Walking on thin Ice

So much of the world's progress and great ideas comes from inspiration. Of someone or something wanting to be better than their present state and not quite sure how to make that transition until met with a source of inspiration.

That seems to be what happened with Iceland, that is coping with financial ruin at the moment. However, the word "inspiration" doesn't really fit this situation.

My first clear insight to Iceland was around the time that Indian actress, Aishwarya Rai, appeared on the Oprah Winfrey Show. Iceland was shown as a nation almost unconcerned with the rest of the world. This tiny country tucked away above Europe, had a small, very happy population. People were in excellent health, the education system was great and Iceland was virtually self-sufficient, depending primarily on a thriving fishing industry. No wonder then that Icelanders partied hard and frequently and enjoyed the rich cuisine and vibrant arts their country had to offer. Until 2008.

Around 2003, Iceland had the brainwave to invest in American banks, with the idea of replicating a Wall Street. This for a country that didn't have experience in high finance.

As the American financial markets began to grow, Icelandic markets multiplied. But when the American economy collapsed late 2008, that left Iceland competely crushed. It became the first western country to borrow fromt the International Monetary Fund since 1979.

The aruguments are several and possibly valid: Why did Iceland not stick to fishing? Why did they venture into a the big bad world of money if they had no prior knowledge of the territory? Why interfere with a system that seems to be functioning fine?

But if inventors of the past had thought similarly, all of us would have been doomed a long time ago, deprived of great changes and valuable innovations. That's what makes this so sad. Iceland took a chance and got burned. It's such a depressing signal to anyone who wants to take a chance again. And that's much more likely to leave many more of us burned.