When the World Went Bust - 4 January 09 - Part 2

[JSavic]

Why kill yourself ? Why not take down a few bankers first, just when they thought that they had escaped with all your money ?

[mfatah281]

At about 08:25 into the clip, the premier from Iceland contends that "no one could foresee the global financial crises." This is complete rubbish; the fact is that no one really listened and paid any attention to the ones who were sounding the alarm bells since over a decade!

[eatandtravel]

More demigods are on the way. Sad. I thought we were passed this.

[badseed136]

Geir Haarde should be hit in a public square by an angry mob. For his own safety he should stay where ever he is and never return to Iceland.

[YvonJrDenis]

To pretend these crisis could not be foreseen is a lie. It been planed by a few power freaks hundreds of years ago. Back when people revolted against the monarchy's. Just YouTube D D Eisenhower, farewell speech, JFK, secret society speech and so many other. Look at the Federal Reserve history. then add 1+1 see if you end up at 2. Please dare do these research.

[YvonJrDenis]

We know, the bankers of the federal reserve control and own the US monetary system and they are located in Washington DC. OK! If Americans don't own "their" money system, and Washington DC (District of Columbia) "not to confuse with the state of Washington" is a country within the USA ! My question is... Who own WDC? There's 3 of these country within a country in the world. WDC, City of London and the Vatican. Seems like the world power freaks control US.

[eitthvadannad]

Damn this thing sucks

[atelang7]

I have one quote :

If the American people ever allow the banks to control the issuance of their currency... the banks and corporations that will grow up around them will deprive the people of all property, until their children wake up homeless on the continent their fathers conquered.

- Thomas Jefferson

It is sad to say but Jefferson was right....the American people should not have allowed the Senate to create the Fed...

[rizwan55]

to the person who wrote that the US is no Iceland..you are worse..do you know that in US, the Federal Reserve is a PRIVATE institution..the institution that is responsible for determining the monetary policy is outside the jurisdiction of the government and the judiciary..the Federal Reserve is owned by a few wealthy families like the Rothschilds and the Rockefellers..these people print money and loan it to the US government and then charge the US government interest to use it..get the facts!!..

[lproth]

Look idiot, The Fed is a government bank, which is quasi-public. The US government can not compete against private banks, but can regulate them. Take a civics class!

[ilikeicecreamandcake]

US is no iceland but when it falls, the thud will be louder.

i know you're just pulling stuff like "federal reserve is quasi public" out of wikipedia.

they say its a government entity with private components. what that means is it pulls the balls of the government while reaping fortune for a few.

least of all, congressman Dennis Kucinich doesn't need a "civics" lesson when he stated the federal reserve is as federal express. he called for its abolishment. kennedy tried the same and was killed.

[lproth]

Rizwan55 and ilikeicecreamandcake your jobs at McDonalds are waiting for you. I am sure that when Kucinich is picked up by his UFO buddies he will save a spot for you two. By the way, say high to Ron Pauls brain for me, ask if the aliens would please return it, he might need it someday? Try reading the Federal Reserve System

by Richard H. Timberlake

[ilikeicecreamandcake]

ron paul is advised by peter schiff thank you. he was right years ago and there are videosof right wing nuts nsaying "he is crazy" and ben stein saying "the subprime cisis is a small fraction". now he was right and they were wrong and they look like complete idiots now.

and here is what "Richard H Timberlake" says:

Since the late 1960s the Federal Reserve Board has expanded the growth of money stocks at generally increasing rates. These policies have led to increasing inflation.

[ilikeicecreamandcake]

The key elements in the Fed's failure to chart a noninflationary course are (1) its political composition and (2) its preoccupation with the interest-rate structure. Because Fed terms are so long, no President can exercise significant control over this major determinant of economic policy. The Depository Institutions Deregulation and Money Control Act of 1980 extended the Fed's control over commercial banks and monetization of debt.

[ilikeicecreamandcake]

Congress must deal with the inability of the Federal Reserve System to function as intended. It could assume direct control over monetary growth, or it could bring central banking functions under the control of the President. A final option, and a true institutional reform, would begin with the abolition of the Fed as a policy-making central bank. This would allow the banking system to become competitive and thus innovative and in all likelihood serve consumers better than the Fed has done.

