Iceland's Story from Financial Crisis to Prosperity | Economics Explained

Aluminum smelting. Geothermal power. Bitcoin mining. What do all of these things have in common? ... Iceland! 🇮🇸

How has the nation weathered this economic turbulence without turning into a failed state?

What end of the economic spectrum is the nation on today?

And what industries drive this tiny little economy?

All this and more in this episode of Economics Explained!

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀

Enjoyed the video? Comment below! 💬
⭑ Enjoyed? Hit the like button! 👍

Follow EE on social media:
#Iceland #Economy #EconomicsExplained

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀

ECONOMICS EXPLAINED IS MADE POSSIBLE BY OUR PATREON COMMUNITY 👊🙏

The video you’re watching right now would not exist without the monthly support provided by our generous Patrons:

Morgon Goranson, Andy Potanin, Wicked Pilates, Tadeáš Ursíny, Logan, Angus Clydesdale, Michael G Harding, Hamad AL-Thani, Conrad Reuter, Tom Szuszai, Ryan Katz, Jack Doe, Igor Bazarny, Ronnie Henriksen, Irsal Mashhor, LT Marshall, Zara Armani, Bharath Chandra Sudheer, Dalton Flanagan, Andrew Harrison, Hispanidad, Michael Tan, Michael A. Dunn, Alex Gogan, Mariana Velasque, Bejomi, Sugga Daddy, Matthew Collinge, Kamar, Kekomod, Edward Flores, Brent Bohlken, Bobby Trusardi, Bryan Alvarez, EmptyMachine, Snuggle Boo Boo ThD, Christmas

[HowMoneyWorks]

Icelandic money printers go BRRR it's cold

[patrickwang]

EU to Iceland: You're too volitile
Greece in the background: nervous laughter

[yeahthebois]

Bitcoin farms in US: *uses advanced watercooling to prevent GPUs from melting*
Iceland: *opens window*

[AbrahamSamma]

Storyblocks: EE's best kept secret.

[seawingo]

As a Norwegian, I've always regarded Iceland as Norway's little but cool cousin. When I've been with Icelandic people, I've felt a sense of hanging out with family, despite them speaking a language I can hardly understand. When I heard of the economic issues they faced, it was hard to see them fall flat on their face, but I'm glad they're more stable now.

I do love Iceland, sincerely, a Norwegian.
🇳🇴🤜🤛 🇮🇸

[enochbooher]

“This isn’t engineering explained”
**Challenge accepted**

[King-Mac]

I’m reading Boomerang by Michael Lewis at the moment, the first chapter “Wall Street on the tundra” is about the financial crisis in Iceland, he phrased it as “the whole country decided to be a hedge fund”. Great timing on this upload, thanks 😊

[edata]

Iceland has been fairly impressive at having an outsized impact on the world economy despite their small population and resources.

[ryanedgell]

I'd love a video on the German hyperinflation crisis of 1923.
The price of a loaf of bread rose to 5, 000, 000, 000, 000 times as many Marks as it was in 1921 compared to Nov 1923.
A temporary currency, the Rentenmark, was introduced to combat this.
I found this fascinating, and seems like an exciting video topic. Love your videos :)

[catalindeluxus]

I feel one bit of extra information you misses is how Iceland handled its bank collapse VS America. Iceland let their banks fall, whereas the USA bailed them out. Huge money saves from taxpayers!

[elfaringvarsson]

I went to London for university at the height of the banking bubble in Iceland. Just my part time IT job in Iceland allowed me to live very comfortably with frequent trips abroad. It was amazing.

[ionut]

Video: "Iceland is one of the most geologically active regions in the world."
Exact same moment, Iceland: *5983453924th earthquake in the past few days*

[halkihaxx]

4:18 Correction: Electricity is not used for heating in Iceland most of the time. We use geothermally heated water for heating, unless it's somewhere remote.

[samjessop]

Mr economics man, why is the £ the 4th most used currency in the world after the ¥, € and USD, despite only being used in the UK as a National currency?

[pixelanation]

I didn't listen to anything said - I was too busy looking at the photos of Iceland 🤩

[ferdinandfernando]

Where is Iceland 🇮🇸 ranking? I can't see it on your other channel.

[twothreebravo]

"This scene of a bridge in Germany that's actually Norway? Storyblocks. This spectacular footage of Iran that's actually Turkey? Storyblocks again."

Don't think we haven't forgotten ;)

[Dino-pbmt]

"I never said this was engineering explained, ok?!" hahahaha

[burnlogic]

Ha! We finally got an answer, and it came with an ad! Bravo!

[jordanmakesfinancevideos]

Economics Explained coming through strong in the clutch... Man I need to step up my content game, inspired to provide more value, lets go