The Financial Crisis
•
7 Mar 2011, 14:20
•
Journals
population in the UK is just over 60 million. Current government debt this year has peaked at £1 Trillion. This equates to around £16,170 per head in the UK to pay off the debt, an incredible figure.
Under Gordon Brown June 2007 to May 2010 Government spending astronomicaly increased. Leaving David Cameron with an incredible debt to clear.
Icelands population is 320,000. Current GDP in iceland is 13 billion dollars and Bank losses in Iceland are 100 billion dollars. Their external debt in the second quater of 2008 was 9.5 trillion krona (52 billion dollars). Which equates to 162,500 per head, an absolutely astronomical figure.
The US population is currently at nearly 311,000,000. Government debt is currently at $14,200,000,000,000. Equating to about $45,000 per head.
These are the figures for some of the worst hit financial economies in the world. Obviously countries such as Greece and Spain are in a recession also however im not finding statistics on every country affected by financial crisis.
So how did this all happen and what caused the global financial crisis?
The Inside Job is a documentary examining the global financial crisis from 2008 to present. Rated 8.1 on IMDB and in line for an Oscar as the best documentary. This does not dissapoint and certainly worth a watch. A great documentary if you have little or no financial knowledge and also if you do. Yes things are missed out and parts need to be in more detail to explain things, however such a feet would be impossible in 1 hour and 42 minutes.
Tl;DR... expected. But for those interested you should watch the documentary
Under Gordon Brown June 2007 to May 2010 Government spending astronomicaly increased. Leaving David Cameron with an incredible debt to clear.
Icelands population is 320,000. Current GDP in iceland is 13 billion dollars and Bank losses in Iceland are 100 billion dollars. Their external debt in the second quater of 2008 was 9.5 trillion krona (52 billion dollars). Which equates to 162,500 per head, an absolutely astronomical figure.
The US population is currently at nearly 311,000,000. Government debt is currently at $14,200,000,000,000. Equating to about $45,000 per head.
These are the figures for some of the worst hit financial economies in the world. Obviously countries such as Greece and Spain are in a recession also however im not finding statistics on every country affected by financial crisis.
So how did this all happen and what caused the global financial crisis?
The Inside Job is a documentary examining the global financial crisis from 2008 to present. Rated 8.1 on IMDB and in line for an Oscar as the best documentary. This does not dissapoint and certainly worth a watch. A great documentary if you have little or no financial knowledge and also if you do. Yes things are missed out and parts need to be in more detail to explain things, however such a feet would be impossible in 1 hour and 42 minutes.
Tl;DR... expected. But for those interested you should watch the documentary
wat
wat? did not read.
“Those who make peaceful revolution impossible, make violent revolution inevitable.”
interesting times ahead.
now the americans are trying to weak the europe,that s why the so called world crisis have been started,while the powerful countries in the europe tries and even succeed in buiding a wall:the rich on one side and the poor on the other side...
inventing the euro was meant to do 2 things:weak the american dollar and gaining more power over the weak european countries by forcing them to be slaves for west.that s how an intelectual from romania had ended from teaching students in colleges ,to clean toilets in sweden,uk or other countries.amazing,isn t it?
The nations and boundaries are true, but could be compared to farms, while each of the farm has its own master, in the end, all the cattle is being sold to the same slaughterhouse. some farmers take care of their cattle better than the others...
Excuse me??? The people in the so called powerful Western-European countries were already paying lots of money for the weaker Southern-European countries in an attempt to unite Europe and bring all countries up to a certain standard. Now that lots of poor Eastern-European countries got into the EU, we will have to pay more and more. So don't you dare talking about submission or even slavery. The Western-European people are more like your sponsor.
And yea, the IMF gave Romania a loan. Why do you think that is? Because interest rates for Romania were sky high. On every loan you had to pay back 15% a year (because of the unstable situation your country was in, investors demand a higher risk premium, quite logic no?). Instead of loaning on the markets at sky high prices, the IMF offered you quite cheap loans at 5%. In exchange for this the IMF demanded reforms. I don't see anything wrong with this. If you call this slavery, you have no clue what slavery really is.
And why do you think countries like China, India, Brazil are rapidly developing? If the west really would want to keep their dominance they would ask all western companies to get their branches out of those countries and their economy would collapse because let's face it, the only reason why those countries develop is because western companies are investing in these countries. Why would the west do this when they want to keep their dominance? They are basically ehlping those countries. Wealth is increasing rapidly in these countries.
And I was talking about western countries investing in China/India/Brazil. Because of this there's work in those countries. They can export those products to the west and gain a positive trade balance. This way money stays in the country and is invested in real estate, infrastructure, etc... Income wil raise because the country is competitive (positive trade balance, etc...) and so countries work their way up. The reason Romania is poor is because it's not competitive. Western countries are competitive (and got the advantage of being since decades/centuries). That's the reason western countries are rich, if you like it or not. Countries like Argentina, South Africa, Singapore, Taiwan are not part of the west yet they are quite wealthy so it's perfectly possible. You should stop blaming everyone and look to your own country (corruption, no competitive economy, etc...)
Uhm, what? Unless you're related to Ceausescu, you should know that Romania has been a poor country for ages.
