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Haarde times

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Iain Mackinnon

8 Oct 2008 | 11:16

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It’s not every day that a prime minister goes before his people to warn them “we may go bust”, so it’s no surprise that the British media should have pounced on Icelandic prime minister Geir Haarde’s frank admission. It’s quite a story. I looked for more detail though, because I had a great holiday in Iceland a few years ago and was hugely impressed by the country – and because I encouraged my daughter to follow our example and buy an Icesave ISA, and we were getting worried about it (rightly, it now turns out).

So I was grateful to The Times for printing the full text of Haarde’s address to his people, for in his closing words of reassurance there is an important truth about the enduring value of investing in people, despite the current economic mess.

Haarde reminds Icelanders that they possess “natural resources, both on sea and land, which will ensure us a good living whatever happens”. I understand why he said that, but in the middle of the last century – with the same natural resources – Iceland’s economy was in bad shape. So I was more impressed when he continued:

“Our level of education and the human resources which we have here are no less enviable in the eyes of other nations than the natural resources”.

It is through its people that a nation of only 300,000 has become such an economic phenomenon, with investments in Britain and elsewhere far bigger than the domestic economy. I’m sorry that this fascinating country is in such peril, and wish it well, but with such talented, well-educated, people Haarde must be right that Iceland will bounce back, and will have a good future beyond the current problems. As another prime minister once said: “education, education, education”.