Ireland 's Financial Disaster

Secondly, out of the twenty-five stockholders of the Bank, five of these were government owned. Thus showing support of the Bank by subscribing to one-fifth of its $35 million (Schlesinger 74). In addition, among the Bank’s functions was to hold all government money, sell all government bonds, and make commercial loans. However, no voters could dictate its policies or reign in its power, due to its privately owned status (Roughshod 2). Finally, the government also allowed bank notes to be used as payment for taxes.

In response to this panic, a committee was established to find the flaws of the current banking system. This committee, the National Monetary Commission, found there were two main flaws dominating the system. First, the currency was not responsive to changes in demand. (Born...13). This meant that the bank had a fixed amount of currency, regardless of the

The Federal Council of Elrond (Fed) controls the banking system in Middle Earth. The Council

Now, many of these banking groups are owned by foreign investors, despite attempted safeguards. This ownership has provided investors leverage and influence over the actions of the government because the government owes an exorbitant amount to these banks (Daniel Lederman). The same argument can be made about the United States’ government. This influence can be seen across the board as many decisions now seem to favor only a select few, forgetting about the ramifications for the many.

Before the advent of the Federal Deposit Insurance Corporation (FDIC) in 1933 and the general conception of government safety nets, the United States banking industry was quite different than it is today. Depositors assumed substantial default risk and even the slightest changes in consumer confidence could result in complete turmoil within the banking world. In addition, bank managers had almost complete discretion over operations. However, today the financial system is among the most heavily government- regulated sectors of the U.S. economy. This drastic change in public policy resulted directly from the industry’s numerous pre-regulatory failures and major disruptions that produced severe economic and social

Compare the economic and policy development of Ireland, North or South, in relation to the United Kingdom

The financial crisis in America had spread to Europe. Banks in the UK bear the greatest impact from the credit crisis sub-prime housing loans in the U.S. For example, Northern Rock Bank had a bad debt account of up to 191.6 billion U.S. dollars in July 2008 and the Bank of England had to pump 27 billion pounds to rescue Northern Rock Bank. At the end of September 2008, there were some other big banks in Europe such as Dexia and Hypo Real Estate falling in the crisis and these banks were rescured by the governements throught financial bailout. (Alexander, 2008)

Violence, terror, suffering and death. The conflict that has been burning in Northern Ireland seems to be an unstoppable battle and it has flooded over the land of Northern Ireland. The struggle for power and the persistence of greed have fueled the raging fires of the opposing groups. The conflict in Northern Ireland has been discussed continually over the past few decades. Ever since the beginning of the “Troubles,” organizations have been scavenging to find a plan that will cease the violence. Throughout my research for this project, the questions of what are the main sources of conflict in Northern Ireland and why have they continued today guided me to many fascinating pieces of evidence that

“Since 2007 to mid 2009, global financial markets and systems have been in the grip of the worst financial crisis since the depression era of the late 1920s. Major Banks in the U.S., the U.K. and Europe have collapsed and been bailed out by state aid”. (Valdez and Molyneux, 2010) Identify the main macroeconomic and microeconomic causes that resulted in the above-mentioned crisis and make an assessment of the success or otherwise of the actions taken by the U.K government to resolve the problem.

The European sovereign debt crisis started in 2008, with the collapse of Iceland's banking system, and spread primarily to Greece, Ireland and Portugal during 2009. The debt crisis led to a crisis of confidence for European

Perhaps the most important point about Iceland’s financial degeneration is that, analogous to a free radical escaping from order

The main idea about all of the articles about Ireland in the book are about recent history in Ireland. It is about a time period called the Troubles, which its roots go all the way back to around 1170. The Troubles started with Henry II declaring himself the king of Ireland as well as England. It was bad because this was against the wishes of the native Irish people. In 1609, King James I offered land to Scottish people, which was taken from the Irish. When the Scottish got there, there was a religious difference which would eventually lead to big conflicts. Gradually, the English put laws into place that took away rights of the Catholics in Ireland. They said that they couldn't vote, be voted into a public office, or work for the government. They weren't allowed to be lawyers. They also were not allowed to speak the Irish language, study Irish history or literature. The were also were not allowed to mass( a catholic church service) and BIshops, Priests, and Monks were forced to leave.

By the end of 2008, the European Union began experiencing rippling effects of the United States financial crisis. Several member countries, most notably on the southern end of the continent, faced high levels of debt and unemployment. Portugal, Iceland, Ireland, Greece, and Spain, derogatively referred to as “PIIGS,” required extensive economic support from the EU in order to repay government debts and bail-out private banks. Disbursal of aid in 2010 proved successful in promoting economic recovery in some countries; however, the vast majority observed only slight economic improvement which led to doubts regarding the effectiveness of the harsh austerity measures implemented. Ireland has most clearly benefited from the financial support of the European Union as the country’s unemployment rate has dropped below ten percent and is expected to witness 4.5% GDP growth in 2016. Portugal, on the other hand, shows little fiscal improvement as evident in an unemployment rate of 13% and an expected GDP growth of only 1.6% in 2016. Although both countries faced tough financial crises in 2010, Ireland has notably outperformed Portugal in resolving the situation. The weak economy in Portugal, as well as continued fiscal hardship in the remaining “PIGS” countries, threaten the preservation of the European Union as financial inequality between the members persists.

Most developed countries have suffered through at least one financial crisis. The term financial crisis is in itself very broad and applies to a various number of situations in which financial institutions or financial assets rapidly decrease in value. In the late 1980’s and early 1990’s, the Scandinavian countries – along with Finland – all faced rather serious financial crises, but the outcomes differed vastly among the nations as Denmark and Sweden pushed through to fairly satisfactory results, but Norway and Finland suffered greater complications. No nation’s crisis was identical to another’s and perhaps thereof the different outcomes, but what other factors played a role in deciding a nation’s fate. To better compare and analyze, the focus of this paper will be placed on simply two of the nations involved – Sweden and Finland -, two nations bordering each other, with a great many similarities but two very different outcomes from respective crisis and how they handled their respective issues, and what can be used for future reference.

In an attempt to save Irish banks, the government issued a blanket guarantee for the liabilities of banks. The government decided to recapitalize the banks by using public funds, which would prove to be more disastrous to the budget deficit following the housing collapse. Unemployment skyrocketed to nearly fourteen percent over the next few years as international