what happened to iceland in 2008 what did this lead them to do

A direct consequence of the consumption of oil is air-pollution in the form of sulphur dioxide, nitrous oxides, and carbon dioxide, which are a burden on society due both to current health issues, and future costs related to global warming.Oil is the most strategic raw material. Much of this growth is in the expansion of the mobile phone market. The only long-term solution is to reduce significantly our energy usage. Both India and China would become major power centres by 2015 even while remaining middle-income countries on account of their having the highest population in the world.

Until the recent crisis, there has been a constant search for even further investment opportunities for this financial wealth.

The economic and financial system in France was shattered, the whole of the German state was collapsed, Britain was on the brink of bankruptcy, and Japan was prostrate and disorganized after the collapse of its imperial state. In November 2008 the IMF released an update to its October 2008 World Economic Outlook in which it highlighted the fast deteriorating economic environment and downgraded global real GDP growth forecasts for 2008-2009.

In particular, China’s dollar holdings are a source of considerable financial leverage in the global financial markets. The combined assets of the three largest Icelandic banks amounted to ten times the country's total Gross Domestic Product (GDP) at the time of their collapse. Oil production follows a bell curve, and after the production reaches its peak (meaning when half the oil is taken out), oil production will inevitably fall. What stimulates investment is, however, not just the absolute level of profits, but the ‘rate of profit’, which is the ratio of profits to investment.

The Balance (7)  Many observers portrayed the turmoil in financial markets in terms of a ‘domino effect’, claiming that ‘the risk of a domino effect … would be significant as many of the Emerging Europe region economies share the same vulnerabilities’. Until the current crisis, the house boom had been even crazier, with average house prices quadrupling in 12 years. The importance of medium and small-size business will decline still further. In two years, China should overtake the US in homes connected to broadband.

The IMF report indicates that the economic performance of the emerging economies will be critical in order to attain the hoped-for revival of global growth after 2010. Because these two countries can throw more brains at technical problems, their contribution to research and innovation is increasing fast. The story told so far is not complete. There are lots of proximate causes – the US housing bubble and the huge size of the American economy, persistent unresolved global imbalances, a lack of government regulation of the financial sector, lax regulation and insufficient regulation that lead to widespread underestimation of risk.

In general money and influence go hand in hand, and the wealth accumulation in China, India and other emerging economies will eventually change the geopolitical landscape. Thanks to comprehensive and intense technological education available in China and India, in many cases, the Asian engineers are better educated and they combine complex skills: mastery of latest software tools, a knack for complex mathematical algorithms, and fluency in new multimedia technologies. Trading in shares in SPRON and Kaupthing remains suspended, at prices of 1.90 krónur and 694.00 krónur respectively.A team of experts from the International Monetary Fund (IMF) arrived in Iceland at the start of October 2008 for talks with the government. The economic contraction and rise in unemployment appear to have been arrested by late 2010 and with growth under way in mid-2011.A second important factor is the success of the IMF Finally, the third major factor behind the resolution of the financial crisis was the decision by the government of Iceland to apply for membership in the EU in July 2009. According to many estimates, the world is depleting oil reserves at an annual rate of 6 %.