News from the North

Monday, October 13, 2008
As the apocalypse settles over Iceland, I bring you a dispatch from its leading magazine. The author lives on the island and he's optimistic about its future. In fact, his optimism abounds. But it looks to me like he's farting into a hurricane in the hope of steering it away from the island.

The fact is, Iceland's currency, the Krona, no longer has a discernible value. The country has none of the foreign currency it needs to import food, and it has only a two weeks' of food left. There's not enough cod in the Atlantic to feed over 300,000 people on short notice.

Iceland's only hope is an IMF loan. Maybe it'll get it, maybe it won't. Maybe the loan will be enough, maybe it'll be insufficient.

Anyway, it's a fascinating, hopeless read.

Icelandic Review - Miracle Whipped

UPDATE: This article from the same magazine portrays a nation in deepening denial. Read it.