Meltdown Iceland

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Meltdown Iceland

Author : Roger Boyes
Publisher : Bloomsbury Publishing USA
ISBN 13 : 1608191982
Total Pages : 257 pages
Book Rating : 4.6/5 (81 download)

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Book Synopsis Meltdown Iceland by : Roger Boyes

Download or read book Meltdown Iceland written by Roger Boyes and published by Bloomsbury Publishing USA. This book was released on 2009-10-06 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic crisis that emerged in America in 2008 unleashed a veritable epidemic of ill health around the world. However it was Iceland, whose population of three hundred thousand had the world's highest GDP per capita and counted itself the happiest of countries, that caught the worst cold. It has nearly killed them. No story from the economic crisis of 2008 is more evocative than I celand's. The names may be unfamiliar-Johanesson, Bjoergolfsson, Oddsson-but their exuberance, greed, and miscalculation have many counterparts on our shores. And however traumatic the collapse of individual companies may be in the United States, in Iceland's case an entire country melted down. All the wealth accumulated in the previous decade-during which a new breed of Icelanders had dared to believe they could compete economically on an international level, during which Reykjavik became the Capital of Cool-disappeared practically overnight. Iceland's story shows how closely the world economy is interconnected: The default on subprime mortgages in the U .S. led to the collapse of Lehman Brothers, which led directly to the run on Iceland's banks, which forced local authorities in Britain to switch off the heating in their classrooms. With panache and color, Roger Boyes tells the inside story of the bankrupting of I celand: how it happened, the human dramas-from politicians to financiers to fishermen-that continue to swirl around it, and the lessons we can not ignore. Published on the first anniversary of its collapse, Meltdown Iceland is a cautionary tale for our times, an authoritative and compelling account of the financial destruction of a tiny country whose saga should resonate for us all.

Meltdown Iceland

Author : Roger Boyes
Publisher : Bloomsbury Publishing USA
ISBN 13 : 1608190188
Total Pages : 257 pages
Book Rating : 4.6/5 (81 download)

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Book Synopsis Meltdown Iceland by : Roger Boyes

Download or read book Meltdown Iceland written by Roger Boyes and published by Bloomsbury Publishing USA. This book was released on 2009-09-29 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents an account of the total financial breakdown of the entire country of Iceland in the wake of the 2008 global economic crisis, citing the actions of key contributors while offering additional insight into the interconnected nature of the global crisis.

Meltdown Iceland

Author : Roger Boyes
Publisher : A&C Black
ISBN 13 : 1408810808
Total Pages : 280 pages
Book Rating : 4.4/5 (88 download)

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Book Synopsis Meltdown Iceland by : Roger Boyes

Download or read book Meltdown Iceland written by Roger Boyes and published by A&C Black. This book was released on 2010-02-15 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is a truism that when America sneezes, Europe catches a cold. The subprime mortgage crisis, which began in America in 2007, unleashed a veritable epidemic of financial ill health all over the world. All European countries were affected, and the developing world also felt a chill. However it was Iceland, a tiny volcanic outcrop in the North Atlantic whose population of 300,000 had the highest GDP and counted itself the happiest in the world, which caught the worst cold. It has nearly killed them. For a few short years, the Icelanders deluded themselves that they were rich. Dour Reykjavik became the Capital of Cool. Rock musicians like Damon Albarn bought houses and stakes in pubs. Clubs boomed, the alcohol was expensive and the Krona was strong. All over the world people are trying to understand what caused the economic crisis and are asking themselves who is to blame. In Iceland that question is easily answered and the handful of bankers and politicians responsible have had to hire body guards, hole themselves up in their country houses and stay off the streets for fear of attack. Collaborating with the business editor of Iceland's leading daily newspaper, award-winning writer Roger Boyes tells the inside story of the bankrupting of Iceland and explains how it has ramifications for us all, from the private and public investors who trusted their money in Iceland's banks, to the workers in high street clothes stores whose owners no longer can pay for the shirts on their own backs. Writing with panache and colour, and drawing on interviews with everyone from artists and policitians to the local fisherman, Meltdown Iceland is an authoritative and compelling account of the financial destruction of this tiny, icy but vibrant country.

Why Iceland?

