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
Post a Comment

Popular posts from this blog

Dett í, ofan á, úr, út

I´m not sure if someone had dett í (gotten drunk), or if það bara dett ofan á (it just sort of happened), or if some dett úr (forgot), but at any rate, my household goods dett út (have disappeared). Let's review the chronology here. Early August packers from the shipping company arrive at the apartment in Moraga. They load my 4 large plastic containers and 8 cardboard boxes, plus one baby crib, into their truck. I watch my things depart. In September, I ask the friendly girl (Magie is her name) if she happens to know when I might expect my stuff. Late September she tells me. I am most impressed. Extremely so. Mid October rolls around, and I have not gotten a call. And it occurs to me that I am going to be traveling through November. Hmm. So I call again. Well, yes, she tells me, looks like your shipment should arrive on the 31st of October. Now here I admit that maybe I was a little lacks. I had a lot to do before my trip, and so when they did not call me, I did not follow ...
Read more

Cultural tourism in Iceland

I just finished writing a chapter of my dissertation, which resulted in a much larger discussion of cultural tourism in Iceland than I had intended. But the fact is, this is an issue I have been extremely interested and concerned about for at least 15 years, if not 20. I have never, ever liked the way Iceland is marketed to tourists in the U.S. Everything from the unspoiled nature to the crazy city life in Reykavik. It has always left the part of Iceland I loved--the simple joy of being in a relaxing and lovely place with my family--completely out of the picture. In 2001, I went to Hvollsvöllur to examine the Saga Centre as part of a study commissioned by the National Park's service to look into cultural landscapes as heritage tourism. I thought that endeavor might represent a change in how Iceland was presented to tourists. But in the last 10 years, and especially while working at Vikingaheimar, and at meetings with the Saga Trails Association, I came to see just how completel...
Read more

On Icelandic doctors

My friends and family here in Iceland were very enthusiastic about me going to the krabbameinsfélag for an exam. I was really impressed how easy it was to get an appointment--booked online even! And when I got there this afternoon, the efficiency continued: they have a well oiled operation in place there, all very organized with computers asking questions and keyed lockers to keep one's personal belongings in. Then when it came time to see the doctor, well, that lasted all of 2 minutes. And I paid 3420 kroner. So I was overall a little disappointed. When I mentioned to the front desk clerks that I was wondering if it was possible to actually get an appointment where I could speak to a doctor, I was given a variety of phone numbers. None of the ones I called had appointments within the next 6 weeks. In the United States, when I want a doctor's appointment, I can usually get it within a week of calling, though sometimes I have had to wait 10 days or so. The highest co-pay I hav...
Read more