Wednesday, October 15, 2008

I might go to Iceland

Or at least, that was what I meant to post three days ago before I had to run out of town for two days and ended up not posting. I was going to tell you all about how the country just slammed into a brick wall and its currency has collapsed, thus making a cheap vacation (even for Americans!). Iceland is about the only country on Earth - that won't kill visitors - with a currency performing worse than the U.S. dollar.

But I can't post that now, because things have really, really deteriorated even in the last three days since my light-hearted, semi-serious post was going to go up. I mean, really bad. As in, they are starting to see grocery stores with no food on the shelves. Iceland is a country that imports everything...and that is bad when your currency collapses.

I might go now just to see a moment in history, but I'm not sure I'd be ready for what I find. If you're interested, you can get round trip tickets from Boston or New York for about $400 right now. They're desperate for people to go there and spend money (the price of a beer is down 70%).

2 comments:

Scott said...

There's some great news, though. Apparently Iceland's government talked with the loan sharks at the IMF, but instead decided to borrow a few billion from Russia.
I love that. The IMF smelled blood in the water when a very rich country ran into serious trouble. They probably thought they could regain some of the power they've lost recently. They still got rejected.

Rick said...

Indeed, Scott. And you have to wonder why the Russians would step in. I'm sure that deal has absolutely nothing to do with Keflavik Naval Air Station. Nothing at all.

If commodities prices were able to hold up, we'd be looking at the first destination in Cold War version 2.0.