I declare war!!!



If you want further proof that Iceland is a godforsaken place to live then HERE IT IS!!!

Look at Beachgirl’s Debt-O-Meter in the left frame where she is tracking her student loans…

…she is paying off her loan AND IT ACTUALLY GOES DOWN!!!

Instead of this horrible, little rock in the ocean east of Greenland where a couple of hundred thousand people think they are so incredibly clever to have PRICE-INDEXED all their loans!!! 

A loan that actually goes down as you pay???? Who would have thought? Why aren’t Icelanders still using horse-carts and candle-lights instead of cars and electricity? Why are we so incredibly close-minded that we still prefer to pay to the hilt to banks and government institutions who proceed to rob us blind anyways? 

For betting on Iceland as a great place to start an independent life I have seen my home loan rise by 2.5 million ISK in the same period as I’ve paid 2.5 million onto it. I have seen my student loans rise like a kite on a windy day for the sin of being Icelandic. 

To quote the only sensible guy in Iceland: HELVITIS FOKKINGS FOKK!!!!

This is it. I am declaring war on this unjust and soul-crushing mechanism called price-indexation. I am tired of politicians and economists whose special interests stand in the way. Either the price-indexation goes or I stop paying taxes and leave the country.

It seems to work for Bjorgolfur Thor, Bjarni Armannsson, Olafur Olafsson and their like so here goes…


3 Responses to “I declare war!!!”

  1. 1 Vilhjalm A. March 15, 2009 at 11:06 pm

    Why can’t you sell set up a limited liability partnership or company to buy your house? The company buys the house (with money you give them), assumes the mortgage, then goes bankrupt. You are free.
    For instance, you fund company A, it buys the house of your friend Jon. Jon funds company B, it buys your house. Both companies go bankrupt. You stay in Jons’s house and Jon stays in your house, both paying current market rent, until the houses get foreclosed on and you get evicted.
    Or if a limited liability partnership requires at least two partners, then you add a third friend with a house.
    The banks did these sorts of dummy transactions all the time.

    Otherwise, you are cooked.

  2. 2 Birna Maria Bjornsdottir March 15, 2009 at 11:09 pm

    Oh yeah, that’s the neat thing I also realized reading Beach Girl’s blog – that her loans actually go down when she puts a down-(hence the word down)-payment on her student loans. It took me a while to comprehend it since I have never experienced it myself, being a well educated, thirty-something Icelandic female with no fucking way in the world to ever owning anything in this country. There had to be something more out there…

    Dadi – care to join me on my flight or are you swimming out of here tomorrow?

  3. 3 Aldís Björgvinsdóttir March 16, 2009 at 11:23 am

    Hey Daði,
    Long time no see! Stumbled upon your blog after seeing your interview on Silfur Egils. You speak on my behalf. I declared war on the price indexation long time ago, sort of silent war.

    However, I have yet to use my weapon to “stop paying” my loans. Actually it sounds better to be marked with a default for 7 years and then have at least some hope after that then to be in debt jail for 35 years to come.

    Renting a home is quite attractive these days. At least then I can have some money in a savings account and be sure that my children will inherit something from me after my days here are gone.

    Hope things are otherwise good ?

    Aldís (former SINE buddy and coworker)

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