And don't get me wrong, I do feel for the normal people. But you can't be serious when you say their situation has been much better before and the West stole from you. That's highly ungrateful. That's like Eastern-Germans saying their life was better before West-Germany freed them.
the debt that romanian economist working in switzerland discovered in old historical papers..stolen by the germans...prooved,in the newspapers,admited by some politicians ,denied cause of threaths they received by others.money:17 billion euros.this bussiness i m talking about is quite new.back in the 1940 Romania was providing Europe with food ,being one of the most powerful countries in this domain.i m talking about corn.now we take corn from west,cause we don t have money for the culture anymore.when ceausescu was killed in 1989 according to history papers Romania had no debts to Europe western countries.and i m not defending comunists by saying that cause i fuckin hate them.but is the true.now how do u explain after 20 years we end up by being one of the poorest countries?not only cause our politicians are corrupted,but cause of a hard process of anihilating the east countries .do u think that the money from Fmi ended up in ppl pockets?no.it went straight back to their pockets and to the romanians policiticians and bussiness men.is a sick circle.richest get richer,poor get poorest.believe me or not,that don t change what it is!
The euro had the following advantages: price stability & transparancy, monetary stability, no transaction costs, increase trade over borders, lower interest rates and increased border employment. All the rest are conspiracies like how the aliens were behind 9/11.
another hint: Don't watch all these conspiracy movies etc.. your brain is fucked.
The difference is I'm not letting my emotions get into the way of providing arguments. You base your views on emotions (stories of poor people), not arguments. They may all be true but it doesn't add anything useful to your same old conspiracy theories of 'one world governemnt' and 'the west dominating the rest blabla', 'CIA controling the world'. It's just empty words and hot air, the same thing you accuse me of.
poor people stories are not stories are experiences that i m aware every day!is reality!u say u saw it too,but is one thing to visit it and to be there for litle time,and another thing year after year to pass beyond u.
being realistic,i m sorry u see this guys as the last good samaritean for the poorest,but is not like this.they don t care about what me and u talk here and they definetely don t give a damn about the poor country.wake up from your dreams,get real,and forget about what they told u on school or what ever u came up with those numbers!is not like this!
world domination is real,intention of creating couple of big corporation and to separate the world in 2 3 big parts is also real,and for christ sake,even my dog knows about cia!now i really must go, i have enjoyed talking to u,please don t reply anymore u won t change a thing!
I studied economy and work in the financial sector so yes naturally I will have views a bit more economically then the average person but it doesn't mean I defend them. Remember, capitalism had a lot of good things. It's not perfect but it improved the wealth of billions of people from all over the world. Yes there is still a lot of poverty left, I know that, but in the past it was even worse. Wealth has risen a lot all over the world despite still being a lot of poor people. You can't turn the world in a rich place over night. Remember, food, electricity, housing were only for the ultra rich just over 100 years ago. Now the majority of the world has those (and much more) thanks to capitalism. Close to 2 billion have internet in the world. Internet isn't a necessary need so as good as all of them have enough food, water, housing, etc...
Besides, if everyone would have 50 000 dollar, prices of resources would rocket because of the huge demand and limited supply. Huge inflation would follow and make your 50 000 dollar worthless a couple of years later. Everyone would be poor in that case.
Romania was poor in the past and still is so why blame the west? Capitalism at least lifted hundreds of millions out of poverty all over the world. Without the west/capitalism we would all still be living like in the middle ages.
how come chinesse come to work in romania?hmmm
india:ok this country in the medieval times used to be rich as hell.what happend?the europeans invaded it...the english came and destroyed all bla bla bla,but who cares?
brazil?i m not that good in south america history,so i won t say anything but....umm the spanish?anything about trying to force them skip to christianity?ring any bells?world domination ,bla bla bla?no?ok...and seriously where did u get those numbers?don t tell me u wake up in the morning and the first thing u do after u make your coffee is to open the money channel on tv or something like that?did u just google some shit about this and now u server me like u are some big smart ace in economy and u wanna impress me with some numbers?
The fact is in the last 10/20 years a middle class has appeared in china and 100/200 million are enjoying western living standards. Now guess when that started? When China opened it's country to the west. They opened up their economy to western companies and investors and now they are reaping the awards. Obviously not all of the 1300 million are rich, it can't happen that fast but the country is developing.
Besides, they still have a _choice_ to watch/listen to whatever they want. We don't force them.
A country for cheap workers? Average wages in China are increasing rapidly. Companies are already starting to relocate to neighbouring countries because of the high wage cost. Again, remember 200 million are already part of the middle class. It has never been seen before that in 10 years 200 million have reached a high standard of living. Many dozens of millions more have been saved out of poverty. Yes there are cheap workers but without the west as good as ALL OF THEM would have been poor. Now at least there is a wealthy middle class and more and more are joining them. But yea, it's the 'evil' west again...
Yes I know it's not only on paper but are you really saying it's our fault all those people are living in poverty??? You can't be serious.
It's like saying I want to have 12 kids and the rest (taxpayers) have to pay for it and pay all the costs to raise my kids. You can't expect this, right? You do understand this? We are trying to raise living standards but you can't expect that the 70 million people that are born EXTRA every year get immediately western living standards. Is this really our fault?? Why shouldn't those countries do more to either improve the lives of their citizens or to limit the population growth??
Haters gonna hate!
but ye i understand what you meant so dont worry
thx government but as it is the way with lefties they still flood the media with whine.
this of course rules out asking questions and concentrating on anything else than your own achieving and surviving.
you might aswell want to watch this aswell, quite much sums it up, even though i do not share the opinions of everyone and everything in this film, but at least it gets to one point: money has been wasted big times with those packages to save the banks, countries etc, could've used it more efficiently imo
probably not in a part of that chain that you denounce now? hehe
seriously though, i'm on a documentary vibe atm so i'll check it out
Huge mistake.