The story of an Icelandic man and his slow descent into madness. Along his journey he meets Dagný, the initial cause of his breakdown. Other people he meets in the asylum have been committed for various reasons, such as signing cheques for Adolf Hitler and, believing themselves to be writing songs for the Beatles and telepathically transmitting to the band.

Two men in their late twenties, Jim and Frank, old friends from childhood, both emaciated and very grunge guys, meet again after many years. Jim, trying hard to get his life back on track, is pulled in to his old habits of drugs and crimes by Frank and his friends from their old neighbourhood. They set out to help Frank's father to brake out of jail who in return finances their "shopping trip" to Amsterdam.