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Icelandic Shoppers Splurge as Currency Woes Reduce Food Imports
- Text size
Chad Thomas
Bloomberg
October 14, 2008
After a four-year spending spree, Icelanders are flooding the supermarkets one last time, stocking up on food as the collapse of the banking system threatens to cut the island off from imports.
- A d v e r t i s e m e n t
“We have had crazy days for a week now,” said Johannes Smari Oluffsson, manager of the Bonus discount grocery store in Reykjavik’s main shopping center. “Sales have doubled.”
Bonus, a nationwide chain, has stock at its warehouse for about two weeks. After that, the shelves will start emptying unless it can get access to foreign currency, the 22-year-old manager said, standing in a walk-in fridge filled with meat products, among the few goods on sale produced locally.
Iceland’s foreign currency market has seized up after the three largest banks collapsed and the government abandoned an attempt to peg the exchange rate. Many banks won’t trade the krona and suppliers from abroad are demanding payment in advance. The government has asked banks to prioritize foreign currency transactions for essentials such as food, drugs and oil.
The crisis is already hitting clothing retailers. A short walk from Bonus in the capital’s Kringlan shopping center, Ragnhildur Anna Jonsdottir, 38, owner of the Next Plc clothing store, said she can’t get any foreign currency to pay for incoming shipments and, even if she could, the exchange rate would be prohibitively high.
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October 14th, 2008 at 9:26 am
Iceland is simply a preview of what is to come here in America. the weak countries will starve first but make no mistake, this thing will filter up to the strong as well. The criminal NWO gang must be licking their chops over all this. after all they realize it’s getting to supper time for them real soon.
October 14th, 2008 at 9:36 am
This is a wakeup call for whats probably going to happen here.
October 14th, 2008 at 10:05 am
they continue to encourage consumers to spend spend spend. i seem to remember bush doing that during one of his speeches not too long ago before shit hit the fan. anyone else remember that?
October 14th, 2008 at 10:40 am
This is a test, this is a test of the emergancy broadcast system… beeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeppppppppp
Aw, fuck it, think I’ll just change channels, and go back to sleep. The Nikkei has rallied 14% this a.m so far…the Dow Ind. is sitting at +74 and rising Mexicos stock market at 11% the TSX has gained 18%!!!!![WTF..UFB!!!]
Did I mention the Dow INDP 1510 pts. away from triggering an auto shut-down for an hour
Move along folks, nothin’ to see here…
That little 562 trillion in derivities will fix itself [right after a new GLOBAL BANKING system is in place]
It’s all good
Isn’t it?
October 14th, 2008 at 10:40 am
Keep your freezer stocked with these Iceland essentials!
What’s for tea mum? Iceland has the answer. You’ll never be stuck for meal ideas with these family favourites in the freezer.
FROZEN ASSETS!
1kg Mixed Vegetables
Frozen veg is so handy and healthy too because freezing locks in all the goodness. With this you’re never stuck for a bit on the side!
Made for Sharing
Indian Platter – 75 piece.
Be ready for unexpected guests with this big value platter of onion bhajis, vegetable samosas, vegetable pakoras and a spicy tomato & onion dip.
(actual offerings of course subject to availability from Iceland groceries)
October 14th, 2008 at 11:27 am
At least we can grow our own crops in the States. Oh, wait. It’s almost all corn now…
Well, we’ll have plenty of corn.
October 14th, 2008 at 11:28 am
MOSCOW, October 14 (RIA Novosti) – Russia started talks with Iceland on Tuesday on granting a 4 billion euro ($5.4 billion) loan to help the Nordic country through its financial woes, the Russian Finance Ministry said.
The delegation arrived in Moscow late on Monday for a series of meetings to agree terms for a loan that would allow Iceland’s government to shore up its shaky national currency, the krona, which has lost about a quarter of its value against the euro since the start of the year.
“The delegation from Iceland is in the Finance Ministry. The negotiations are ongoing,” a ministry spokesman said.
Iceland’s Central Bank said on October 7 that Russia had agreed to grant it a 4 billion euro loan. Finance Minister Alexei Kudrin said Russia treated Iceland’s loan request favorably, but that a decision on whether to grant the loan would only be made after negotiations.
