Wow, the lid is blowing off the formerly staid and sheep-like Icelandic society. Following the collapse of their entire economy from top to bottom, side to side, Icelanders are finally making a vocal and physically critical look at the excesses of the political and business leaders who they have supported without question over the last couple decades.

News from Iceland usually centers around glaciers, volcanoes, whaling, tourism, or in more recent years, music. But all that has been displaced by the spectacular fall from fifth highest on the world’s standard of living index to International Monetary Fund-ed pauper-hood, all in a couple months.

And of those same government officials, politicians, and business people, not one has paid any public price for their despotic (nepotistic!) greed (aside from some of their Empires collapsing, surely, though, after they have secreted away the cream). The Chairman of the Central Bank and former Prime Minister David Oddsson — nicknamed in the 1990s Little Hitler by the few who saw his rule as one based on enormous reserves of ego rather than economic expertise — has refused to resign or even admit any errors in judgment while the entire national economy has collapsed.

Not prone to display dirty national laundry in the international arena, Iceland has been ridiculed with an unprecedented vehemence in British and other international press outlets, often at the hands of expat Icelanders who are so fed up with the whole scandal that they are breaking the public self-critical taboo. Several leading international economists, familiar with the Icelandic situation are reminding the public of the warnings that were proffered months ago of the possibility of impending crisis, all which were ignored by a government who, in the run-up to the crisis, repeatedly claimed the economy was sound.

In private conversations, I frequently pointed out the deep nepotism in the architecture of power that suffused Icelandic society as well as the reciprocal sheep-like obedience of the general populace; especially among the government politicos but really everywhere in a system that sustains perhaps only three of the possible six degrees of separation. Everybody knows everybody.

At any rate, I had wanted to post some links to pertinent resources in this fast-developing situation if only that it might be an object lesson on the excesses of a system that Iceland was very talented in upholding — that of consumer capitalism in all its vain-glory.

There’s the Iceland Weather Report by native, Alda Sigmundsdóttir. She has taken some major strides over the history of her blog, most recently doing interviews with voices critical of the current regime including one with the Icelandic economist Thorvaldur Gylfason.

Another voice which I concur with strongly based on my long experience with Icelandic culture is voiced by New Zealand economist Robert Wade. Small dribbles of news in the more traditional style of Icelandic media (passive echoing of officials) may be found in English at the Morgunbladid (the main national newspaper). They have been absolute supporters of the Oddsson regime and the reactionary Independence Party that he represents.

I could relate many stories from Iceland, and, indeed, have done that here over the last 14 years, but these days, my attitude is that they deserve what has happened. The broader population accepted uncritically the fiscal direction of the Independence Party and the incredibly greedy business elite (very very large fish in a very very small pond). Some Icelandic voices have recently pointed out this very sheep-like behavior on behalf of the public — as something that hopefully is in the process of being purged through increasingly violent protest actions that are both long overdue and at the same time completely not disturbing the equilibrium of the ruling elite.