“Students interested in economics and finance should closely follow this new Iceland saga, for it is the most dramatic story yet to illustrate how reckless bankers let loose in a free market can destroy entire economies.” – Uwe E. Reinhardt November 3, 2008
The Prime Minister’s wages will be lowered by 15% and the salary of other ministers and members of parliament same or a little bit less.
The President has asked for his wages to be lowered.
Why would anyone ask for lower wages when workers around the world have been fighting for higher pay for centuries?
Bad concience perhaps? If so, what do they feel guilty about?
You sometimes think they are joking but then you find out they’re not.
Jon Magnusson, member of parliament for the Liberals asked people not to buy firecrackers for the New Years in a radio interview this morning. By spending money on fireworks they are throwing their money away.
As mentioned on this site yesterday, sales of fireworks comprise 2/3 of the Icelandic Rescue Teams’ earnings.
Asides from supporting the unselfish men and women who volunteer to be on alert year-round, the New Years Eve fireworks spectacle is one of the few positive things that currently unite the nation.
Lets hope Jon doesn’t get lost in the Icelandic wilderness this year. Or maybe he already has.
Economic Disaster Area 