Iceland’s Central Bank said the duration of the loan would be three to four years, carrying interest ranging from 30 to 50 basis points over LIBOR.
The bank said the loan would significantly bolster Iceland’s foreign exchange reserves, strengthening the stability of the krona in the face of the unfolding global financial crisis, which has hit Iceland particularly hard.
October 14th, 2008 at 11:57 am
Eat the rich.
http://uncyclopedia.org/wiki/HowTo:Cook_A_Human
Food shortage, bah, there are free-range humans everywhere! I would advise that we eat the wealthy humans first, since they are more likely to be well-nourished and disease-free. Start with CEO’s of banks that have recieved bailout money. Use your devalued paper cash as a garnish.
October 14th, 2008 at 12:21 pm
Call me paranoid but I live in Canada and I see it coming. Our food prices are already rising. I now save all the seeds from the fresh produce I buy, and have plenty of sugar and flour and stuff stocked. I am looking to the future, and it doesn’t look to bright. I also have a feeling that this is creeping up on us but when it hits us it is going to hit hard and fast.
October 14th, 2008 at 12:37 pm
Hey all you Vikings: don’t forget your cousins in Iceland.
October 14th, 2008 at 1:11 pm
#8 Mark Bromine: I think you have seen “Hannibal Rising” a few too many times. Amusing though.
October 14th, 2008 at 1:28 pm
#9 Canadian Girl – good idea, however, much of the produce in the stores is “hybrid” and the seeds will not produce another crop (my husband is the gardener – I’m just passing along what he has told me). I think you need to be buying organically grown produce for the seeds to be viable, and maybe that doesn’t even guarantee that they are not hybrid. If you can, look into getting a supply of heirloom seeds; then the produce you grow from those seeds will yield seeds that will grow more produce, and on and on and on.
October 14th, 2008 at 1:52 pm
Iceland is the preview of comming attractions for the dollars fall in america
October 14th, 2008 at 2:06 pm
i love iceland.
i’m going there soon.
October 14th, 2008 at 2:34 pm
Iceland is party central. Better get there fast before the alcohol supply dries up.
October 14th, 2008 at 4:22 pm
How much for the women?
October 14th, 2008 at 5:13 pm
“Don’t Tread On Me”,
You would not want them. Icelandic women are buttless.
woody in wyoming & Jack
Iceland is a small Island without farmland. The USA is huge AND had lots of growing season AND has fresh water AND has woods and wilderness. The citizenry may not be up to living off the wild, but the option is there. It is a totally different scenario. You have no options on iceland. Look what happened in Ireland when their famine hit. Seriously, Islands scare me.
From Texas,
It would not hurt for YOU to learn something about saving and storing seed from your husband. You don’t want to be helpless should (heaven forbid) something happen to him. Jack of trades types tend to be the survivors during times of upheaval.
-peace, Badwolf
October 14th, 2008 at 5:38 pm
I feel sorry for anyone living in europe right now. They are on the control grid now.
October 14th, 2008 at 5:40 pm
3 yellowhak1- I do..That was the “$600.00″ debt borrowed to “stimulate the economy”.. Maybe you thought it was to “imoprove” the economy..and maybe Bush meant to expedite going into debt faster..
9 CanadianGirl — I second # 12.
Hybrid seed usually won’t reproduce a second crop. They are “built” that way on purpose to keep you coming back for seed..
“Heirloom” type seeed are what you are looking for.. and then you have to be careful. If anyone plants a “hybrid” or “GMO” type seed near your crop the GMO plants will cross polinate and destry your chances of having seed to use in the future..
Do some research on “GMO” and “Heriloom” seed..
The companies “design things so people cannot re-use seed.
October 14th, 2008 at 6:16 pm
#8–Motorhead rocks.
We should all be storing up food and water guns and ammo if possible. We’re gonna need it.
October 14th, 2008 at 6:21 pm
I hope Bjork is OK..
dON’T LET THEM DO THAT TO YOU !!!
October 14th, 2008 at 7:00 pm
Gee what seems to be the common link here? Central banks Mabye? Money out of thin air and now they can’t provide credit on nothing? Hears a lone, just sign over everything you have and here is your money out of thin air at 20% and when you default we take it all!!!! Miss a payment on nothing and we take it all!!!!!!! We forgive the loan, we take it all!!!!!!!!!! Piss us off and we take it all!!!!!! Don’t piss us off and we still take it all!!!!!!!!!
