Sub-prime mortgage crisis in turn-of-the-century Iceland

So I read Halldor Laxness’ “Independent People”. It’s about a man, Bjarthur of Sommerhouses, that spends his entire life trying to be independent. Of everything. Of landlords, God, wants, needs, love, everything. He holds independence as the highest and truest value a man can attain.


Honestly, the book is not that much to talk about. He Raises sheep, 95% of the book is about sheep. The most interesting part is when, late into his life, he decides to build a house. Iceland is doing really well because of world war I, when apparently, they were supplying the rest of Europe with goods. Bjarthur is doing really well in this environment so he goes to the savings and loan company and asks for a mortgage loan… you know where this is going. They lend him the money, happily, and then the sheep market crashes after the end of the war, Bjarthur can’t sell his sheep, he defaults on his mortgage and the bank forecloses. So the issue is not new, people have been getting themselves under water for more than a century, almost two, actually.

Other than this, the book is good because of its imagery and descriptions of Iceland, you almost feel cold as you’re reading it, so if you’re interested in learning about a little known place, certainly learning about Iceland in a non-transportation related way (remember the volcano that halted flights all over Europe?) this is a good book. It’s not up-lifting, it won’t make you feel good, but you will remember the characters and end up feeling like they are personal acquaintances.

I liked it well enough, but I’m not dying to read another of Halldor’s books any time soon.