Inside Job英文字幕.doc

Iceland is a stable democracy with a high standard of living - - and, until recently - and government debt. We had the complete infrastructure of a modern society. Clean energy, food production. Fisheries with a quota system to manage them. Good healthcare, education, clean air. Not much crime. Its a good place for families to live. We had almost end-of-history status. But in 2000, Icelands government began a broad policy of deregulation - disastrous consequences - and then for the economy. They started by allowing multinational corporations like Alcoa - aluminum-smelting plants - - and exploit lcelands geothermal and hydroelectric energy sources. Many of the most beautiful areas in the highlands - are geothermal. So nothing comes without consequence. At the same time - Icelands three largest banks. The result was one of the purest experiments - ever conducted. We have had enough. How could all of this happen? Finance took over and more or less wrecked the place. In a five-year period, these three tiny banks - outside of lceland - - borrowed 1 20 billion dollars - - 1 0 times the size of Icelands economy. The bankers showered money on themselves - There was a massive bubble. Stock prices went up by a factor of nine. House prices more than doubled. Icelands bubble gave rise to people like Jon Asgeir Johannesson. He borrowed billions to buy up high-end retail businesses in London. He also bought a pinstriped private jet - - a 40-million-dollar yacht - Newspapers always had the headline: This millionaire bought this company - or in France or wherever - - instead of saying: This millionaire tooka billion-dollar loan - - to buy this company, and he took it from your local bank. The banks set up money market funds - deposit-holders to withdraw money - in the money market funds. The Ponzi scheme needed everything it could. American accounting firms like KPMG - and investment firms - And American credit-rating agencies said lceland was wonderful. In February 200