October 14th, 2008 at 7:29 pm
Look’s like revenge from the RJB’s (that’s Rick Jewish Bankers) for the Icelanders being Nordic and granting asylum to Bobby Fischer.
Iceland is a place where food shortages traditionally have dictated population levels.
Perhaps they might be once again forced to take to the seas from where they can strike NWO targets at will.
October 14th, 2008 at 8:06 pm
I wish them strenght. They once lived off the land and traded one way for another. This needs to be a lesson in history(again) .. I just hope people can learn.. if they even can figure out what is happening…
Russia is becoming the new “US” .. I just wonder if this is or is not on purpose….
October 14th, 2008 at 10:28 pm
“Iceland is a small Island without farmland.”
Wrong. Although most of our country is pretty barren we still have farmlands, both to grow crops on and for our farm animals. During the summer we grow most of our crops and then STORE THEM DURING THE WINTER. Farmers in Iceland have a surplus of goods every year that gets thrown away (which the government subsidizes), I’m guessing if something serious happens they’d stop throwing it away and we’d perhaps eat it?
We also have no need for foreign oil, or coal (domestic or otherwise) for the heating of our houses since all of it is renewable, geothermal energy. We also have an almost endless supply of fresh water, straight from the earth (no fluoride or any other chemical).
“You have no options on iceland. Look what happened in Ireland when their famine hit. Seriously, Islands scare me.”
They only scare you because you are obviously stupid. Ireland and Iceland are not even comparable and such a comparison shows only your own ignorance. Ireland relied heavily on potatoes during their famine, hence the “Irish Potato Famine” as it’s also known as, while Icelanders have a big variety of meat, vegetables (greenhouses) and fruits. Also we live in the 21st century opposed to the 19th when the last Irish famine hit. I’m fairly certain even Ireland would fare all right today.
Iceland has every potential to become completely self-sufficient and I’m hoping this global crisis pushes us in that direction, rather than say, entering the EU that we currently are not a member of.
Icelanders have been through a lot worse than this financial crisis (maybe you should actually read up on it?), now please stop spreading bullshit about my country.
October 14th, 2008 at 10:51 pm
26 – Way to stand up for your country!! My wife has good friends in Iceland, and Iceland has done many things right: energy, agriculture, technology improvements, and government spending and structure.
I wish we had more folks here in the US standing up in the wake of crisis!
October 14th, 2008 at 11:13 pm
#19 Infowarrier_badwolf – You don’t know anything about my life or situation but you made assumptions about the kind of person I am (helpless and totally dependant on my husband) and you presume to tell me what I should do. For your information, I am the one who washes, dries and packages the seeds for the next season’s planting. You have no clue what I know, or what I do. I was merely trying to share a piece of information that I thought Canada Girl (and maybe others) might find useful without sounding like a know-it-all. Excuse me for trying to be helpful as opposed to making negative or insulting or hurtful comments.
October 14th, 2008 at 11:13 pm
Did You know, that in the complete history of the DOW eight out of ten top peaks occured during the early years of the Great Depression?
#3 was the day after the great kickoff crash of 1929. What? the majority of the best DOW peaks occured during the great depression? What?
The DOW is not exactly the best indicator of where we are. We know where we are, and once the bailout money hits the banker boyz, game gets tough.
Best Days of the Dow (% Gain)
1 15.3% March 15, 1933
2 14.9% October 6, 1931
3 12.3% October 30, 1929
4 11.1% October 13, 2008
5 10.1% October 21, 1987
6 9.5% August 3, 1932
7 9.5% February 11, 1932
8 9.4% November 14, 1929
9 9.4% December 18, 1931
10 9.2% February 13, 1932
October 15th, 2008 at 3:05 am
I have read that iceland has about 320,000 residents total. This would be a great time to dump fiat currencies, become totally self sufficient and tell the NWO to take a flying leap – maybe you guys could become the next Switzerland of sorts. With your energy resources and deep water fishing you can probably make it. I wish you all the best..
October 15th, 2008 at 3:17 am
“Also we live in the 21st century opposed to the 19th when the last Irish famine hit. I’m fairly certain even Ireland would fare all right today.”
