As I guess you already know, the world is going bankrupt. Banks all over the world have been living the good life over the past 10 years, lending money to everyone who wanted some without really thinking ahead. The issue now is that the people they gave money to is unable to pay it back. That, combined with high commodity prices and an increasing unemployment rate, made the US economy start to crumble and it was only a matter of time before it would spread to Europe, Asia and the rest of the world. The US has already fallen and both Europe and Asia are not far behind with banks either going down with man and mice or being put under gouvernement administration.
One of the worst set European countries is Iceland and the Icelandic króna (ISK) has lost 40% of its value compared to the Euro in 2008. The three major banks on the island had a total debt several times higher than the country’s GDP, making it impossible for the government to find the money to save them all. Among those who have now lost all their savings are 300 000 Britons and this has resulted in the UK gouvernement taking legal actions against Iceland to make sure that the tea-drinkers will get their money back.
So far the effect of the global economic crisis of 2008 in Scandinavia is minor. Sure, we’re seeing the same stock market crash, increasing loan interests, layoffs and at least one bank in Denmark has gone tits up, but we’re not totally screwed yet. If we’re lucky, the people who are supposed to know how the economy works will come up with a plan to avoid ending up in the same mess as the US of A.
So please start planning now.
While we are waiting for that to happen, let’s all try to forget about money for a short while with the help of this minimalistic and artistic photography from Cali es Cali.