Tyler Cowen wonders if he should travel to Iceland to benefit from the collapse of their currency.
Icelandair is running some amazing airfare deals. There’s a whole group of folks trying to figure out how to take advantage of Round-the-World airline tickets departing from Iceland (and thus priced in local currency, which means about a 55% discount on flights relative to bookings out of Stockholm). But best anyone has been able to figure, airline tickets are all being issued in hard currency with the ‘old’ exchange rate. Ciredt card companies are using old rates on purchases. While banks will only buy – to the extent they’ll buy – Kroner at the ‘new’ rates, they’ll only sell at the old.
Some great deals should be able to be had provided you get yourself to Iceland, bring a load of hard currency with you (and yes, the US dollar qualifies), and find a way to exchange it on the black market once you’re there.
But provided you can do this, buy yourself a bunch of first class Round the World airline tickets, it’s the opportunity of a lifetime!