The Icelanders have gone

Stumbled across this article about Icelands economy, but I'd be interested in other peoples thoughts as to its accuracy.

http://www.vanityfair.com/politics/features/2009/04/iceland200904?currentPage=1

Can't say anything about the Icelandic folkcharacter he got hung up on, but as far as the economy goes the article sums it up well. A classic bubble, but with worse than usual consequences to the common man since the population that has to pay for the monumental madness caused by a handful of people is so tiny.

edit: and related, Iceland's last large investment bank, Straumur-Burdaras, just collapsed.

Originally posted by edgewaters What was the business about the elf-free certification Alcoa had to get??? This is very odd: http://www.icelandtouristboard.com/elf.html

Tourist attractor? We have a lake monster which, until recently when some bores in the local goverment had nothing better to do, was protected by law from hunting.



Edited by Styrbiorn - 09-Mar-2009 at 09:43

Well, we have professors in genus "science".

The 10 percent figure is the low end of the estimate. That's the fervent believers. Apparently only 7 percent actually disbelieve in elves. The rest are fence-sitters.

Note this as well:

http://www.nytimes.com/2005/07/13/international/europe/13elves.html

http://seattlepi.nwsource.com/national/elvs25.shtml

Edited by edgewaters - 09-Mar-2009 at 18:28

True.

One thing I'm really curious about is the constant reference to the youthfulness of the major players in this fiasco. How did that happen? It seems very unusual ... perhaps not in New York or something, but in Reykjavik? Where did these young uber-capitalists come from?

The situation is as disastrous as pictured. The hungover is big and the doctor will not be in sight in the next future.   The kiss of the new economy was venomed and for he next years the Icelanders will have to pay for their affair.

Edited by ulrich von hutten - 14-Mar-2009 at 14:09