Icelandic savings bank criticised for work practices before crash

It has emerged that before the Icelandic banking crash, the Keflavik Savings Bank (Sparisjodurinn i Keflavik) loaned related parties, owners and managers some 60 percent of the bank’s entire equity.

The country’s FME financial regulator harshly criticised the local savings bank’s emphasis on risky market exposure.

The FME’s scathing report on the Keflavik bank in September 2008 details how the bank loaned four customers around four billion kronur, or 27 percent of all its equity.

The bank loaned around 1,400 million kronur to the Blue Lagoon spa and a further 800 million to Hvatningu; a private company. The report also

Icelandic MP accidentally votes to support government bill

Jon Gunnarsson, an Icelandic MP for the Independence Party, made a mistake when voting on the government bill on the constitutional assembly which took place on 16th June. He was the only Independence Party MP in Althingi who voted yes.

Oli Bjorn Karason voted no and all the other Independence Party members either abstained from the vote or did not turn up, Visir.is reports.

Frettabladid this week covered the story, asking what motivated individual members in their voting.

“There has been a mistake in the voting,” Gunnarsson told the newspaper. “If I did indeed vote for the bill, which seems

Avian cholera ‘could spread to Greenland’

Avian cholera could spread from parts of Canada to Greenland, where it has not been detected before, according to scientists. The bacterial disease, which is highly contagious in birds but not humans, has killed thousands of creatures in Canadian regions of the eastern Arctic since 2004, despite usually only being found in southern parts of North America.

“We’re perplexed [with] how it spreads and how it is persisting,” Grant Gilchrist, a research scientist with Environment Canada, told CBC News. He added that most of the deaths had been seen among common eider ducks in Canada.

Inuit communities in both

To Be Or Not To Be

Will October 6th, 2008 (the day Iceland's luckless PM Mr. Haarde, asked God to help his poor nation since he himself could not) live on in our collective memory as a "day of infamy"—a sort of Icelandic Pearl Harbour?

Pearl Harbour is today remembered by Americans because of Japan's aerial bombardment on the US naval station. And because it led to the Americans' involvement in the Second World War. Wars are inevitably both destabilising and devastating. People not only lose their property—but their lives.

In our case, Iceland's economic collapse ("hrunið") may yet claim a few lives, but in most cases the losses are less tangible. Many have lost their jobs, their property, their savings. Some have even lost their hope. Then there are those who have already voted with their feet—and emigrated.

Some say our greatest loss is our reputation as an honest and trustworthy people. Because in our case, we did not suffer an attack from an outside enemy. In our case the enemy came from within. That is what makes it all the more painful. And it explains, partly at least, why so many find it almost unbearable to face the truth: We have only ourselves to blame—and no one else.

'THE THREE WISE MEN'

The best thing that has happened to us after the crash is the truth-com- mission-report by 'the three wise men'. Nine volumes and almost three thousand pages, including appended documents on the web. The truth and nothing but the truth. They were asked to tell us the truth about the causes of the collapse and to find out who was responsible. And they did just that— fairly and squarely. They spelled it all out in painstaking detail.

The collapse was caused by a combination of fraudulent business schemes and irresponsible politicians. And by the way: the majority of Icelandic voters cannot be acquitted either. Time and again they voted for parties and politicians who did not deserve the trust put in them. Again and again. And the nouveaux riche buffoons—flaunting their ill-begotten wealth—were extolled as the nation's best sons. How many times did the President of Iceland, Mr. Grímsson—the hyper-active chef-de-protocol of the plutocrats—ceremoniously accord them the highest decorations of state, making it impossible for honest people to accept such commendations in the future? The critics' voices were simply drowned, and the warning signals—and there were plenty of them— were ignored.

No wonder how many are simply unable to face the truth: Out of 147 individuals in leading positions in government, political parties, the Central Bank, the civil service and banks and business corporations etc., questioned by the truth-commission, not a single one admitted any responsibility at all, not to mention expressing a sense of guilt or regret. "Not my department" was the standard refrain of those haughty elitists. This seems to be a nation where the blind lead the deaf.

But ours was not only the lethal cocktail of dishonest business and incompetent politics. Iceland was by design meant to become a shining example of the neo-conservative utopia; a tax haven for the super-rich with minimum government interference in the free play of market forces. If something were to go astray, the market forces could be trusted to correct it by themselves—or so they believed. This was not only the professed ideology of the Independence Party leadership; it was the declared policy of the IP-led governments that steered us, slowly but surely, into the crash.

Iceland's fall in 2008 was the direct consequence of this pre-meditated policy. It was not the failure of capital- ism as such. Capitalism cannot function at all without direction, legislation and constant supervision by

To Be Or Not To Be

Will October 6th, 2008 (the day Iceland's luckless PM Mr. Haarde, asked God to help his poor nation since he himself could not) live on in our collective memory as a "day of infamy"—a sort of Icelandic Pearl Harbour?

Pearl Harbour is today remembered by Americans because of Japan's aerial bombardment on the US naval station. And because it led to the Americans' involvement in the Second World War. Wars are inevitably both destabilising and devastating. People not only lose their property—but their lives.

In our case, Iceland's economic collapse ("hrunið") may yet claim a few lives, but in most cases the losses are less tangible. Many have lost their jobs, their property, their savings. Some have even lost their hope. Then there are those who have already voted with their feet—and emigrated.

Some say our greatest loss is our reputation as an honest and trustworthy people. Because in our case, we did not suffer an attack from an outside enemy. In our case the enemy came from within. That is what makes it all the more painful. And it explains, partly at least, why so many find it almost unbearable to face the truth: We have only ourselves to blame—and no one else.

