Norwegian fetish


Iceland’s new finance minister wants the Norwegian krona. At least according to Norwegian paper Klassekampen. 

It had become quite predictable to beat on the extreme right in the Independent Party so it is going to be fun beating on the extreme left in the Left Green party. 

Let’s just start by asking this question. Those who are most vehemently against the Euro in Iceland are usually the extreme right and the extreme left, Independent Party and Left Greens (you can include the degenerate Independent Party spinoff Liberal Party here too). Their reasoning is always along the lines of independence, not being dependent on others, that our interests will be overlooked and that we must keep control over our own affairs. Also the European economic zone is not stable enough for many of those critics.

But they are all for the Norwegian krona or the US dollar???

Steingrimur J. Sigfusson has a strange Norwegian fetish. But if there is one thing you can say about our new finance minister, then it is that he does not know a lot about finance.


3 Responses to “Norwegian fetish”

  1. 1 Vilhjalm A. January 30, 2009 at 3:43 pm

    From what I have heard, Iceland wants to use NK and wants the Norsk Sentralbank to act as a lender of last result and extend large credit lines to Iceland. Why would Norway want to do that? What does Norway get in return, except an enormous risk of losses from the black hole that is the Icelandic economy? Nothing.
    And then there is the matter of how Iceland is going to pay for those NK. Do they want Norway just to print NK and give them to Iceland for free? That would devalue the currency, nei takk.
    The only reason Norway cares about Iceland is to preserve the EFTA so that the EU won’t demand greater amounts of money to partipate in the EU. Also, it a bit embarassing to have a Zimbabwe-like neighbor.
    So the idea of using the NK is absurd.
    One economist in Norway said that giving Iceland money would be giving them more rope to hang themselves with.

  2. 2 Vilhjalm A. January 30, 2009 at 7:55 pm

    Apparently one of the major diseases in Iceland is the Norma Desmond Syndrome, named after that aging star in the film Sunset Boulevard who refuses to admit that she is no longer a star, becomes completely disconnected from reality, and creates an inner fantasy world as a means of compensating.
    I see that many Icelanders have this disease and continue either to believe that things won’t become bad because they’re not that bad right now, or that Iceland still has valuable resources, bargaining power and sympathy among other countries. Of course none of this is true.
    Geir Haarde is suffering from an extreme case of this terrible illness and needs to be hospitalized immediately.
    Today he said that things are not so bad in Iceland, that the economy would only contract by 10% this year, which brings Iceland back to the good times of 2006. Even it continues to contract a further 10%, that would bring Iceland back to where it was in 2002, also happy times.

  3. 3 Gog_Magog January 31, 2009 at 1:46 am

    Iceland and Norway have similar economies. Cheap Hydropower, Aluminum, and Fish. If the exploration offshore finds oil/gas, then they will have that in common also.

    Iceland and Norway are made for each other in an economic sense.

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