GEOG 122 Lecture Notes - Lecture 13: Eric Hobsbawm, Freddie Mac, Mark Carney
Document Summary
Lecture 14 - money makes the world go around. Mark carney, the usually unflappable former governor of the bank of canada, now. The world was within 36 hours of financial armageddon. September 2008 was the fall of the berlin wall for capitalism. Austerity governments slash expenditures to make up for financial losses. Geography is integral to crises (donald trump won 7. 5 million popular vote landslide in heartland) Iceland"s banks accumulated b in debt but the country"s annual gdp was only b. Icelanders protesting their innocence to gordon brown, prime minister of britain, who invoked anti- terrorist legislation to take back from iceland money held by british citizens. But gordon brown"s britian was not doing better. The banks were trying hard not to get bankrupt so they nationalised. Us: fannie mae and freddie mac began to fail as well. September 7th, 2008 us federal government needed to take over to nationalise it. Largest nationalization in the history of world.