'THE THREE WISE MEN'

The best thing that has happened to us after the crash is the truth-com- mission-report by 'the three wise men'. Nine volumes and almost three thousand pages, including appended documents on the web. The truth and nothing but the truth. They were asked to tell us the truth about the causes of the collapse and to find out who was responsible. And they did just that— fairly and squarely. They spelled it all out in painstaking detail.

The collapse was caused by a combination of fraudulent business schemes and irresponsible politicians. And by the way: the majority of Icelandic voters cannot be acquitted either. Time and again they voted for parties and politicians who did not deserve the trust put in them. Again and again. And the nouveaux riche buffoons—flaunting their ill-begotten wealth—were extolled as the nation's best sons. How many times did the President of Iceland, Mr. Grímsson—the hyper-active chef-de-protocol of the plutocrats—ceremoniously accord them the highest decorations of state, making it impossible for honest people to accept such commendations in the future? The critics' voices were simply drowned, and the warning signals—and there were plenty of them— were ignored.

No wonder how many are simply unable to face the truth: Out of 147 individuals in leading positions in government, political parties, the Central Bank, the civil service and banks and business corporations etc., questioned by the truth-commission, not a single one admitted any responsibility at all, not to mention expressing a sense of guilt or regret. "Not my department" was the standard refrain of those haughty elitists. This seems to be a nation where the blind lead the deaf.

But ours was not only the lethal cocktail of dishonest business and incompetent politics. Iceland was by design meant to become a shining example of the neo-conservative utopia; a tax haven for the super-rich with minimum government interference in the free play of market forces. If something were to go astray, the market forces could be trusted to correct it by themselves—or so they believed. This was not only the professed ideology of the Independence Party leadership; it was the declared policy of the IP-led governments that steered us, slowly but surely, into the crash.

Iceland's fall in 2008 was the direct consequence of this pre-meditated policy. It was not the failure of capital- ism as such. Capitalism cannot function at all without direction, legislation and constant supervision by

To Be Or Not To Be

Will October 6th, 2008 (the day Iceland's luckless PM Mr. Haarde, asked God to help his poor nation since he himself could not) live on in our collective memory as a "day of infamy"—a sort of Icelandic Pearl Harbour?

Pearl Harbour is today remembered by Americans because of Japan's aerial bombardment on the US naval station. And because it led to the Americans' involvement in the Second World War. Wars are inevitably both destabilising and devastating. People not only lose their property—but their lives.

In our case, Iceland's economic collapse ("hrunið") may yet claim a few lives, but in most cases the losses are less tangible. Many have lost their jobs, their property, their savings. Some have even lost their hope. Then there are those who have already voted with their feet—and emigrated.

Some say our greatest loss is our reputation as an honest and trustworthy people. Because in our case, we did not suffer an attack from an outside enemy. In our case the enemy came from within. That is what makes it all the more painful. And it explains, partly at least, why so many find it almost unbearable to face the truth: We have only ourselves to blame—and no one else.

'THE THREE WISE MEN'

The best thing that has happened to us after the crash is the truth-com- mission-report by 'the three wise men'. Nine volumes and almost three thousand pages, including appended documents on the web. The truth and nothing but the truth. They were asked to tell us the truth about the causes of the collapse and to find out who was responsible. And they did just that— fairly and squarely. They spelled it all out in painstaking detail.

The collapse was caused by a combination of fraudulent business schemes and irresponsible politicians. And by the way: the majority of Icelandic voters cannot be acquitted either. Time and again they voted for parties and politicians who did not deserve the trust put in them. Again and again. And the nouveaux riche buffoons—flaunting their ill-begotten wealth—were extolled as the nation's best sons. How many times did the President of Iceland, Mr. Grímsson—the hyper-active chef-de-protocol of the plutocrats—ceremoniously accord them the highest decorations of state, making it impossible for honest people to accept such commendations in the future? The critics' voices were simply drowned, and the warning signals—and there were plenty of them— were ignored.

No wonder how many are simply unable to face the truth: Out of 147 individuals in leading positions in government, political parties, the Central Bank, the civil service and banks and business corporations etc., questioned by the truth-commission, not a single one admitted any responsibility at all, not to mention expressing a sense of guilt or regret. "Not my department" was the standard refrain of those haughty elitists. This seems to be a nation where the blind lead the deaf.

But ours was not only the lethal cocktail of dishonest business and incompetent politics. Iceland was by design meant to become a shining example of the neo-conservative utopia; a tax haven for the super-rich with minimum government interference in the free play of market forces. If something were to go astray, the market forces could be trusted to correct it by themselves—or so they believed. This was not only the professed ideology of the Independence Party leadership; it was the declared policy of the IP-led governments that steered us, slowly but surely, into the crash.

Iceland's fall in 2008 was the direct consequence of this pre-meditated policy. It was not the failure of capital- ism as such. Capitalism cannot function at all without direction, legislation and constant supervision by

To Be Or Not To Be

Will October 6th, 2008 (the day Iceland's luckless PM Mr. Haarde, asked God to help his poor nation since he himself could not) live on in our collective memory as a "day of infamy"—a sort of Icelandic Pearl Harbour?

Pearl Harbour is today remembered by Americans because of Japan's aerial bombardment on the US naval station. And because it led to the Americans' involvement in the Second World War. Wars are inevitably both destabilising and devastating. People not only lose their property—but their lives.

In our case, Iceland's economic collapse ("hrunið") may yet claim a few lives, but in most cases the losses are less tangible. Many have lost their jobs, their property, their savings. Some have even lost their hope. Then there are those who have already voted with their feet—and emigrated.