[ilikeicecreamandcake]

read it carefully: "Congress must deal with the inability of the Federal Reserve System to function as intended. It could assume direct control over monetary growth, or it could bring central banking functions under the control of the President."

i never even read the works of Richard Timberlake but a 3 minute research provides the fact that even he is in disfavor of it.

[lproth]

No-one likes the fed 100% of the time, that is why its perfect the way it is.

[mike71470]

Why are we nationalizing the banks that lose money and not nationalizing the central banks which make money.

[antiiraqwar]

because the common man has to pay for all the losses and the wealthy industrials can make more money!

[lproth]

Yes, I know inflation is a rise in the money supple. So you understand first year economics now. Good for you, now you can get a job at starbucks!

[ilikeicecreamandcake]

how is the work environment @ starbucks? did you like it?

[lproth]

A little before my time, My sister in law gets lots of dates....

[rizwan55]

I think you should look at the facts Iproth..the Fed have complete control over the money supply..the Fed is not answerable to any government official or the courts..it is an entity that exercises absolute power..and under the US CONSTITUTION IT IS ILLEGAL..yes they have to appear before Congress..but all they have to tell Congress is what they have done..

If the US gov. was is control of its money supply, then can easily compete with the private banks, as they would own the printing presses.

[lproth]

Understand in our system, the fed must be semi-independent to fight off competing areas of the USAs economy. Such as barrows wanting low interest rates, banks high interest rates and every day people low inflation...ect..ect. I can understand you saying that the Fed has screwed up that balance. Now the Fed is run by people who can and do make mistakes (or are corrupt, take your pick). The system works better than anything else that we would replace it with.

[ecrojo66]

The most amazing thing is that it is AlJazeera that ends up telling this story in this manner (thoughtful, thorough, and in depth by TV standards) the mainstream US broadcast media ? Nowhere near as good, constantly buying into the "official" stories and diversions, rather than doing their job (understandably enough as they are part of the for profit broadcast model) :-(

[o10ciano]

all peasants just say fuck Corporate Media. Fuck GE/MNBC. Fuck Fox. Fuck Tunner/CNN.

Fuck ABC. Fuck Al Jazeera's, they are dog to the Red China.

[ewrh78]

what????

nobody knew????

I KNEW five years ago - it was obvious that the financial markets would destroy us.

(ask my economic professors or my psycho therapist for confirmation)

[VT16]

What's needed is more, not less, regulation of institutions who can't help themselves but gamble with so much money (existant and non-existant). This crisis came about due to the worst aspects of rampant capitalism that had zero oversight, and this was supported by the government.

[gibri]

Gussi hatar þig jón ;(

[lrn2wlk4life]

The US is no Iceland. Our currency is supported by more. And it is all just relative. What matters is that we don't allow government to use this to take more of our freedoms, tax us more, grow endlessly and hurt us individually. Government is like a drowning victim, swim to them and they'll push you under, we the people just need to sit back and replace the corrupt parts when we see them.

[teemuruskeepaa]

The middle aged rich white males created all we see. We haven't asked for it but we should not be ones to suffer.

[o10ciano]

fucking middle aged rich white males. They all need Viagra. the rich have the right to organize, hire security contractors to protect their interests... Yeah that's industry still not yet lay off. Like the Blackwater

[teemuruskeepaa]

Yeah, security industry is the more ugly side of the so called free market economy. It proves that not all are free.

[knightsofbob]

You are correct in calling it a "so called free market". The U.S. has not had a "Free Market" since long before the great depression. Our current economic crisis actually stems from the fact that we are trying to run a Regulated Economy while calling it a "Free Market", or rather Keynesian economics. Over centralization leads to disaster when the central point/s falls. The idea behind original "Free Market" economics was that one component could fall, while the rest are unaffected.

[teemuruskeepaa]

My answer to everything is debate democracy.

[wojiwodj]

wasn't the finacial crisis related to lack of regulation? haven't we as a world witnessed wars fought over economic ideology? how can we change economics without violence? the rich have the right to organize, hire security contractors to protect their interests, now is the time for science but instead we have politics