Currency conversion

The highcourt of Iceland decided this week that the loans whose principle fluctuated with the value of various foreign currencies were illegal. I know nothing about the legal background of this, save to say that the whole idea seemed really strange to me. But I have noticed, perhaps because of the popularity of these loans, or because Icelanders, pre-crash, traveled an awful lot, that every Icelander has an incredibly precise understanding of the value of the kroner against a variety of foreign currencies, including the US dollar, and they keep up with the value fluctuations on a daily basis. I mean everyone from the plumbers to the college kids to the executives. Everyone knows the value of the dollar against the kroner, it seems to me.

In the US on the other hand, I have rarely met even someone with an advanced college degree who knows the value of the dollar against the Euro or Yen, let alone against the kroner.

So it seems to me these gengistryggð loans were at least good for that, as a lesson in international currency conversion.

Comments

Anonymous said…
Ég er ekki viss um að það skipti öllu máli, við höfum alltaf vitað hvert gengi krónu er gagnvart flestum stórum gjaldmiðlum einfaldlega vegna þess að krónan er svo smá og við ferðumst svo mikið erlendis. Fólk í BNA þarf mikið síður á því að halda að vita svonalagað.
June 27, 2010 at 8:05 PM
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