Some say our greatest loss is our reputation as an honest and trustworthy people. Because in our case, we did not suffer an attack from an outside enemy. In our case the enemy came from within. That is what makes it all the more painful. And it explains, partly at least, why so many find it almost unbearable to face the truth: We have only ourselves to blame—and no one else.

'THE THREE WISE MEN'

The best thing that has happened to us after the crash is the truth-com- mission-report by 'the three wise men'. Nine volumes and almost three thousand pages, including appended documents on the web. The truth and nothing but the truth. They were asked to tell us the truth about the causes of the collapse and to find out who was responsible. And they did just that— fairly and squarely. They spelled it all out in painstaking detail.

The collapse was caused by a combination of fraudulent business schemes and irresponsible politicians. And by the way: the majority of Icelandic voters cannot be acquitted either. Time and again they voted for parties and politicians who did not deserve the trust put in them. Again and again. And the nouveaux riche buffoons—flaunting their ill-begotten wealth—were extolled as the nation's best sons. How many times did the President of Iceland, Mr. Grímsson—the hyper-active chef-de-protocol of the plutocrats—ceremoniously accord them the highest decorations of state, making it impossible for honest people to accept such commendations in the future? The critics' voices were simply drowned, and the warning signals—and there were plenty of them— were ignored.

No wonder how many are simply unable to face the truth: Out of 147 individuals in leading positions in government, political parties, the Central Bank, the civil service and banks and business corporations etc., questioned by the truth-commission, not a single one admitted any responsibility at all, not to mention expressing a sense of guilt or regret. "Not my department" was the standard refrain of those haughty elitists. This seems to be a nation where the blind lead the deaf.

But ours was not only the lethal cocktail of dishonest business and incompetent politics. Iceland was by design meant to become a shining example of the neo-conservative utopia; a tax haven for the super-rich with minimum government interference in the free play of market forces. If something were to go astray, the market forces could be trusted to correct it by themselves—or so they believed. This was not only the professed ideology of the Independence Party leadership; it was the declared policy of the IP-led governments that steered us, slowly but surely, into the crash.

Iceland's fall in 2008 was the direct consequence of this pre-meditated policy. It was not the failure of capital- ism as such. Capitalism cannot function at all without direction, legislation and constant supervision by

To Be Or Not To Be

Will October 6th, 2008 (the day Iceland's luckless PM Mr. Haarde, asked God to help his poor nation since he himself could not) live on in our collective memory as a "day of infamy"—a sort of Icelandic Pearl Harbour?

Pearl Harbour is today remembered by Americans because of Japan's aerial bombardment on the US naval station. And because it led to the Americans' involvement in the Second World War. Wars are inevitably both destabilising and devastating. People not only lose their property—but their lives.

In our case, Iceland's economic collapse ("hrunið") may yet claim a few lives, but in most cases the losses are less tangible. Many have lost their jobs, their property, their savings. Some have even lost their hope. Then there are those who have already voted with their feet—and emigrated.

Some say our greatest loss is our reputation as an honest and trustworthy people. Because in our case, we did not suffer an attack from an outside enemy. In our case the enemy came from within. That is what makes it all the more painful. And it explains, partly at least, why so many find it almost unbearable to face the truth: We have only ourselves to blame—and no one else.

'THE THREE WISE MEN'

The best thing that has happened to us after the crash is the truth-com- mission-report by 'the three wise men'. Nine volumes and almost three thousand pages, including appended documents on the web. The truth and nothing but the truth. They were asked to tell us the truth about the causes of the collapse and to find out who was responsible. And they did just that— fairly and squarely. They spelled it all out in painstaking detail.

The collapse was caused by a combination of fraudulent business schemes and irresponsible politicians. And by the way: the majority of Icelandic voters cannot be acquitted either. Time and again they voted for parties and politicians who did not deserve the trust put in them. Again and again. And the nouveaux riche buffoons—flaunting their ill-begotten wealth—were extolled as the nation's best sons. How many times did the President of Iceland, Mr. Grímsson—the hyper-active chef-de-protocol of the plutocrats—ceremoniously accord them the highest decorations of state, making it impossible for honest people to accept such commendations in the future? The critics' voices were simply drowned, and the warning signals—and there were plenty of them— were ignored.

No wonder how many are simply unable to face the truth: Out of 147 individuals in leading positions in government, political parties, the Central Bank, the civil service and banks and business corporations etc., questioned by the truth-commission, not a single one admitted any responsibility at all, not to mention expressing a sense of guilt or regret. "Not my department" was the standard refrain of those haughty elitists. This seems to be a nation where the blind lead the deaf.

But ours was not only the lethal cocktail of dishonest business and incompetent politics. Iceland was by design meant to become a shining example of the neo-conservative utopia; a tax haven for the super-rich with minimum government interference in the free play of market forces. If something were to go astray, the market forces could be trusted to correct it by themselves—or so they believed. This was not only the professed ideology of the Independence Party leadership; it was the declared policy of the IP-led governments that steered us, slowly but surely, into the crash.

Iceland's fall in 2008 was the direct consequence of this pre-meditated policy. It was not the failure of capital- ism as such. Capitalism cannot function at all without direction, legislation and constant supervision by

To Be Or Not To Be

Will October 6th, 2008 (the day Iceland's luckless PM Mr. Haarde, asked God to help his poor nation since he himself could not) live on in our collective memory as a "day of infamy"—a sort of Icelandic Pearl Harbour?

Pearl Harbour is today remembered by Americans because of Japan's aerial bombardment on the US naval station. And because it led to the Americans' involvement in the Second World War. Wars are inevitably both destabilising and devastating. People not only lose their property—but their lives.