Irish famine is the wrong description for what truly happened. The correct term is British genocide, as our people where starving to death the British where rounding up whatever food we had on our island and shipping it to the four corners of their empire murdering 1.5 million people in the process. Island nations are tough peoples use to surving on their own Iceland will be fine just as Ireland will be 8200 years of being totally self sufficent tells me this.
October 15th, 2008 at 8:36 am
Did you read about how Gordon brown used terrorist laws to destroy our biggest company, the bank Kaupthing. Everything was ok, and our goverment was going to help this bank make it though and had already put some money into Kaupthing bank. but Gordon Brown totally destroyd this company…and made things MUCH WORSE. Iceland investors have invested also much in the retail business in UK. Like the company Baugur. Baugur is now going down….Baugur employs over 50.000 people in UK…
Iceland is lucky to be not a part of EU, as this shows how the big EU countries don’t give a f*ck about our country….we had to seek help to RUSSIA….and they want to put up a base here and pwermission to seek oil and more….
Maby we will have to allow Russia to setup a Base here in Iceland…. the OLD USA Millitery base here in iceland ?
October 15th, 2008 at 9:00 am
maybe if people like #32iceland can remember the history of your country. the reason the eu does not give a rats ass about you guys is that your an island filled with ancestors of the norse and nordic tribes of men that plundered europe for generations. these people in europe back the ideals of an eye for an eye a tooth for a tooth. you killed there people with the sword and the ax they’ll kill you through political and financial oppression. and the only reason russia is playing on your side is the two of you share alot of same ancestory. seems to me that other ideals like religion and past animosities rule the day for the political decisions of the world.
October 15th, 2008 at 9:23 am
The shadow side of the Icelandic crisis is a power play by the EU to gain access to Iceland’s geothermal energy. It’s a shake down.
October 15th, 2008 at 10:18 am
#33
You’re way off base.
October 15th, 2008 at 10:46 am
people do not understand that yes europe has always put iceland on the back burner, tis true that we killed thousands of europeans over the corse of the last few thousand years, no wonder why they are isolating us. 2/3 of this emphasis is derived from our unique geothermal power, and 1/3 that Gordon Brown combined with the (Obama/McCain) race in the United States is going to be the end of the iceland’s economy
October 15th, 2008 at 12:48 pm
News reports:
Previews of scary scenarios were already playing out in Iceland, where food was being emptied from shelves and people wanting to take money out of the country had to prove the funds were intended for leisure trips abroad. In addition, the World Bank warned that the man-made catastrophe which started in the well-to-do world will likely have a severe and permanent negative effect on the poorest and still developing countries.
Nothing to worry about here, just eat some more junk food and play on the wonderful net. la…la…
(Even doctors know that recovering mentally ill know they are sick, but really sick people don’t even realize there are any problems. Can I suggest the book: Culture of Narcissism: American Life in an Age of Diminishing Expectations by Christopher Lasch (Paperback – May 1991) )
By Bernard Chapin
I think the death of Christopher Lasch was a loss for everyone in America as his was a voice of lucidity on topics which conceptually were beyond the range of our media’s comprehension. This is Lasch’s most famous book and one can certainly see why it would be given the profundity of the title. It’s applicability to our culture is even greater in 2005 than it was in 1979. The text is a lengthy indict of our shallow, consumerist culture which places conformity as one of its paramount values. Perhaps only to Lasch was the transcendence of a therapeutic America evident back in the seventies given that this term has only reached widespread use over the course of the last few years. It’s interesting to wonder what he would make of today’s talk shows emitting their sap through our air waves along with current popular cliches like “I have to love myself before I can love someone else.” After finishing the book, I could not help but wonder about the effect this release had on the political left as his indicts of liberalism are incredibly accurate and persuasive. Although, it was his criticisms of radicalism which will most stir the conservative heart. This one should be read, reread, and read again.
This was a persuasive, interesting, and compelling union of cultural and individual analysis, centered on the psychoanalytic concept of narcissism and America’s unique history. Specific topics included: (a) “making it” in America; (b) pseudo self-awareness and the spectacle of politics and celebrity; (c) the degradation of sport; (d) the commoditization of education and its focus on “life adjustment;” (e) socialization of reproduction and the collapse of authority; (f) the flight from (”true”) feeling embodied in a culture of promiscuity and sexual warfare (perhaps his least balanced chapter); (g) the “planned obsolescence” of older persons; and (h) the link between our bureaucratic culture and narcissistic dependence on it.
