When the World Went Bust - 4 January 09 - Part 1

After years of unprecedented boom a financial firestorm, sparked in the US, is sweeping through much of the world.

In a special programme Al Jazeera's Samah el-Shahat charts the roots of the financial crisis and visits Iceland, one of the high-profile casualties where jobs are being lost and lives destroyed.

Category:

News & Politics

Tags:

• economy
• financial
• crisis
• samah
• el-shahat
• al
• jazeera
• business
• wall
• street
• sub
• prime
• iceland
• geir
• haarde

[o10ciano]

fuck Corporate Media, CNN, FOX, ABC, MNBC, BBC.

[azeem031]

Fantastic..good story.

[Soonerg212]

Ok this may be true on everything Al Jazeera is saying. But what all news network is not telling you is? That in order for currency to exist you need to create artificial scarcity and continue to have enormous amounts of Debt. The debt must be larger then the amount of money in circulations. What we have now is called technological unemployment and we can produce abundance and build more things with great efficiency with out the need of Human Beings. In other words Money is no longer needed.

[arnabdas56]

@o10ciano al Jazeera is corporate too

[aviomaster]

--- World is suffering only cause USA  dollar is reserve currency , and cause OIL is traded in dollars ,,, this should change so the world can live free from this CANCER called the DOLLAR ...

[osman2793]

this is the curse of the consumer society

when a society or a culture becomes like that its always going to implode

[craven88]

it's the jews, stupid!

[TWINZITO]

Psalms 14:1 The FOOL hath said in his heart there is no god.

[dadw5boys]

BULL !!

Politicans and Bankers were trying to bring down the NEW DEAL finally in the USA and drive the American People into a Subsvervant Position to the wealthy. They want to regain the contol and rule like they did in the 1800's .

Owning Serfs slaves and endentured servants are what they seek.

Your really a fool to think they are not afrter that.

[0xFE]

pretty good, even though I'm an atheist

[Olen1009]

It's called lending to unworthy buyers, on collateral with inflated values, and then buying credit default swaps (insurance in case the loans go bad) so that you, as lender, don't have to use due diligence in qualifying the borrower and underlying collateral. THEN the insurer sells swaps on the swaps...in effect, insuring the insurance. All went well until the borrpowers went bad and now no-one will lend to anyone...including banks to other banks., necessary in a vital economy.