS A HUMAN BEING EVERYWHERE. THERE IS SOMETHING CALLED THE UNIVERSAL DECLARATION OF HUMAN RIGHTS. YOU SHOULD READ IT SOMETIMES… AND RESPECT IT.
JESUS, I AM NOT AGAINST EVERYONE. NOT EVEN AGAINST YOU. AND GO AND TELL TO CALM DOWN THE THOUSANDS OF FURIOUS ICELANDERS PROTESTING IN A DAILY BASIS IN REYKJAVIK, LETS HOPE THEY CALM DOWN. BUT AS THE THINGS GO, I DON’T THINK THE WILL…
WHAT I AM AGAINST TO IS:
-PEOPLE WHO DO NOT SUPPORT THE PEOPLE OF A COUNTRY AND DON’T LISTEN EVEN WHEN MASSIVE PROTEST ARE GOING ON.
-PEOPLE WHO HAS AN UNREALISTIC SENSE OF THE SITUATION AROUND THEM AND TRY TO DENY WHAT IS GOING ON BY SIMPLY SAYING:
“ICELAND IS THE BEST COUNTRY, AND BLA BLA BLA …..” NONSENSE!!!
WHAT ARE THE THOUSANDS OF ANGRY ICELANDERS DOING IN THE STREETS OF REYKJAVIK, IS A CARNIVAL OR A PRIDE PARADE GOING ON?? DON´T THINK SO…
AND THE LIST GOES ON:
-IGNORANCE
-DISCRIMINATION
-RACIAL SUPERIORITY.
-SUPERIORITY BASED ON HIGHER ECONOMY LEVEL.
-LACK OF SELF-EVALUATION.
-LACK OF PERSPECTIVE FOR THE FUTURE.
-IRRESPONSIBLE MANAGEMENT OF THE ECONOMY.
-IRRESPONSIBLE MANAGEMENT OF NATURAL RESOURCES.
-FRAUDULENT BANK SYSTEMS.
-NON-DEMOCRATIC PROCEDURES IN POLITICS.
-SOCIAL STRATIFICATION.
-UNEMPLOYMENT.
-AND A LARGE ETC…
WHAT I AM SURELY NOT AGAINST TO IS THE THOUSANDS OF FURIOUS ICELANDERS PROTESTING IN ALMOST A DAILY BASIS FOR THIS COUNTRY TO MAKE SOME CHANGES AND FOR THE GOVERMENT TO LISTEN TO THE PEOPLE OF ICELAND…
JESUS, GO AND TELL THEM TO CALM DOWN… AND GET READY TO RUN WHEN YOU SAY THAT… I DON’T THINK A PERSON WHO HAS LOST HIS JOB, HOUSE AND EVERYTHING, AND HAS NOTHING LEFT BUT MISERY WILL ACT IN A VERY CIVILIZED WAY.
AND YOU JESUS, ARE YOU AGAINST OR WITH THEM??