Sunday, October 05, 2008

the grEAT dePression in ICEland

The eARTh is changing - the tIMes are changing

In Iceland our greatest heroes were just a few days ago the newly rich - all of a sudden it became clear they had basically managed to make the incredible economical wonder into the great economical blunder.

I have to admit that I am a little mad. The Icelandic capitalist ruling the country for 13 years gave the banks to their friends for shockingly low prices when they decided to privatize them a few years back. And now when the banks are going bust - our government decided to bail them out in the dark of night without even allowing or discussing it with the rest of the parliament.

Last Friday we got news from the biggest retail companies who also owned the busted bank that they couldn't get foreign exchange to get their imported goods to the island. And one of the oil companies said the same.

Right now all the top of ruling elite and the tops of the government are making an emergency plan how to get this island out of the greatest depression since we got our interdependency. They seem to be keen to do this without the public knowing too much about their schemes.

So the general public in Iceland is left in the dark - speculations thriving - fear taking root as people go on a massive shopping spree - trying to get rid of this economical hangover with the only solution they know... consume more - make more debt.

I am pissed off because this economical blunder is hurting those that couldn´t afford to take part in the economical wonder - who never even got to taste the breadcrumbs falling of the tables of the newly rich and the Icelandic octopus. I knew this all along - I am one of the people who tried to talk about the insanity of the previous situation - I am one of the people who knew that building a massive hydro plant to sell energy to aluminum giants was not going to give us any economical wonders in the long run.

It is virtually impossible to be self sustainable on the island - try to grow some real veggies in an environment of 8 months of winter...

However trying to see positive outcome from this blunder of all blunders in Icelandic economy - one thing is clear. During times of depression - people are more willing to reevaluate their priorities and values. Let us hope that my nation has the courage to face the blues and change this addiction to worthless stuff.

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