Look Who it Was Random video

Canada's income equality IN Serious TROUBLE .💰 Not Iceland ! The people Took that country Back

756 views · Published 27 January 2018 · 13:28 · Indexed 21 September 2026

Channel: Mike Martins · 2018 · News & Politics

Watch on YouTube

World Economic Forum Questions Canada’s Income Equality And Economic Sustainability

Researchers at the World Economic Forum (WEF) have found that wealth inequality is worsening in Canada. Despite an increase in Gross Domestic Product (GDP), many people feel that their economic situation is deteriorating. The WEF researchers have determined that GDP is an inadequate way to evaluate the performance of an economy, and have developed a new index to measure inclusiveness. While Canada's GDP may be strong, it is among the least inclusive of advanced economies worldwide due to Money Laundering ! 

According to WEF researchers, while GDP is still an important indicator of economic performance, it is not the only metric that should be considered. The WEF has developed the Inclusive Development Index (IDI) as an alternative way to measure social progress, which takes into account the distribution of wealth within a country. The IDI is intended to complement GDP, which is useful for understanding a country's overall economic success, while the IDI focuses on how that wealth reaches individuals. As the gap between a country's GDP and IDI rankings increases, it suggests a growing wealth inequality. It is important to consider the well-being of the lower half of society, as they are the consumers that drive the economy.

Canada ranks low in terms of economic inclusiveness among advanced economies, according to WEF researchers. The country placed 17th out of 20, just below the Czech Republic and above Slovenia. Researchers have stated that Canada is "lagging behind on inclusion" but the country is otherwise stable. Additionally, when comparing GDP to IDI, Canada ranked 17th, indicating a large ga

Iceland's banking system collapsed in 2008 as a result of the global financial crisis. Three of the country's largest banks, Landsbanki, Glitnir, and Kaupthing, all failed within a matter of days, leaving Iceland with a banking sector that was more than six times the size of its economy. The collapse of the banks led to a severe economic depression, with unemployment rising and the value of the Icelandic krona plummeting.

To fix its banking system, Iceland took a number of steps. One of the first things it did was to nationalize its three largest banks, which helped to stabilize the financial system. The government also established a "bad bank" to take over the banks' toxic assets and to help clean up the balance sheets of the banks.

In addition to these measures, Iceland also implemented strict capital controls to prevent money from leaving the country. These controls included a ban on foreign currency transactions and the imposition of high taxes on foreign currency transactions. This helped to stabilize the value of the Icelandic krona and to prevent capital flight.

Iceland also implemented a number of structural reforms to its banking system. One of these was the separation of commercial and investment banking, which helped to reduce the risk of future banking failures. The government also increased the amount of capital that banks were required to hold, which helped to make the banks more resilient to future shocks.

The Icelandic government also implemented policies to stimulate economic growth, such as cutting taxes and increasing government spending. These policies helped to boost consumer and business confidence, which in turn helped to kick-start the economy.

Iceland also sought help from the International Monetary Fund (IMF) and other international organizations. The IMF provided Iceland with a $2.1 billion loan to help stabilize the economy, and other countries and organizations also provided financial assistance.

Overall, Iceland's approach to fixing its banking system was a combination of short-term measures to stabilize the financial system and long-term structural reforms to make the banking system more resilient to future shocks. The government's actions helped to stabilize the economy and restore confidence in the financial system, allowing Iceland to recover from the economic depression caused by the banking collapse. It took some time, but by 2017, the country's economy was growing at a steady rate and its unemployment rate had dropped significantly.

It's worth noting that Iceland's approach was not without controversy, and some experts criticized the country's heavy-handed approach to capital controls and the negative impact they had on foreign investment. Additionally, while Iceland's recovery was relatively quick compared to other countries that experienced similar crises, the road to recovery was still long and difficult for many Icelanders, with a high number of mortgages and personal loans defaulted on, and a high number of bankruptcies.

Despite these challenges, however, Iceland's approach to fixing its banking system was ultimately successful, and the country was able to recover from the crisis and restore stability to its economy.

More from this channel