Listen: Iceland, University Of Iceland, Edwin Lane discussed on Marketplace All-in-One
"So China is great source of growth for the global economy. It's an absolute economic miracle, lots of positives at the same time. Their financial sector is developed very rapidly, and it has made many of the same assumptions that were made in the run up to the last financial crisis. Mark, Connie, despite the fallout from the collapse of Lehman Brothers, zero Wall Street, chief executives. Were prosecuted contrast that with Iceland where the CEO's three, large banks and twenty three other bankers were prosecuted the BBC's Edwin lane reports. To six years of breakneck expansion on borrowed money. The ways of the global financial crisis started breaking on Iceland's shows and in the space of just three days in October two thousand eight ninety. Two percents of Iceland's banking sector was wiped dance instead of a massive taxpayer funded bailouts. It let its banks fail Iceland, unlike European countries and the United States prosecuted and convicted. So of its bankers for crimes related to the banking crisis. The small town sheriff who suddenly found himself responsible for pursuing Iceland's bankers with Olaf Thon hawks in this should be proper policing in every part of our society. Also, ineffiencies system Ola helps in success begs the question. How did Iceland jail it's bankers when no other country hit by the financial crisis managed it. These are difficult cases to deal with. You need be, you need money and a whole lot of patients. The state budgets is not decided by the prosecutors or the police officers decided by politicians had to conduct an investigation and clean up the mess. But here's the irony if the Bank is was sacrificed to satisfy the public anger and restore trust after the crisis, a process of catharsis, as well as Justice than it hasn't really worked hold. Those dotted is a social psychologist who has studied the banking crisis after collapse, like we saw in Iceland that is no one action which will completely cure everything. Modern society is I a complex mechanism. So you have to go in on so many levels. Go fee Magnusson is an economist at the university of Iceland, and he was for a time, the minister for economic affairs. In the wake of the banking. Collapse all there. Any lasting economic effects of the of the crisis still here in Auckland that maybe on civil vis, we've had a lot of political turmoil since the collapse. So distrust in politicians is right and actually not just distrust in politicians distrust in most of ice institutions whose family we used to be a very closely knit and trusting society, and we certainly haven't gotten there again, Edwin lane reporting there. Finally, when you do make it onto that spaceflight,."