In our case, Iceland's economic collapse ("hrunið") may yet claim a few lives, but in most cases the losses are less tangible. Many have lost their jobs, their property, their savings. Some have even lost their hope. Then there are those who have already voted with their feet—and emigrated.

Some say our greatest loss is our reputation as an honest and trustworthy people. Because in our case, we did not suffer an attack from an outside enemy. In our case the enemy came from within. That is what makes it all the more painful. And it explains, partly at least, why so many find it almost unbearable to face the truth: We have only ourselves to blame—and no one else.

'THE THREE WISE MEN'

The best thing that has happened to us after the crash is the truth-com- mission-report by 'the three wise men'. Nine volumes and almost three thousand pages, including appended documents on the web. The truth and nothing but the truth. They were asked to tell us the truth about the causes of the collapse and to find out who was responsible. And they did just that— fairly and squarely. They spelled it all out in painstaking detail.

The collapse was caused by a combination of fraudulent business schemes and irresponsible politicians. And by the way: the majority of Icelandic voters cannot be acquitted either. Time and again they voted for parties and politicians who did not deserve the trust put in them. Again and again. And the nouveaux riche buffoons—flaunting their ill-begotten wealth—were extolled as the nation's best sons. How many times did the President of Iceland, Mr. Grímsson—the hyper-active chef-de-protocol of the plutocrats—ceremoniously accord them the highest decorations of state, making it impossible for honest people to accept such commendations in the future? The critics' voices were simply drowned, and the warning signals—and there were plenty of them— were ignored.

No wonder how many are simply unable to face the truth: Out of 147 individuals in leading positions in government, political parties, the Central Bank, the civil service and banks and business corporations etc., questioned by the truth-commission, not a single one admitted any responsibility at all, not to mention expressing a sense of guilt or regret. "Not my department" was the standard refrain of those haughty elitists. This seems to be a nation where the blind lead the deaf.

But ours was not only the lethal cocktail of dishonest business and incompetent politics. Iceland was by design meant to become a shining example of the neo-conservative utopia; a tax haven for the super-rich with minimum government interference in the free play of market forces. If something were to go astray, the market forces could be trusted to correct it by themselves—or so they believed. This was not only the professed ideology of the Independence Party leadership; it was the declared policy of the IP-led governments that steered us, slowly but surely, into the crash.

Iceland's fall in 2008 was the direct consequence of this pre-meditated policy. It was not the failure of capital- ism as such. Capitalism cannot function at all without direction, legislation and constant supervision by

Kitty Von Sometime Plans To Strike Again!

Kitty Von Sometime, the concept artist behind The Weird Girls Project, has ambitious plans for the coming year including three new video shoots in the next four months alone. The Weird Girls Project has been operating since early 2007 and has released 11 episodes plus one special. These episodes are music videos involving an ever-evolving group of largely Icelandic women of various ages, shapes and sizes who come together in performance art pieces that they know almost nothing about prior to shooting-day.  

Since the release of their first episode, Neon Fame, which featured Felix the Housecat's track 'Money, Success,

Three held for body in sports bag

Three people have been remanded in custody after the body of a 25-year-old woman was found stuffed into a large sports bag by the side of a road. The grisly discovery was made by a passerby on Saturday (January 16) on the edge of a remote forest in the Taka-Keljo district of Jyvaskyla.

It is thought that the woman, from Lahti, was killed in an apartment in the Pupuhuhta district on Wednesday night and driven to the dump site several kilometres out of the city. She is believed to have been married with one young child.

A 19-year-old Jyvaskyla

More Icelandic bankers arrested

Iceland’s special prosecutor into the banking crisis has confirmed that raids have taken place today and that arrests have been made. The Central Bank of Iceland is among the institutions under investigation.

Special Prosecutor, Olafur Thor Hauksson told Visir.is that house searches are taking place in at least three places today as part of investigations into the central bank, MP Bank and Straumur Bank.

Stefan Johann Stefansson at the central bank confirmed that agents were in the building conducting searches; and it has also been confirmed that searches are underway at MP Bank and ALMC (formerly Straumur).

An ALMC spokesman

Greenlandic national broadcaster under attack?

The website of KNR — the national broadcaster of Greenland — appears to be under cyber attack.

Visitors to the website are usually shown the site as it should be, but are sometimes confronted with an orange screen written in nearly incomprehensible English, imploring them to “buy locally Viagra”. Now, at 16.00 GMT on Wednesday, the website will not load at all.

www.knr.gl is one of Greenland’s biggest and most popular websites, allowing people all over the world to listen to live Greenlandic radio, catch up with selected television programmes and read news and features in Greenlandic and Danish.

Although

Man missing in Iceland since October

Nobody has heard from Matthias Thorarinsson since October and the search for the 21 year-old is intensifying.

Thorarinsson had been touring Iceland in an old Russian military jeep which he had converted into a campervan. Because of this, it was noted by those close to him that he had not been in touch, but it was not immediately seen as worrying.

He was thought to be somewhere in the south of the country in his distinctive vehicle.

RUV reports that following unconfirmed sightings in December at the Bonus supermarket in Selfoss and the Fjardarkaup supermarket in Hafnarfjordur, Reykjavik region police

Bjork’s energy petition handed over to Icelandic government

The famous Icelandic singer and environmental campaigner, Bjork Gudmundsdottir, this morning handed the Orkuaudlindir petition over to Prime Minister Johanna Sigurdardottir. The singer said she was satisfied with her meeting with government members.