Author : Asgeir Jonsson
Publisher : McGraw Hill Professional
ISBN 13 : 0071706739
Total Pages : 237 pages
Book Rating : 4.0/5 (717 download)

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Book Synopsis Why Iceland? by : Asgeir Jonsson

Download or read book Why Iceland? written by Asgeir Jonsson and published by McGraw Hill Professional. This book was released on 2009-08-07 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: As late as the mid 1980s, Iceland’s economy revolved around little else than a semi-robust cod-fishing industry. By the end of the century, however, it had transformed itself into a major player in world finance, building an international banking empire worth twelve times its GDP. The tiny island nation of 300,000 was one of the global economy’s great success stories. And then everything came crashing down. Why Iceland? is the inside account of one of the economic meltdown’s most fascinating and far-reaching tragedies. As Chief Economist of Kaupthing Bank, the country’s largest bank before the collapse, Ásgeir Jónsson is perfectly suited to examine Iceland’s collapse in painstaking detail. He witnessed behind-the-scenes events firsthand, such as an intriguing meeting in January 2008 when a group of international hedge fund managers gathered in a bar in Reykjavik to discuss Iceland’s economy—an informal affair that eventually became the center of a criminal investigation by the country’s Financial Supervisory Authority. This inside account examines the pressing issues behind history’s biggest banking collapse: How did Iceland transform itself from one of Europe’s poorest to one of its wealthiest countries? What happened to cause the destruction of the nation’s banking industry during a single week of October 2008? Was it the result of a speculation “attack” by hedge funds on the nation’s currency? Iceland remains the biggest casualty of the economic downturn, and the ramifications of its catastrophic failure reach deeply into the economies of Europe, the United States, and other global markets. Ásgeir Jónsson offers a unique perspective and an expert’s insight into the rise and fall of this once-proud banking giant. Why Iceland? provides the who, what, where, and when of Iceland’s demise, serving as a fascinating read and providing the understanding necessary for forecasting when and where the aftershocks will shake up markets in other parts of the world. "Fearsome Vikings discovered Iceland. Hedge funds knocked it down. It was a humiliating tumble for the former financial powerhouse, which was proud of its status in Europe. A late bloomer, Iceland had been the last country in Europe to be settled, the Nordic nation rapidly caught up with its wealthier relations. It was all fine until October 2008, when country's banking system collapsed in a week. Written by an Icelandic economist, Why Iceland? chronicles the meltdown, in the context of the nation's history."--New York Post (A "Required Reading" Selection)

Living Inside the Meltdown

Author : Alda Sigmundsdottir
Publisher : Enska Textasmidjan
ISBN 13 : 9789935917744
Total Pages : 102 pages
Book Rating : 4.9/5 (177 download)

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Book Synopsis Living Inside the Meltdown by : Alda Sigmundsdottir

Download or read book Living Inside the Meltdown written by Alda Sigmundsdottir and published by Enska Textasmidjan. This book was released on 2014-01-31 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: In October 2008, Iceland went from being one of the wealthiest countries in the world to being one of the poorest, within the space of about two weeks. During those sensational few days, regular citizens stood by helplessly and watched as Iceland's three large commercial banks folded and Iceland's currency, the krona, plummeted in value, eventually becoming worthless outside of Iceland. "Living Inside the Meltdown" is the first published collection of interviews with ordinary people about their experiences of Iceland's economic meltdown. "If you take anything away from this review, let it be this: You must read this book. You will be able to share in the common experience of these people's stories. The book isn't a collection of rants, nor is it an all out sob-fest, but rather gives accounts on the same topic, the collapse, each with its own story and insight." - Iceland Review.

Economic Crisis and Mass Protest

Author : Jon Gunnar Bernburg
Publisher : Routledge
ISBN 13 : 1317146263
Total Pages : 164 pages
Book Rating : 4.3/5 (171 download)

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Book Synopsis Economic Crisis and Mass Protest by : Jon Gunnar Bernburg

Download or read book Economic Crisis and Mass Protest written by Jon Gunnar Bernburg and published by Routledge. This book was released on 2016-06-03 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the triggering effect of economic crises on revolt is a classic sociological topic, crises have until recently mostly triggered large-scale collective action in developing countries. The antigovernment protests that occurred in several European countries in the aftermath of the global financial crisis brought crises to the forefront of collective action research in democratic societies, as well as provide important opportunities for studying how crises can trigger large-scale collective action. This volume focusses on Iceland’s ’Pots and Pans Revolution’, a series of large scale antigovernment protests and riots that took place in Iceland in autumn 2008 and January 2009. The Icelandic case offers a rare opportunity to study processes that can trigger political protest in an affluent, democratic society. The protests took place in the aftermath of a national financial collapse triggered by the global financial crisis in early October 2008. While having almost no tradition of mass protest, Iceland was among the first countries to respond to the global crisis with large-scale protest. The level of public mobilization was exceptionally high (about 25 percent participation rate) and the protests did not stop until they had brought down the ruling government of Iceland. Using qualitative and quantitative data, this volume situates the protest in historical-cultural context and applies social movement theory to explore how the economic crisis ended up triggering the protests, thus providing a step toward understanding why the global financial crisis has triggered public unrest in other countries.