October 15th, 2008 at 1:23 pm
maybe the russians will air drop some can foods on them ….:)
October 15th, 2008 at 1:23 pm
years back i remember reading one of those free newsletters explaining hybrid seeds etc… i won’t mention where i was while reading it for fear of judgement and assumptions but that was three years ago. repeating history and religion over and over again just keeps us stuck in the same mind set. we actually create what we say were against. were playing into their whole plan as we always have. enough of the endless bickering. what they don’t want is all races, religions, non religious joining forces.
October 15th, 2008 at 1:28 pm
i’ll try this again. what they don’t want is all races ,religions ,and non religious and or athiest to join forces. stop the endless bickering over these things. it has served them well too well.
October 15th, 2008 at 3:33 pm
I think they need to bring back their Viking outfits.
October 15th, 2008 at 6:36 pm
Iceland used to be a socilist state with massive poverty. As of today Iceland is a “Booming Economy” for the last 20 years because of Liberty, autonomy, Supply Side Economics and other factors that contributed.
October 15th, 2008 at 7:44 pm
We are going to need more than a Viking outfit. We are going to have to fight for our food if anything goes south from where it is now. Times are going to get tough and I do not think that anyone has any idea how tough things are really going to be especially if the big O is elected in November.
October 15th, 2008 at 10:18 pm
Icelander post #26 –
I hope the rest of the country has your attitude..
If you have to compromise with the Russians .. do so with conditions. Russia wants to replace the old US attitude and it seems they are in a position to do so…
Independence is ideal.. but presently you have ebeen betrayed . It will take time but I have faith that every country and it’s people can make it through any “artificial” crisis imposed on them by a weak GVT…
Brown claims he is for the people..yet he lies and betrays the ones that do not comply with his demands.. Sounds like he likes a “hostage situation” more than a leadership role…
People will eventually tire of the tyrants and hopefully give them the reward of a deserving nature.
October 16th, 2008 at 5:48 am
Hi, I´m from Iceland and I must say that what is happening here is a perfect example of the global elite trying globalize yet another cauntry by creating a situation (in this case, bankruptcy of the Icelandic banks and companies) and thus forcing the country to join the EU and take the EURO as the main currency instead of the Icelandic Krónan, in doing so taking away the Icelandic constitution and replacing it to a EU standards constitution.
Our corrupt leaders are not to be trusted as it has been shown how they have been handling the crisis at hand.
please feel free to ask me about anything.
October 16th, 2008 at 8:52 am
Sigurður Benediktsson, you are saying your money was still good but was just changed over to euros? That seems to contradict all the info about buying gold. Please clarify your info on that.
I know this one world order is inevitable but I wonder who is going to be the main person in power? Maybe they will all kill themselves off vying for that position – lol!
October 16th, 2008 at 10:11 pm
The Icelanders will remember their Viking roots! It’s time!!! No Quarter!!! We Nordic people ARE NOT A SLAVE RACE!!! We all need to look to our roots to get through these times. We all have a proud heritage. We all need to recognize the enemy. We ALL need to refuse to be slaves!!! No Quarter!!!
October 19th, 2008 at 12:46 pm
to “genny” No we still have the Icelandic currency (Kr.) but now, we will most definitly change from our (kr.) to the (euro), since our currency is collapsing, along with our banking system and government. Plus, there has always been a campaign going on to promote the Euro here in Iceland by numerous groups in our society.
This bankruptcy that is happening, not only here in Iceland but everywhere is simply empowering these groups to reach their goal, which has always been the One World Order or as they call it “the New World Order” We need to stop the Current system that we live with today and that is the “Monetary system”
go to this site and join up to creating a better future for you and your your children to live in.
Here´s the link http://thezeitgeistmovement.com
check out the VENUS PROJECT !!!
October 20th, 2008 at 3:40 am
Sigurdur, and rest of Iceland
our hearts are with you.
show us that people can be at their best when things are worst.
October 20th, 2008 at 4:29 am
Thank you