Iceland Economic Crisis

If the Icelandic government decides to hold a second election for the Constitutional Convention, it is to be hoped that the powers-that-be go beyond simply tweaking the ballots and the voting booths.

European Parliament Member and Investigative Judge Eva Joly received the Global Financial Integrity 2010 Exemplary Leadership Award in Washington DC e...

The system used by the Iceland's ruling caste to launder ill-begotten gains is simple to describe. The result is simpler still: The rich got richer and the government got stuck with the bill.

The financial crisis that hit Iceland in 2008 revealed many weaknesses inherent in the country's system of governance. One fortunate consequence of this most unfortunate revelation has been a movement to draft a new Constitution.

I believe the Icelandic people are willing to undergo hardship to help our country recover from the catastrophic collapse, as long as the hardship is spread throughout the population, and those who unjustly profited from their decisions are put in their place.

This summer's special income/tax issue of the Icelandic business magazine Frjáls Verzlun is at once a bottomless source of nauseating news and a test...

In his last two posts, blogger Daði Rafnsson looks back at the words of an Icelandic political legend, Vilmundur Gylfason,

I have always imagined that a totalitarian state would resemble Stalin's Soviet Union, but it has dawned on me lately that the most effective totalitarian regime would be one that no one (on the inside anyway) would recognize as such.

It seems the volcano has managed to drive away one of Iceland's most promising sources of income: tourists. But truth be told, there probably has never been a better time to visit the country.

It was inevitable. The airlines -- caught between safety and profits -- have chosen profits.

Our man-made crises fill our everyday lives, but we ignore natural phenomena at our peril. We lose sight of how detached from our environment we've become, how thin the veneer of civilization really is, and how fragile our bodies and our institutions really are.

There is a human tendency to want to move on, to sweep unpleasant episodes under the rug, and to act like everything is hunky dory. We cannot allow this to happen this time.

A new political party -- the modestly named The Best Party (Besti Flokkurinn) -- led by comedian Jón Gnarr, has thrown a scare into Iceland's powers-that-be by receiving the most votes in Reykjavik's municipal elections yesterday.

Now that the banks have been stabilized (to some degree) as a result of massive public intervention, the very individuals who have nearly destroyed the country are ready to dance again.

While Icelanders have been endlessly debating IceSave, our unemployment rate has continued to climb, the number of insolvencies has continued to increase, and public services have continued to decrease.

The problem is that there has been no change in how to decide what issues will be put to a referendum, so it is up to the opinion of one man whether the nation gets to have a say.

Soon after its construction, Smáralind began to attract attention for its shape. Seen from the air from a specific angle, the shopping mall bore an uncanny resemblance to an erect penis.

What is especially disheartening in Iceland is that, not only did the bankers retain their compensation; they continue to draw salaries in their new positions of authority in the new banks and in the government.

It's incumbent upon the Icelandic media and political establishment to educate the public on the reasons for and against Icesave. If we're serious about fighting for political reform and transparency that our country needs, here's a good place to start.

I believe that none of the Icelandic political parties are actually standing up for the average Icelandic person.