Modern Economic Nonsense — Banking Collapse
You may think the nation is safe heaven and banks are just as safe as the national economy 🏦.
Oh, well. It is not true at all.
Any nation can default, and your wealth can wipe out immediately!
It happened in Iceland, one of the economic miracles in the 90s until the 2008 global financial crisis hit.
The GDP of Iceland grew from 100% in 1998 to 900% in 2008!
Nothing in human history can beat that pace of growth, and not even the current economic miracle in China can beat that rate of growth 🤯.
How can a total of 330,000 population make such an economic miracle?
Well, it is all thanks to their banks.
➡️ Only three banks
Thanks to these three most prominent banks in the nation, which composed 95% of the national GDP, Iceland can grow faster through financial engineering rather than the true growth of their economy.
➡️ Privatizing banks
