38 thoughts on “The financial crash in Iceland in 6 minutes according to ABC´s 20/20.

  1. We need support in Ireland to stand up to the #Greedy #Corrupt #Solicitors Financial #Elderabuse

    Blessed Oscar Romero said The ones who have a voice must speak for those who are voiceless.

    Please take a moment to sign this petition For Michael Gavin RIP

    https://www.change.org/p/justice-4-elderly-michael-gavin-85-year-old-michael-gavin-will-expose-corrupt-solicitor-financial-elder-abuse-in-ireland-and-beyond

  2. Iceland would have never bought the bonds if they were labeled correctly as junk bonds. The banks lied and gamed the market. The banks change the banking accounting laws to not be able to audit those bonds. Phil Gramm was one of the bankers to change this law………. And what is do with these criminals? His wife was head auditor of Enron back in 2001during Enron's corporate fraud. That is our problem in a nut shell and the same problem today..

  3. It is 2017, a day before Trump gets sworn in. Eight years from 2009…how is Iceland doing. I wish them well and glad the DickTator we had in office is OUT!

  4. Good god I remember when this happened, I was 12 and yet I got sometimes really scared like the country was about to explode.

  5. am I the only one pissed that didn't take out a loan,live it up a few years and fuck everyone into debt?

  6. Iceland was basically another Lehman Brothers. They bought MBSs and CDOs without realizing what they actually contained: a bunch of junk mortgages given to people who couldn't pay them off. As loans and mortgages get repackaged (and if the credit agency is paid to give it a AAA rating) banks and even countries don't really know what they are buying. They got caught up in the USA housing boom and, just like any one else, felt that the boom would last forever. But nothing that goes up that fast ever does. Ultimately, no real money is made without a product or good being produced. Shuffling money and charging interest is only temporary and no economy can be sustained by it. The Icelanders now realize that the real money is in the cod that they were fishing out, not by borrowing money and re-lending it without knowing what is actually backing those loans.

  7. It's quite interesting to consider that Iceland, which was for the longest time completely isolated and one of the poorest countries in Europe with little chance for great wealth, suddenly became able to gain such an enormous amount of wealth. This is a prime example of what greed can do to people, and in this case, to countries.

    While on a trip to Iceland earlier this year, we heard a lot about this economic crash and it was interesting to hear about just how much the country suffered. Like it says in the video, the politicians didn't know what to do about a crisis of this magnitude.

  8. Fucking IMF Zionist looters. They did exactly the same to Greece.
    The governments get the blame instead. Hmmmmmm…

  9. Iceland originally had 3rd world status , the west invested in them first, brought them out of the medieval days

  10. That's odd no word that they let the Banks fail and Jailed the Bankers and Corrupt People and Now the recovery is very good  
    They have do the Opposite to what the West has done and the West has had No recovery at all and is now looking at the biggest Depression Ever in the History of Man

  11. it's like a consensual fucking between the bank and the investor.
    no one force those people to be greedy and ignore all the risk

  12. Interesting. This reminds me SO much of what happened with the US before, during, and after their own ordeal with this. Hopefully Iceland has snapped back to normal or if it hasn't it does eventually.

  13. According to what I have read and researched, this video is crap / spin as usual from the Rothschilds media machinery.
    There's no mention that Iceland JAILED the Bankers.
    There was NO election the officials in the Government were thrown out.
    There's no mention that the Icelandic people did NOT BAIL OUT THE BANKS.
    There's no mention that the interest payments for forgiven – the average person got a break; the interest on loans was canceled.

  14. This is the most condescending description of my country I have heard in a long time, you make it look like life before the "financial vikings" was isolated and all about fishing, and the comment "chase cod to make money" made me very angry, fishing is a big part of our society but not nearly as big as you describe. And describing imported German cars, french wines and foreign foods as something we had "never seen before" and a new luxury is just plain stupid. We were and are not cavemen!

  15. And then they put the bankers in jail!

    What a novel idea! Actually putting criminals in jail. Maybe America should do that, too.

  16. I would assume to guess the amount of debt is probably some where around the amount the heads of these banks have been grossly over payed in salary over their time doing this.

  17. I would like to note that this was reported by abc, which is mainstream, so we are getting somewhere. A little at a time, but progress is being made. The more we demand good and strive for it the more we will see it grow around us. WE LOVE ALL OF YOU

  18. I agree, ABC also decided to omit the fact, that Iceland jailed many of it's bankers sending at least one banker to solitary confinement. There's also reports that over 90 people were indicted with more than 200 including former Chief Exec's at the 3 biggest banks facing criminal charges.

    It's ok ABC, I'm sure more informed people will fill in the massive chasms left by this whitewash you call journalism!!

  19. The government nationalized the banks and inherited its debts. Populist members of Icelandic politics such as President Ólafur Ragnar Grímsson and Sigmundur Davíð then made attempts to convince people that they did not have to pay the debts when an excellent deal had been made, a futile effort to win another four years. The opposition has been clever in trying to get the blame caused by themselves onto a government that struggles to bring everything back on track.

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