Wicelandic Post

On October 25th last year, I wrote the first EDA piece called Connecting the Dots Part I. After so many words, so many entries, its simplicity is striking;

David Oddson
used to be prime minister with

Geir Haarde
the current prime minister as financial minister representing the Independent Party where

Kjartan Gunnarsson
used to be the CEO and the party’s representative on the board of the nationalized Landsbankinn which was privatized to the lowest bidder

Bjorgolfur Gudmundsson

a member of the Independent Party who kept

Kjartan Gunnarsson
on the board of Landsbankinn and hired

Sigurjon Arnason
a member of the Independent Party as the bank manager who initiated the IceSave scheme in the UK while Landsbankinn’s business was monitored by the Central Bank of Iceland whose govenor was at the time was former prime minister.

And that was it. The essence of the Iceland that collapsed into the cold autumn of 2008.

I had a run-in recently with an economist who’s been working on saving the banks from the taxpayers. This economist who has been working on behalf of the government has no qualms about maintaining that write-offs in household debts would plunge Iceland into a deeper recession with a 50% tax rate and disastrous effects for the pension funds.

Meanwhile rumours of write-offs and re-organization for the well-connected are everywhere. Magnus Kristinsson, 50 billion, Karl and Steingrimur Wernerson 45 billion, Bjarni Armannsson 800 million, the owners of World Class Gym 1 billion, Morgunbladid 3-4 billion, Sjova, Baugur… Can someone tell us how Baldur Gudlaugsson, an average career-bureaucrat could amass hundreds of millions in Landsbanki shares? A business genius or just David Oddson, Geir Haarde and Kjartan Gunnarsson’s old friend?

There are few glorious winners and deserving heroes hiding in the North Atlantic Ocean these days. The Icelandic economic miracle was really the fairy tale of the Emperor Without His Clothes. The players who came out on top were the equivalent of diving, doping cheats. They now refuse to hand back their undeserved medals.

You get the drift.

For quite a while now, I have been absolutely sick to my stomach writing about David Oddson‘s and Hannes Holmstein Gissurarson, Bjarni Armannsson and Brynjolfur Bjarnason, Hreidar and Sigurdur, Olafur Ragnar, Karl Wernersson, Hannes Smarason…I should have written more about Hannes Smarason. I get mad when I read up on Halldor J. Kristjansson, Finnur Ingolfsson, Halldor Asgrimsson, Valgerdur Sverrisdottir and the Exista brothers. I want to throw sharp, heavy things at  cute little puppies when I hear about Jon Asgeir Johannesson, Halla Tomasdottir, Arni Sigfusson and Arni Pall Arnason.

But for me, the economic disaster is no longer about money but identity.

I have lost enough money. My mortgage has soared, its value no longer matches its capital. I have lost pension and some savings and I lose everytime I shop for anything in Icelandic kronas anywhere on Icelandic soil. I have lost two jobs, I have lost income and I have lost through high interest rates. I have lost government service and I am paying more for less all over the place.

Like most ordinary Icelanders I am a big, bloody economic loser.

Broken identity

But that is only money. I used to live abroad. And I have many friends and acquaintances abroad. And I read a lot of foreign media. And the verdict isn‘t good. Iceland kind of sucks.

Iceland is broke, bankrupt, doesn‘t pay its debts, doesn‘t accept responsibility and it is cold and dark.

Iceland is home to greedy, irresponsible, nepotistic, naive and corrupt people.

The legacy left behind by David Oddson, Halldor Asgrimsson, Olafur Ragnar Grimsson, Geir Haarde, Ingibjorg Solrun Gisladottir and the leading lights of their generations is that Icelanders find it more difficult to find pride in their country anymore. That has been taken away.

The national identity is broken. There are gaps and divides opening up everywhere. Left and right, extremists and non-extremists, haves and have not, those who took part and those who claim they didn‘t.

Any seriously contemplating Icelander who attempts to look at the events of the past couple of decades will surely realise that the national identity needs a rewamp. But what is needed is not so much a make-over as a massive construction.

Fruity little elfs

But Iceland is hardly in a constructive mode right now. Instead, the nation has become a parody of itself. Thirty-five percent of Icelanders have caught the Stockholm syndrome and would love nothing more than to bring the Independence Party back into power. The RUV news magazine last Sunday broke new ground on not investigating anything to do with the economic collapse. The people who lead the protests of last year have either fled the country or become parts of an unchanged system. Normal Icelanders are walking around like fruity little elfs popping happy pills, priding themselves of not watching news or reading newspapers because they “make one sad and angry“.

The fruity little elfs are shocked and scattered. They are organizing group hugs in Laugardalshollin and writing columns about looking forward not backwards, turning the other cheek etc. Meanwhile Hannes Holmsteinn Gissurarson has the gall to compare himself to the jewish persecuted by Hitler and billionaire Sigmundur David Gunnlaugsson thinks he is the victim of McCarthyism.

A friend asked if there had been any progress? Yes, the Independence Party is not in power, that is progress. People are laughing at, not with the Progressive Party, that is also progress. Eva Joly and the SFO are on the scene, that is positive. There is open, harshly debated discussion on meaningful matters within the government, that is progress.

But this is just one of those periods when you get sick of it all. I’ll get over it but these days it is nice just to concentrate on the good things in life. Where there is no room for David Oddson or Sigmundur David Gunnlaugsson.

Keep checking back, even if posting is a little less frequent these days.