Prime Minister Sigurdardottir received the 48,000 signatures this morning at her offices in the cabinet building. The petition asks for a referendum on ensuring Iceland’s energy resources remain public property. The petition was spurred on by dissatisfaction over the likely sale of HS Orka to Magma Energy of Canada.

The PM reportedly told Bjork that the petition is largely in line with the government’s own wishes, RUV

Swedish footballers caught in Romanian hooker sting

Two former Swedish footballers have been found guilty of paying for sex in a wider police probe into a Romanian prostitution ring. Former AIK forward Dulee Johnson and former national goalkeeper Magnus Hedman were ordered to pay fines of up to SEK 35,000 (USD 5,000) at an appeal hearing on Monday, January 10.

Hedman, who played in goals for Sweden between 1997 and 2004, admitted having sex with one of two young Romanian girls who were brought to a friend's apartment in February 2010. He claimed he was not aware the women were prostitutes – a version of events

Not Going Anywhere In Particular

In 2001 Icelandic hip hop exploded with the genre's first (and last?) super selling masterpiece, the XXX Rottweiler Hundar's self-titled debut. Simple yet cool beats and impudent and fresh lyrics spewed out by what appeared to be a gang of street urchins had everyone take notice, even the masses, who favoured the mesmerising ballad 'Bent Nálgast'. A bit of rap frenzy followed in Rottweiler's wake, with a great supply of Icelandic rap albums seeing release over the next few years. However, nothing in Icelandic hip-hop has ever matched the impact of Rottweiler's debut album.

In 2002, Sigur Rós finally followed up 1999's 'Ágætis Byrjun' with the grey and slow "brackets" album. In the interim Sigur Rós had become international indie super- stars, playing to packed concert halls the world over. Expectations were naturally high and they were met, kind of, except that the impact of surprise was lost. This time Jónsi wasn't in the mood to write any lyrics, or even name the songs, so he sang English and Icelandic word-similitudes—memorably the Icelandic likeness of "I am a sea-lion" in the first song—giving birth to the "hopelandish" hogwash. Sigur Rós were onwards to more international acclaim and countless reviews likening their songs to "melting glaciers".

In 2003, rock quintet Mínus hit the artistic jackpot with their experimental hard rock masterpiece named after Iceland's beloved Nobel

Not Going Anywhere In Particular

In 2001 Icelandic hip hop exploded with the genre's first (and last?) super selling masterpiece, the XXX Rottweiler Hundar's self-titled debut. Simple yet cool beats and impudent and fresh lyrics spewed out by what appeared to be a gang of street urchins had everyone take notice, even the masses, who favoured the mesmerising ballad 'Bent Nálgast'. A bit of rap frenzy followed in Rottweiler's wake, with a great supply of Icelandic rap albums seeing release over the next few years. However, nothing in Icelandic hip-hop has ever matched the impact of Rottweiler's debut album.

In 2002, Sigur Rós finally followed up 1999's 'Ágætis Byrjun' with the grey and slow "brackets" album. In the interim Sigur Rós had become international indie super- stars, playing to packed concert halls the world over. Expectations were naturally high and they were met, kind of, except that the impact of surprise was lost. This time Jónsi wasn't in the mood to write any lyrics, or even name the songs, so he sang English and Icelandic word-similitudes—memorably the Icelandic likeness of "I am a sea-lion" in the first song—giving birth to the "hopelandish" hogwash. Sigur Rós were onwards to more international acclaim and countless reviews likening their songs to "melting glaciers".

In 2003, rock quintet Mínus hit the artistic jackpot with their experimental hard rock masterpiece named after Iceland's beloved Nobel

The Decade Of Fine Arts

I am deeply honoured to have the opportunity to write for Reykjavík Grapevine. Not only because I am a great fan of rock and roll (and pop) music, but also because I value foreigners. I am of course not talking about guest workers from Eastern Europe, whom I also value and have great respect for as a group. No, I am talking about you, dear reader, and perhaps your friends, if my intent to do a good job pans out nicely. You have a big role to play in the future of this great nation. It is my duty to write a favourable article about the Icelandic art scene and I will do it for you, since we are depending on your moral support, and I will do it for the rest of us, because we need it.

To capture a candid and attractive gaze at the last decade of fine arts is a difficult chore. Not only because time is short and money is scarce, but because fine art is so huge and what happened before the total crash seems decades ago. I have faint memories of openings and parties, some in the company of good-looking celebrities (Ólafur Elíasson, Hans Ulrich Obrist, Mr. and Mrs. Barney, Baroness Francesca von Hapsburg and Christoph Schlingensief (bless his soul)) and their local counterparts, but others in the company of wolves (could that be?). Luckily I was living abroad during the height of the great boom, so I missed out on most of the ordeal of the holy matrimony between art and business and the hideous exhibitions it fashioned, but I heard some rumours—none worth mentioning in a respectable publication like ours.

THE SATANIC MONUMENT OF VIÐEY

I could try to remember a few

The Decade Of Fine Arts

I am deeply honoured to have the opportunity to write for Reykjavík Grapevine. Not only because I am a great fan of rock and roll (and pop) music, but also because I value foreigners. I am of course not talking about guest workers from Eastern Europe, whom I also value and have great respect for as a group. No, I am talking about you, dear reader, and perhaps your friends, if my intent to do a good job pans out nicely. You have a big role to play in the future of this great nation. It is my duty to write a favourable article about the Icelandic art scene and I will do it for you, since we are depending on your moral support, and I will do it for the rest of us, because we need it.