Gambling Debt

Author : E. Paul Durrenberger
Publisher : University Press of Colorado
ISBN 13 : 145718849X
Total Pages : 329 pages
Book Rating : 4.4/5 (571 download)

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Book Synopsis Gambling Debt by : E. Paul Durrenberger

Download or read book Gambling Debt written by E. Paul Durrenberger and published by University Press of Colorado. This book was released on 2014-12-04 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gambling Debt is a game-changing contribution to the discussion of economic crises and neoliberal financial systems and strategies. Iceland’s 2008 financial collapse was the first case in a series of meltdowns, a warning of danger in the global order. This full-scale anthropology of financialization and the economic crisis broadly discusses this momentous bubble and burst and places it in theoretical, anthropological, and global historical context through descriptions of the complex developments leading to it and the larger social and cultural implications and consequences. Chapters from anthropologists, sociologists, historians, economists, and key local participants focus on the neoliberal policies—mainly the privatization of banks and fishery resources—that concentrated wealth among a select few, skewed the distribution of capital in a way that Iceland had never experienced before, and plunged the country into a full-scale economic crisis. Gambling Debt significantly raises the level of understanding and debate on the issues relevant to financial crises, painting a portrait of the meltdown from many points of view—from bankers to schoolchildren, from fishers in coastal villages to the urban poor and immigrants, and from artists to philosophers and other intellectuals. This book is for anyone interested in financial troubles and neoliberal politics as well as students and scholars of anthropology, sociology, economics, philosophy, political science, business, and ethics. Publication supported in part by the National Science Foundation.

Iceland and the International Financial Crisis

Author : Eirikur Bergmann
Publisher : Springer
ISBN 13 : 113733200X
Total Pages : 356 pages
Book Rating : 4.1/5 (373 download)

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Book Synopsis Iceland and the International Financial Crisis by : Eirikur Bergmann

Download or read book Iceland and the International Financial Crisis written by Eirikur Bergmann and published by Springer. This book was released on 2014-01-30 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: Eirikur Bergmann explains the exceptional case of Iceland's fantastical boom, bust and rapid recovery after the Crash of 2008 and explores the lessons for the wider EU crisis and for over-reaching economies that over-rely on financial markets.

Deep Freeze

Author : Philipp Bagus
Publisher : Ludwig von Mises Institute
ISBN 13 : 1610165187
Total Pages : 156 pages
Book Rating : 4.6/5 (11 download)

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Book Synopsis Deep Freeze by : Philipp Bagus

Download or read book Deep Freeze written by Philipp Bagus and published by Ludwig von Mises Institute. This book was released on 2011-04-01 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: It was a modern thriving economy one day, and then, suddenly, the food disappeared from the shelves, the banks closed, and the ships stopped arriving. Iceland in 2008 experienced an unprecedented economic meltdown that struck fear in the hearts of people all over the world. If it could happen here, it could happen anywhere. The economic crisis led to a political crisis, with resignations galore. The whining and wailing about the disaster continues to this day, with most commentators blaming deregulation and the free market. In Deep Freeze, economists Philipp Bagus and David Howden demonstrate that the real cause of the calamity was bad central bank policy. Rates were way too low, banks were too big to fail, housing was implicitly guaranteed, and banks were borrowing short term from abroad to finance long term bonds. The authors discuss the implications of this maturity mismatching and zero in on the central bank policies that encouraged unsound practices. They demonstrate the cause and effect without a shadow of a doubt, using vast amounts of data and a detailed sector-by-sector look at the economy of Iceland. What they find is another instance of the Austrian Theory of the Business Cycle, working itself out in a way that is customized for a time and place. Toby Baxendale writes the introducton to this story that reads like a great novel. It serves as a reminder that central banking policies aren't just about monetary arcana. They affect our lives in profound and sometimes catastrophic ways. The Iceland Freeze is one of the great historical cases that makes Mises’s point. Let it always serve as a reminder of what happens when the laws of the market are papered over by politicians and central bankers. This account is likely to remain the definitive one for many years.

