Ian Parker's essay on post-crash Iceland has been much-recommended, and I'll join in that chorus. Among the article's many great scenes is a closing conversation with Hannes Gissuarson, Iceland's most influential libertarian thinker and a key adviser to the government that accelerated the country's transformation into a hedge fund with a flag. Reflecting on his role in Iceland's collapse, Gissuarson comes up with a justification I've not often heard:
In B5, the empty and fashionable bar, Hannes Gissuarson, the author of "How Can Iceland Become the Richest Country in the World?," had said, "Ten to fifteen guys overreached themselves, they were out of control. But that is not the cause of the collapse." The primary causes, in Gissuarson's opinion were the international credit crunch, the treachery of Gordon Brown -- the "schoolyard bully" -- and the failure of the European Central Bank to show Iceland support.He also said, as if the thought were occurring to him for the first time, that it may be that "some of us are to blame indirectly, because we created a climate in which the entrepreneur was applauded. The businessman, the guy who takes over companies, asset-stripping -- he was a hero in Icelandic folklore that was created by some of us who strongly supported the free market." He went on, "Indirectly, I take some blame for it, but, if you think about it, it's not my fault. It's the fault of the left-wing intellectuals, who should have been giving a counter-view!" He added, "You can't blame people for their successes -- you have to blame those who fail. We were too successful with the free-market philosophy."
Don't hate the player. Hate the game.
