Ice land is a stable democracy, with a high standard of living, this country has low unemployment, and extremely low government debt. They provided clean energy, food production, fishery’s, with a quota system to manage them. Iceland has good healthcare, good education, clean air, and doesn’t have much crime. It’s ultimately a good place for families to live. They had almost end of history status, but in 2000 Iceland’s government began a policy of deregulation that later had terrible consequences. First for the environment and then for the economy. They started by letting multi-national corporations build large aluminum smelting plants and exploit Iceland’s natural geothermal and hydroelectric energy sources. The most beautiful places in Iceland
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It doubled the national debt of the United States. This crisis was not an accident. It was caused by an out of control industry. Since the 1980s the rise of the United States financial sector has led to a series of finical crises. Each crisis has caused more damage, while the industry has made more and more money.
PART 1: HOW WE GOT HERE
After the Great Depression in the 1930s the United States had 40 years of economic growth, without a single financial crisis. The financial industry was tightly regulated. Most of the regular banks were local businesses. And they were prohibited from speculating depositor’s savings. Investment banks, which handle stocks and bond trading were small private partnerships. Traditionally the partners put the money up and watched the money very carefully. They wanted to live well, but they didn’t want to bet everything on anything. In the 1980s, the financial industry exploded. The investment banks went public, which gave them large amounts of stockholder money. People on wall street started getting rich. In 1981, United States President Ronald Regan chose his treasury secretary, the CEO of the investment bank Merrill Lynch, Donald Regan from 1981
It doubled the national debt of the United States. This crisis was not an accident. It was caused by an out of control industry. Since the 1980s the rise of the United States financial sector has led to a series of finical crises. Each crisis has caused more damage, while the industry has made more and more money.
PART 1: HOW WE GOT HERE
After the Great Depression in the 1930s the United States had 40 years of economic growth, without a single financial crisis. The financial industry was tightly regulated. Most of the regular banks were local businesses. And they were prohibited from speculating depositor’s savings. Investment banks, which handle stocks and bond trading were small private partnerships. Traditionally the partners put the money up and watched the money very carefully. They wanted to live well, but they didn’t want to bet everything on anything. In the 1980s, the financial industry exploded. The investment banks went public, which gave them large amounts of stockholder money. People on wall street started getting rich. In 1981, United States President Ronald Regan chose his treasury secretary, the CEO of the investment bank Merrill Lynch, Donald Regan from 1981