Billions to Bust and Back

Author : Thor Bjorgolfsson
Publisher : Profile Books
ISBN 13 : 1782831169
Total Pages : pages
Book Rating : 4.7/5 (828 download)

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Book Synopsis Billions to Bust and Back by : Thor Bjorgolfsson

Download or read book Billions to Bust and Back written by Thor Bjorgolfsson and published by Profile Books. This book was released on 2014-11-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Thor Bjorgolfsson is a self-styled adventure capitalist with an addiction to debt and an insatiable appetite for business deals who became Iceland's first billionaire. After 10 years establishing his financial empire with alco-pops and beer in the lawless 'Wild East' of newly-capitalist Russia in the 1990s, he moved on to merging, floating, spinning off and privatising businesses from Finland to Sweden, Poland, Bulgaria, Serbia, Greece and the Czech Republic. On his 40th birthday, and worth $3.5 billion, he was sitting on top of the world; only 250 people in it were richer than him. His most spectacular triumph was the takeover of Iceland's second-largest bank, Landsbanki - he had expected his investment's value to double or treble in four years, and instead it rose ten-fold. But when financial meltdown hit Iceland in October 2008, Landsbanki crashed and burned, taking Bjorgolfsson with it. Within 12 months he had lost 3.3 billion euros - 98.5% of his wealth - and was treated as a scapegoat in his native country for supposedly bringing about the disaster. Faced with appalling debts, Bjorgolfsson has made good on his promises to repay his creditors, and at the age of 47 is now a billionaire once again.

Deep Freeze

Author : Philipp Bagus
Publisher : Createspace Independent Pub
ISBN 13 : 9781479346844
Total Pages : 156 pages
Book Rating : 4.3/5 (468 download)

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Book Synopsis Deep Freeze by : Philipp Bagus

Download or read book Deep Freeze written by Philipp Bagus and published by Createspace Independent Pub. This book was released on 2011-01-01 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: LARGE PRINT EDITION! More at LargePrintLiberty.com It was a modern thriving economy one day, and then, suddenly, the food disappeared from the shelves, the banks closed, and the ships stopped arriving. Iceland in 2008 experienced an unprecedented economic meltdown that struck fear in the hearts of people all over the world. If it could happen here, it could happen anywhere. The economic crisis led to a political crisis, with resignations galore. The whining and wailing about the disaster continues to this day, with most commentators blaming deregulation and the free market. In Deep Freeze, economists Philipp Bagus and David Howden demonstrate that the real cause of the calamity was bad central bank policy. Rates were way too low, banks were too big to fail, housing was implicitly guaranteed, and banks were borrowing short term from abroad to finance long term bonds. The authors discuss the implications of this maturity mismatching and zero in on the central bank policies that encouraged unsound practices. They demonstrate the cause and effect without a shadow of a doubt, using vast amounts of data and a detailed sector-by-sector look at the economy of Iceland. What they find is another instance of the Austrian Theory of the Business Cycle, working itself out in a way that is customized for a time and place. Toby Baxendale writes the introducton to this story that reads like a great novel. It serves as a reminder that central banking policies aren't just about monetary arcana. They affect our lives in profound and sometimes catastrophic ways. The Iceland Freeze is one of the great historical cases that makes Mises's point. Let it always serve as a reminder of what happens when the laws of the market are papered over by politicians and central bankers. This account is likely to remain the definitive one for many years.

Iceland’s Financial Crisis

Author : Valur Ingimundarson
Publisher : Routledge
ISBN 13 : 1317209745
Total Pages : 278 pages
Book Rating : 4.3/5 (172 download)

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Book Synopsis Iceland’s Financial Crisis by : Valur Ingimundarson

Download or read book Iceland’s Financial Crisis written by Valur Ingimundarson and published by Routledge. This book was released on 2016-07-01 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Being the first casualty of the international financial crisis, Iceland was, in many ways, turned into a laboratory when it came to responding to one of the largest corporate failures on record. This edited volume offers the most wide-ranging treatment of the Icelandic financial crisis and its political, economic, social, and constitutional consequences. Interdisciplinary, with contributions from historians, economists, sociologists, legal scholars, political scientists and philosophers, it also compares and contrasts the Icelandic experience with other national and global crises. It examines the economic magnitude of the crisis, the social and political responses, and the unique transitional justice mechanisms used to deal with it. It looks at backward-looking elements, including a societal and legal reckoning – which included the indictment of a Prime Minister and jailing of leading bankers for their part in the financial crisis – and forward-looking features, such as an attempt to rewrite the Icelandic constitution. Throughout, it underscores the contemporary relevance of the Icelandic case. While the Icelandic economic recovery has been much quicker than expected; it shows that public faith in political elites has not been restored. This text will be of key interest to scholars, policy-makers and students of the financial crisis in such fields as European politics, international political economy, comparative politics, sociology, economics, contemporary history, and more broadly the social sciences and humanities.