To capture a candid and attractive gaze at the last decade of fine arts is a difficult chore. Not only because time is short and money is scarce, but because fine art is so huge and what happened before the total crash seems decades ago. I have faint memories of openings and parties, some in the company of good-looking celebrities (Ólafur Elíasson, Hans Ulrich Obrist, Mr. and Mrs. Barney, Baroness Francesca von Hapsburg and Christoph Schlingensief (bless his soul)) and their local counterparts, but others in the company of wolves (could that be?). Luckily I was living abroad during the height of the great boom, so I missed out on most of the ordeal of the holy matrimony between art and business and the hideous exhibitions it fashioned, but I heard some rumours—none worth mentioning in a respectable publication like ours.

THE SATANIC MONUMENT OF VIÐEY

I could try to remember a few

Chinese company buys Norway’s Elkem, including Iceland smelter

The Chinese company, Blue Star has purchased the Norwegian heavy industry business Elkem for USD 2.1 billion, it was revealed in Norway this morning. Blue Star is one of the biggest ferrosilicon companies in the world.

Thanks to the Norwegian purchase, Blue Star now owns the Grundartangi ferrosilicon plant in Iceland. Icelandic workers will join Blue Star’s massive 40,000-strong global workforce.

Blue Star’s Norwegian shopping spree has netted it Elkem Silicon Materials, Elkem Foundry Products, Elkem Carbon and Elkem Solar. According to Aftenposten, the Chinese firm paid the purchase sum up front.

It is not yet known what, if any,

US ambassador summoned by Iceland FM over Wikileaks Twitter subpoena

This weekend saw the revelation that a Virginia court has, on behalf of the US government, ordered the communications website Twitter to hand over all personal information about certain individuals linked to Wikileaks; including Icelandic MP Birgitta Jonsdottir.

Iceland’s Ministry of Foreign Affairs called the American ambassador Luis E. Arreaga to a meeting this morning after the American government ordered personal information to be released by Twitter in the run-up to a possible lawsuit against Wikileaks. One of the people affected is Birgitta Jonsdottir, a sitting member of parliament for The Movement and a member of the Foreign Policy Committee.

To Be Or Not To Be

Will October 6th, 2008 (the day Iceland's luckless PM Mr. Haarde, asked God to help his poor nation since he himself could not) live on in our collective memory as a "day of infamy"—a sort of Icelandic Pearl Harbour?

Pearl Harbour is today remembered by Americans because of Japan's aerial bombardment on the US naval station. And because it led to the Americans' involvement in the Second World War. Wars are inevitably both destabilising and devastating. People not only lose their property—but their lives.

In our case, Iceland's economic collapse ("hrunið") may yet claim a few lives, but in most cases the losses are less tangible. Many have lost their jobs, their property, their savings. Some have even lost their hope. Then there are those who have already voted with their feet—and emigrated.

Some say our greatest loss is our reputation as an honest and trustworthy people. Because in our case, we did not suffer an attack from an outside enemy. In our case the enemy came from within. That is what makes it all the more painful. And it explains, partly at least, why so many find it almost unbearable to face the truth: We have only ourselves to blame—and no one else.

'THE THREE WISE MEN'

The best thing that has happened to us after the crash is the truth-com- mission-report by 'the three wise men'. Nine volumes and almost three thousand pages, including appended documents on the web. The truth and nothing but the truth. They were asked to tell us the truth about the causes of the collapse and to find out who was responsible. And they did just that— fairly and squarely. They spelled it all out in painstaking detail.

The collapse was caused by a combination of fraudulent business schemes and irresponsible politicians. And by the way: the majority of Icelandic voters cannot be acquitted either. Time and again they voted for parties and politicians who did not deserve the trust put in them. Again and again. And the nouveaux riche buffoons—flaunting their ill-begotten wealth—were extolled as the nation's best sons. How many times did the President of Iceland, Mr. Grímsson—the hyper-active chef-de-protocol of the plutocrats—ceremoniously accord them the highest decorations of state, making it impossible for honest people to accept such commendations in the future? The critics' voices were simply drowned, and the warning signals—and there were plenty of them— were ignored.

No wonder how many are simply unable to face the truth: Out of 147 individuals in leading positions in government, political parties, the Central Bank, the civil service and banks and business corporations etc., questioned by the truth-commission, not a single one admitted any responsibility at all, not to mention expressing a sense of guilt or regret. "Not my department" was the standard refrain of those haughty elitists. This seems to be a nation where the blind lead the deaf.

But ours was not only the lethal cocktail of dishonest business and incompetent politics. Iceland was by design meant to become a shining example of the neo-conservative utopia; a tax haven for the super-rich with minimum government interference in the free play of market forces. If something were to go astray, the market forces could be trusted to correct it by themselves—or so they believed. This was not only the professed ideology of the Independence Party leadership; it was the declared policy of the IP-led governments that steered us, slowly but surely, into the crash.

Iceland's fall in 2008 was the direct consequence of this pre-meditated policy. It was not the failure of capital- ism as such. Capitalism cannot function at all without direction, legislation and constant supervision by

To Be Or Not To Be

Will October 6th, 2008 (the day Iceland's luckless PM Mr. Haarde, asked God to help his poor nation since he himself could not) live on in our collective memory as a "day of infamy"—a sort of Icelandic Pearl Harbour?

Pearl Harbour is today remembered by Americans because of Japan's aerial bombardment on the US naval station. And because it led to the Americans' involvement in the Second World War. Wars are inevitably both destabilising and devastating. People not only lose their property—but their lives.

In our case, Iceland's economic collapse ("hrunið") may yet claim a few lives, but in most cases the losses are less tangible. Many have lost their jobs, their property, their savings. Some have even lost their hope. Then there are those who have already voted with their feet—and emigrated.

