A different take on the crisis

October 24, 2008

The current crisis is far from being funny, but one of the effects of is that many people who never had to deal with macroeconomics before, now have to turn to it, sometimes with hilarious results. For example, after the UK used anti-terrorist legislation to freeze assets of an Icelandic bank in the UK that withheld deposits of British customers (among them, the London Metropolitan Police), Icelandic websites published quite a few stories and commentaries about international macroeconomics. The following is an analysis of the current liquidity crisis, found in an Icelandic blog, from the perspective, allegedly, of an Icelandic farmer. (Thanks to Amnon for the link)

Well, as you can see from the first comment, this may not be the perspective of an Icelandic farmer, after all. So, I changed the title. It is still very funny, I think, and illuminating in its own way… YM

17.11.08 – Another reader asked me to put a link to the original source of the quote (search for comment by ‘cuppateawifmilk’). I have to say that the comment in its entirety is not as funny, does not carry the economics insight and rather xenophobic. But, hey, my readers’ wishes are my command! YM 

“But you must understanding England peoples. They think they rich because house expensive. I explain problem to my father that England people are like farmers who think they rich because someone say cows worth million pound even if not real. I say problems in England because now they wake up and know cows not worth million pound and all vey panicky on moneys. He ask me Iceland issue and I say it simple: Gordon Brown and England peoples have million pound cows but Iceland is like next door farmer who have billion pound chicken and they make deal to give money to have eggs regular . But cows all sick and not worth million pound anyway and same time Iceland billion pound chicken go missing and Iceland people say all egg go to Iceland people until they find chicken again. But, Gordon Brown say fox eat chicken so no chance and then he grab all egg he can. With this information my father has explain all global liquidity crisis to village at home.”

5 Responses to “A different take on the crisis”

  1. Alda Says:

    Hi. This is a slight misrepresentation. I’m the person who posted this on my blog and it’s not from the perspective of an Icelandic farmer at all. It is a comment that was posted by a Brit posing as an illegal immigrant in Britain in a Guardian UK forum, and which I then posted, with the original link, on my blog.

  2. yuvalmillo Says:

    Thanks for pointing this out. I changed the title. In the text, as you notice, it says it comes ‘allegedly’ from an Icelandic farmer, as you never know on the Internet. Cheers,

  3. […] 26, 2008 Humor sometimes conceals serious theory. Yuval’s wonderful post on the fictional Icelandic cow farmer (originally written in The Guardian) offers some fine British irony, at the expense of the […]

  4. Les Kriebel Says:

    Yuval: Funny as it may be, I think Alda’s point has been missed: take responsibility for tracking the origin of the source yourself, read it within context, and then list it on our own site. lk

  5. yuvalmillo Says:

    Took responsibility, traced the origin, listed it (see edited post). Now, how about this service?

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