In the years following the 2008–11 financial crash, Icelanders searched for meaning in the sudden collapse of banks and trust. Among those who grappled with these events, author Einar Már Guðmundsson approached the story from a unique perspective. His collection titled “Bankastræti núll,” or “0 Bank Street,” offers twenty-five essays reflecting on the crisis and its roots in global economics and Icelandic society alike.
A Reykjavík landmark turns symbol
The title “Bankastræti núll” has a layered significance for Icelanders. It refers to a locally known public toilet that once operated at the far end of Bankastræti, a central street in Reykjavík. Over the years, the site’s nickname became shorthand for hitting rock bottom or being at a standstill. Einar Már turns this location into a metaphor for the failures of banking and economics, positioning the lavatory as a space where public and private meet, much like finances in society.
Throughout the book, Einar Már shifts between personal recollection, political analysis and imaginative prose. He contrasts past and present, drawing a line from periods of Icelandic prosperity to moments of deprivation and uncertainty. Rather than treating the economic crash as an isolated event, his essays connect Iceland’s fate to wider global forces. In particular, the essays argue that countries as distant as Iceland and Haiti can find themselves bound together by the same international institutions such as the International Monetary Fund.
Fragmented worlds and playful critique
Critics have noted the playful, digressive style of Einar Már’s essays. Yet beneath the humour lies a critical approach, questioning divisions that run deep in modern society, between work and art, as well as between wealth and poverty. He observes how increasing specialisation and separation of disciplines create a society where people can feel alienated from each other and from their own past.
“Bankastræti núll” does not offer easy answers. Instead, it invites readers to revisit connections lost between generations, between politics and poetry, and between the known and the unknown. Einar Már’s playful take on financial disaster encourages a broader view of history and human experience, making the local story of an Icelandic street corner resonate with themes that are anything but parochial.
