Hook Line and Sunk - Iceland

September 2009
Dubbed the 'New Vikings', Iceland's bankers had taken the world by storm. But a year ago their banks collapsed overnight, leaving the country to face economic chaos. Have the lessons been learnt?
Like thousands of once-prosperous Icelanders, Gunnar is concerned about his future: Im going to lose my flat. Im going to get bankrupt. All because of the way things were handled here. Turning a blind eye, the government let banks grow ten times the size of the countrys GDP. Very little profits were made from actual banking. Banks only grew by spending other peoples money, especially that of the British. Its one of the greatest Ponzi schemes in history. Says this independent MP. Now Britain wants it all back, leaving Icelanders with a huge debt. With the financial world keen to move on, economists warn of the business-as-usual mentality: If we don't make some quite serious structural changes we are just setting the conditions for a repeat crisis.

Produced by ABC Australia
Distributed by Journeyman Pictures

Category:

News & Politics

Tags:

• iceland
• bank
• banking
• collapse
• recession
• journeyman
• pictures
• news
• documentary
• current affairs
• journeyman pictures

[inyurfacebook]

They need to go after the rich pricks that stole their money and not allow themselves to be taxed to death!

[pkamalesh]

very informative doc. Iceland is beautiful.

[facebookprogrammer]

Glad the banks, CIA, money manipulators & other parasites got the boot from Iceland. Otherwise eventually the Icelanders would go from a nation of hard-working, life-enjoying productive citizens to a nation of alcoholics, prostitutes and thieves all struggling to get by having to borrow money made out of thin air that is mathematically perpetual and therefore impossible to ever be paid back...and that is the trick. You just have to corrupt the 'leaders' and get them to sign on to pull this off.

[Jeorney]

Iceland doesn't appear very multicultural; I hope they keep it that way. That's a form of wealth that's priceless. Once you allow it, you'll become a divided country.

[shasanni]

@steinijg ahh excellent! well i hope ur country learned its lesson! what happened to ireland =/. their economy tanked too? i thought they were doing so well. better than the uk at one point.

[steinijg]

@shasanni yes things have gotten a lot better, albeit there are plenty of problems still to face. We can just be thankful that our banks were too big to bail out. Otherwise our ignorant politician would probably have done so and we would be in the same mess as Ireland has gotten it self into.

[shasanni]

a charming little country! what a shame this has happened to them! its been three years icelanders. have things gotten a little better at all??

[Kenzofeis]

Corrupt politicians hoping for a glorius reward job in the promised land, Belgium or some UN thing? What do they care about their roots with this carrot dangling from a stick in front of them?

[localbroadcast]

everyone in iceland is hot!

[selixshiraii]

What can I say? I agree with you entirely. Our government would not have dared to act in the way they did if it was France, Germany, or even Belgium that was the home of the banks we put our monies in. To use a piece of anti-terrorist legislation against Iceland of all places was a national disgrace.

It was cynical manipulation of public outrage, to divert away from the irresponsible practices of local councils and our credit-based economy.

[SuperGamli]

This whole fiasco makes me sad, and Britans treatmeant to us Icelanders also makes me sad. Im not responseble for those bankers. It could have been delt with like an ally treats an friend. But no, and there was a chance to strengthen the bond insted of breaking it.

[lovechild6969]

What an incredibly beautful country...As the last guy said...there is so most beauty that cost nothing - go back to the basics.