Some say our greatest loss is our reputation as an honest and trustworthy people. Because in our case, we did not suffer an attack from an outside enemy. In our case the enemy came from within. That is what makes it all the more painful. And it explains, partly at least, why so many find it almost unbearable to face the truth: We have only ourselves to blame—and no one else.

'THE THREE WISE MEN'

The best thing that has happened to us after the crash is the truth-com- mission-report by 'the three wise men'. Nine volumes and almost three thousand pages, including appended documents on the web. The truth and nothing but the truth. They were asked to tell us the truth about the causes of the collapse and to find out who was responsible. And they did just that— fairly and squarely. They spelled it all out in painstaking detail.

The collapse was caused by a combination of fraudulent business schemes and irresponsible politicians. And by the way: the majority of Icelandic voters cannot be acquitted either. Time and again they voted for parties and politicians who did not deserve the trust put in them. Again and again. And the nouveaux riche buffoons—flaunting their ill-begotten wealth—were extolled as the nation's best sons. How many times did the President of Iceland, Mr. Grímsson—the hyper-active chef-de-protocol of the plutocrats—ceremoniously accord them the highest decorations of state, making it impossible for honest people to accept such commendations in the future? The critics' voices were simply drowned, and the warning signals—and there were plenty of them— were ignored.

No wonder how many are simply unable to face the truth: Out of 147 individuals in leading positions in government, political parties, the Central Bank, the civil service and banks and business corporations etc., questioned by the truth-commission, not a single one admitted any responsibility at all, not to mention expressing a sense of guilt or regret. "Not my department" was the standard refrain of those haughty elitists. This seems to be a nation where the blind lead the deaf.

But ours was not only the lethal cocktail of dishonest business and incompetent politics. Iceland was by design meant to become a shining example of the neo-conservative utopia; a tax haven for the super-rich with minimum government interference in the free play of market forces. If something were to go astray, the market forces could be trusted to correct it by themselves—or so they believed. This was not only the professed ideology of the Independence Party leadership; it was the declared policy of the IP-led governments that steered us, slowly but surely, into the crash.

Iceland's fall in 2008 was the direct consequence of this pre-meditated policy. It was not the failure of capital- ism as such. Capitalism cannot function at all without direction, legislation and constant supervision by

To Be Or Not To Be

Will October 6th, 2008 (the day Iceland's luckless PM Mr. Haarde, asked God to help his poor nation since he himself could not) live on in our collective memory as a "day of infamy"—a sort of Icelandic Pearl Harbour?

Pearl Harbour is today remembered by Americans because of Japan's aerial bombardment on the US naval station. And because it led to the Americans' involvement in the Second World War. Wars are inevitably both destabilising and devastating. People not only lose their property—but their lives.

In our case, Iceland's economic collapse ("hrunið") may yet claim a few lives, but in most cases the losses are less tangible. Many have lost their jobs, their property, their savings. Some have even lost their hope. Then there are those who have already voted with their feet—and emigrated.

Some say our greatest loss is our reputation as an honest and trustworthy people. Because in our case, we did not suffer an attack from an outside enemy. In our case the enemy came from within. That is what makes it all the more painful. And it explains, partly at least, why so many find it almost unbearable to face the truth: We have only ourselves to blame—and no one else.

'THE THREE WISE MEN'

The best thing that has happened to us after the crash is the truth-com- mission-report by 'the three wise men'. Nine volumes and almost three thousand pages, including appended documents on the web. The truth and nothing but the truth. They were asked to tell us the truth about the causes of the collapse and to find out who was responsible. And they did just that— fairly and squarely. They spelled it all out in painstaking detail.

The collapse was caused by a combination of fraudulent business schemes and irresponsible politicians. And by the way: the majority of Icelandic voters cannot be acquitted either. Time and again they voted for parties and politicians who did not deserve the trust put in them. Again and again. And the nouveaux riche buffoons—flaunting their ill-begotten wealth—were extolled as the nation's best sons. How many times did the President of Iceland, Mr. Grímsson—the hyper-active chef-de-protocol of the plutocrats—ceremoniously accord them the highest decorations of state, making it impossible for honest people to accept such commendations in the future? The critics' voices were simply drowned, and the warning signals—and there were plenty of them— were ignored.

No wonder how many are simply unable to face the truth: Out of 147 individuals in leading positions in government, political parties, the Central Bank, the civil service and banks and business corporations etc., questioned by the truth-commission, not a single one admitted any responsibility at all, not to mention expressing a sense of guilt or regret. "Not my department" was the standard refrain of those haughty elitists. This seems to be a nation where the blind lead the deaf.

But ours was not only the lethal cocktail of dishonest business and incompetent politics. Iceland was by design meant to become a shining example of the neo-conservative utopia; a tax haven for the super-rich with minimum government interference in the free play of market forces. If something were to go astray, the market forces could be trusted to correct it by themselves—or so they believed. This was not only the professed ideology of the Independence Party leadership; it was the declared policy of the IP-led governments that steered us, slowly but surely, into the crash.

Iceland's fall in 2008 was the direct consequence of this pre-meditated policy. It was not the failure of capital- ism as such. Capitalism cannot function at all without direction, legislation and constant supervision by

Reykjavik mayor: better to care for foreign visitors than shoot them

The mayor of Reykjavik, Jon Gnarr has declared that Iceland should take more care to rehabilitate visitors from overseas than to shoot them. This, even though the visitors in question are the biggest and most dangerous land predators anywhere: hungry and dangerous polar bears stranded many hundreds of kilometres from home.

Over the coming days or weeks, an international fund-raising effort will begin to collect money for the construction of a polar bear rehabilitation facility at Reykjavik Family Zoo.

