“She made you tea, asked for your autograph…”

In the wake of economic Ragnarok, as Icelanders contemplate years of subsisting on fish, failed banks such as Glitnir and Kaupthing are suddenly all over the news. We already know that “Glitnir” is a name from Norse mythology, but “Kaupthing” is also a name that’s of interest to medievalists—or to anyone who dabbles in languages.

During the heyday of the Roman Empire, neighboring barbarians apparently absconded with the Latin verb cauponari, “to trade,” and made it a part of their proto-Germanic language. The Vikings who spoke West Norse, a North Germanic language and the parent of modern Icelandic, adopted it for terms like kaup, “bargain, wages,” kaupa, “to buy, to bargain,” kaup-maðr, “trader, merchant,” and kaup-staðr, “market town.” These kaup-words are preserved almost perfectly in modern Icelandic, the language that puts the kaup in Kaupthing.

In East Germanic, kaup settled into Gothic as káupōn, “to traffic,” before the entire language shuffled off to philological Valhalla.

In the West Germanic languages, modern German cultivated Kauf, “a purchase or acquisition,” kaufen, “to buy,” and Kaufmann, “merchant”—with the latter shedding light on a familiar German surname.

Meanwhile, in Old English, the “k” became a “ch” sound in words like ceapian, “to bargain or trade,” ceapman, “merchant,” and ceapstow, “trading place.” Thanks to the Anglo-Saxons, now you know the root of the word “cheap,” you know that “Kaufman” and “Chapman” are basically the same name, and the next time you see English road-signs for Chipstead, Cheapside, and Chepstow, you can easily guess what went on at those places more than a thousand years ago.

All that from a failed Icelandic bank? Absolutely: a wealth of cognates derived from Latin’s token investment in proto-Germanic. Ach—if only you’d put your money in Germanic languages, just think about how rich you’d be today…

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