Iceland’s struggle (and mistakes)

For more than a decade and a half, Iceland’s economy was a blest and happy story. But things changed rapidly from the beginning of last year. This American housing crisis went world tour so now my girlfriend’s country (Iceland) are getting our share of the fun. In Sweden the situation is a little bit better, apart from a skyrocketing unemployment rate especially for youths. In Iceland however, the problem is worse. The Icelandic krona has dived way under its original value. Fuel prices are skyrocketing and so does the price for food and groceries. Yesterday, Morgunblaðið reported that Iceland lost in total 117 billion Icelandic kronur due to bad business abroad during the second quarter of this year. In addition to that, the foreign debts have increased. And in the mist of everything, Iceland is trying to help people from other countries AS WELL. Today, 29 people arrived to the little town of Akranes from the Palestina territories. I think this is really bad. When I mean “no borders” I certainly do not mean “more people on welfare and other people’s money”. I mean we must open the borders for industrious people who are willing and able to make a living on their own and reach a level of autarky. Labor immigration is all good and it is a necessity for a small country like Iceland to maintain their wealth and growth, but refugee immigration will only be a burden, especially if your country’s economy is in a wild swamp.


About tegis

This blog belongs to Carl-Mikael A. Teglund - tegis. Swedish emigrant with a heart for languages, philosophy, history, and politics (classical liberalism in the European tradition). Go ahead and look, read, or listen. I'm sure you will find it interesting.
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