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Introduction:

The following presidents have continued these policies in USA and USA have pressured nations around the world to adopt similar policies that are very good for the very rich and bad for most other people and in particular the poor.

During Bill Clinton, many restrictions on financial speculation by big banks and the stock market in Wall Street was removed. These restrictions had been created after the Great Depression in the 1930s that was provoked by financial speculation that led to a few making a lot of money while most investors lost much of their wealth.

Now, however, the Clinton advisors claimed the economic realities had changed so that there could not be another Great Depression.

In 2008, the world saw that this was quite wrong because a new grave financial crisis was unfolding. This time George W. Bush and later Obama&rsquo;s administration did not react as in the 1930s by restricting the bankers who had created the crisis. Instead they paid out trillions of dollars to big banks so that they could escape bankruptcy. Similar policies are still pursued both in USA and Europe, and the crisis that started in 2008 will not go away, leading to record high unemployment rates and a deepening of the crisis particularly in Southern Europe. By 2012 the unemployment rate reached 25% in Spain and in 2013 the unemployment rate of youths under 25 years of age hit 56% creating news headlines calling the young unemployed youth for the lost generation.

Directive:

<ol>
	<li>Read the file</li>
	<li>Write in a few points what triggered the economic crisis of 2008.</li>
	<li>Comment on the statement &ldquo;The banks were too big to fail and therefore they needed to be rescued from bankruptcy by receiving billions of dollars from tax payers&rdquo;</li>
	<li>Why did the economic crisis spread to most parts of the world?</li>
	<li>Give 3 examples of how the 2008 economic crisis was felt in your country.</li>
	<li>Consider how local rural communities can protect themselves from economic crises caused by the global economic system? </li>
	<li>Send your answers to your tutor 
	 
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</ol>
Ficheiro: 
 
F1. The economic crisis of 2008, by Mikael Norling, Course Material ISET/OWU Mozambique, 2010. 
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