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Originally Posted by Paisley
Don't believe the hype was Grimsson's (icelandic President) take on the credit rating agencies.
Credit agencies cater to the large financial institutions.
Refering back to the example of the 1920's boom and 1929 crash and the repercussions of 1933.
You prop it up / overvalue it, you crash it and then you buy it up for a fraction of the cost. (Yes that old chestnut)
that was no different to to iceland privatising the banks circa 2003, got a whole load of foreign investment, then a designed crash of the economy 2008 and now the attempt to buy iceland at the fraction of the cost... the difference is that the Icelandic people aren't allowing this without resistance.
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My only question regarding to the Iceland's situation is as follows: if the Icelandic people, a democratic nation, so fiercely oppose the mentioned banking sector's thievery, why did they allow the Nordic Tigers event to happen in the first place - and why were they obviously happy when things were going "well"?
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a) Why isn't basic monetary theory taught at schools? since everyone will have to use money
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This is one of the few things I agree on but I cannot speak about nations other than Finland since my familiarity with educational systems abroad is very narrow (really, it's next to none). For me, they taught it there under the subject "history and societal science": the problem was that most people chose to ignore it and not to care. Teaching it to people who show no attention whatsoever to it is the same as teaching pigs to sing: it annoys the pig and wastes the teacher's time.
Perhaps now that times aren't "economically as good" as back when I was filling my obligation to get educated, people would show more attention to such matters.
What comes to whatever statement Vatican may have made specifically about Goldman Sachs: I am genuinely baffled they've chosen not to mention Morgan Chase. Perhaps a full audit of the Catholic Church might reveal financial affiliation to Goldman Sachs? (yes, this was intentional)