Boomerang: Travels in the New Third World

Author : Michael Lewis
Publisher : W. W. Norton & Company
ISBN 13 : 0393082245
Total Pages : 182 pages
Book Rating : 4.3/5 (93 download)

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Book Synopsis Boomerang: Travels in the New Third World by : Michael Lewis

Download or read book Boomerang: Travels in the New Third World written by Michael Lewis and published by W. W. Norton & Company. This book was released on 2011-10-03 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Lewis shows again why he is the leading journalist of his generation.”—Kyle Smith, Forbes The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge. Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a pinata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish. Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.

Meltdown Iceland

Author : Roger Boyes
Publisher :
ISBN 13 :
Total Pages : 244 pages
Book Rating : 4.:/5 (851 download)

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Book Synopsis Meltdown Iceland by : Roger Boyes

Download or read book Meltdown Iceland written by Roger Boyes and published by . This book was released on 2010 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Gnarr

Author : Jon Gnarr
Publisher : Melville House
ISBN 13 : 1612194141
Total Pages : 194 pages
Book Rating : 4.6/5 (121 download)

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Book Synopsis Gnarr by : Jon Gnarr

Download or read book Gnarr written by Jon Gnarr and published by Melville House. This book was released on 2014-06-24 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the epicenter of the world financial crisis, a comedian launched a joke campaign that didn’t seem so funny to the country’s leading politicians . . . It all started when Jón Gnarr founded the Best Party in 2009 to satirize his country’s political system. The financial collapse in Iceland had, after all, precipitated the world-wide meltdown, and fomented widespread protest over the country’s leadership. Entering the race for mayor of Reykjavík, Iceland’s capital, Gnarr promised to get the dinosaurs from Jurassic Park into downtown parks, free towels at public swimming pools, a “drug-free Parliament by 2020” . . . and he swore he’d break all his campaign promises. But then something strange started happening: his campaign began to succeed. And in the party’s electoral debut, the Best Party emerged as the biggest winner. Gnarr promptly proposed a coalition government, although he ruled out partners who had not seen all five seasons of The Wire. And just like that, a man whose previous foreign-relations experience consisted of a radio show (in which he regularly crank-called the White House and police stations in the Bronx to see if they had found his lost wallet) was soon meeting international leaders and being taken seriously as the mayor of a European capital. Here, Gnarr recounts how it all happened and, with admirable candor, describes his vision of a more enlightened politics for the future. The point, he writes, is not to be afraid to get involved—or to take on the system.

Iceland's Secret

Author : Jared Bibler
Publisher : Harriman House Limited
ISBN 13 : 0857198998
Total Pages : 0 pages
Book Rating : 4.8/5 (571 download)

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Book Synopsis Iceland's Secret by : Jared Bibler

Download or read book Iceland's Secret written by Jared Bibler and published by Harriman House Limited. This book was released on 2021-10-05 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A decade after the investigations, the story can be told at last and in full. The crisis, barely understood inside or outside of Iceland even today, is a cautionary tale for the world: an inside look at the high crimes that inevitably follow Wild West capitalism.

The End of Iceland's Innocence

Author : Daniel Chartier
Publisher : University of Ottawa Press
ISBN 13 : 0776619446
Total Pages : 240 pages
Book Rating : 4.7/5 (766 download)

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Book Synopsis The End of Iceland's Innocence by : Daniel Chartier

Download or read book The End of Iceland's Innocence written by Daniel Chartier and published by University of Ottawa Press. This book was released on 2011-03-14 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the space of a few days, one of the world’s richest and most egalitarian nations, Iceland, toppled into financial chaos and sunk into an economic, ethical, moral and identity crisis. The vast empire built by Iceland’s young entrepreneurs, the “new Vikings”—who had propelled the country to the top of wealth, equality and happiness charts—collapsed under the combined effect of the failure of its banks and astronomical debt (more than ten times the country’s gross domestic product). Iceland became, in the midst of the global economic crisis, an icon of disaster that troubles all Western countries seeking to understand how the Scandinavian model could collapse so suddenly. In this book, Daniel Chartier traces, through thousands of articles appearing in the foreign press, the fascinating reversal of Iceland’s image during the crisis. Citizens of a country now humiliated, Icelanders must deal with a number of significant issues including the quest for wealth, sovereignty, ethics, responsibility, gender and the limits of neoliberalism.