Jon Gnarr’s Best Party — made up of artists, comedians and musicians — was elected to run Reykjavik City after voters

Iceland halibut stock in trouble

Icelandic halibut made international headlines last year as a group of German fishermen caught a record breaker. In fact, it is because of the monster flatfish that foreign tourists flock to the country to try their luck. Now experts are calling for a fishing ban, saying the stock is too small.

The state of the halibut stock around Iceland is very poor and research into it insufficient — according to a report commissioned by Jon Bjarnason, Minister of Fisheries and Agriculture.

The minister appointed a committee to look at the important fish, including people from the ministry, the Directorate of

Visible Darkness

While the cold snap and Christmas rush are in full swing, Hugmyndahúsið out on Granda, offers short-term respite from the hustle, bustle and brrrr. Hugmyndahúsið (The House of Ideas) is currently hosting an exhibition of mixed mediums and artists, entitled 'Visible Darkness' (Sýnilegt Myrkur), and it is worth getting off the beaten track of Christmas trinkets and treats and making your way down past the harbour to check out the show.

At the beginning of this year, Hugmyndahúsið, an organization run in collaboration by the Iceland Academy of the Arts and Reykjavík University, began offering free studio space to

The Watchdog That Didn't Bark

The media is often recognised as the fourth branch of government sitting next to the executive, legislative, and judicial branches. Recognising its importance in 1787, United States Founding Father Thomas Jefferson said, "were it left to me to decide whether we should have a government without newspapers or newspapers without a government, I should not hesitate a moment to prefer the latter."

If fulfilling the role of the 4th branch was the goal, then Iceland's two most widely read newspapers, Fréttablaðið and Morgunblaðið, by and large failed to fulfil their duties before the crash. On the contrary, the papers often served as a mouthpiece of the government and financial institutions, through which they spewed positive propaganda to the public. Although, for example, Morgunblaðið's editor at the time, Styrmir Gunnarsson, claims the paper, "adequately evaluated external news and information [before the crash]," an examination of what the newspapers had in their hands in terms of external warnings and what they then passed on to the public reveals a serious lapse in journalism.

Before the crash, external agencies like Moody's, the OECD and Merrill Lynch, consistently issued reports warning about the enormity of the commercial banking sector and the absence of a lender of last resort. Each time, the newspapers remarkably minimised their reports and ignored or refuted any critical information about the banks.
April – Moody's is worried about Iceland's banks
On April 9, Moody's issues its annual report on Iceland, reiterating its
decision to downgrade Iceland's banks to C- and lower the government's
rating to negative in February and March, respectively.

Morgunblaðið says crisis is unlikely.

On April 9, Morgunblaðið reports, "New Moody's report says crisis unlikely." At once the headline sums up a rosy conclusion of a report from an agency that has recently downgraded Iceland's banks to C- and lowered Iceland's outlook to negative. The article begins by stating Iceland's exceptional quality in being the only Aaa ranked country with C- ranked banks, as if this was almost a good thing. It goes on to say, "the state of the banks is said to be concerning, but it's unlikely that they will be the cause an economic crisis." Additionally, it reports, "Minister of Finance Árni M. Mathiesen says discussions during the last two to three weeks have been moving in a positive direction. Moody's is very well acquainted with the country and their positive report should push discussions in that direction."

Thus, it's generally a positive report.

Morgunblaðið fails to mention that the banks are nine times Iceland's GDP, and does not include Moody's warning: "The banking sector in Iceland represents the most burdensome contingent liability. Moody's considers the three large commercial banks in Iceland as "too big to fail," a concept that is not affected by the banks having been fully privatised, meaning that we would expect a very high degree of systemic support by the Icelandic authorities for the banks in the event of a stress situation. Given the scale of the banks' international operations, however, any systemic threat would prove extremely costly to the government if that eventuality were to materialize."

Of course if they had included all of this, the Minister of Finance would have appeared incompetent and they couldn't have written up such an overwhelmingly positive interpretation of the report.

Fréttablaðið says speculations are ridiculous

On the following day, April 10, Fréttablaðið covers Moody's report in an article called, "Ridiculous speculations." The article

Not Your Conventional Rock Star...

If there's one word that certainly doesn't describe Bobby Conn, it's ordinary. A collaborator with the likes of Jim O'Rourke and The Cribs, the Chicago musician is known for his flamboyant style, manic stage shows and glam rock/disco tinged songs about Jesus Christ on crack, Tom Cruise and the Iraq war. And he's coming to Iceland on his European 'Rise Up' tour. The Grapevine managed to lob some questions at him when he was at a service station somewhere on the Autobahn...

You're currently touring Europe to help promote the re-issue of your first two albums ('Bobby Conn' and 'Rise Up!'). What was the motivation for getting them released again?

It was Fire Records idea, but as I listened to both records again in view of what has happened in the world and in the US over the past ten years I realised, "I was right!" I predicted the economic crash based on unlimited easy credit (my 'Continuous Ca$h Flow System (TM)'). I predicted the rise of the Christian right in US politics. And I predicted the wars of paranoia we're engaged in

Huge Helsinki crystal meth haul

Finland's largest ever haul of amphetamines has been intercepted by drugs squad and customs officials in Helsinki. A 20kg batch of methamphetamine, known commonly as crystal meth, has been seized in a forest area near the east of the capital.

The police, who say this particularly dangerous substance is increasingly being sold for recreational use in Finland, say at least 10 people are suspected of aggravated drug offences. Some of this group, mainly made up of people from Finland or Lithuania, are currently being held in custody.

The haul is believed to have a street value of around EUR