Iceland wasn't doing too great before the country's meteoric tourism boom | 60 Minutes Australia
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- เผยแพร่เมื่อ 21 ส.ค. 2024
- Subscribe here: 9Soci.al/chmP50... Full Episodes: 9now.app.link/... | Frozen Assets (2009)
REWIND BACK TO 2009 when Iceland's primary industry, fishing, had shifted to international banking, positioning their economy to be one of the first and biggest victims of the global financial collapse. For a country that believes in mythical elves, a group of Icelanders think the bankers were the real trolls. They thought the money boom would last forever, but when it all came crashing down, thankfully they discovered later that they had other riches that would keep them afloat.
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For over forty years, 60 Minutes have been telling Australians the world’s greatest stories. Tales that changed history, our nation and our lives. Reporters Liz Hayes, Tom Steinfort, Tara Brown, Nick McKenzie and Amelia Adams look past the headlines because there is always a bigger picture. Sundays are for 60 Minutes.
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0:25: Iceland went into total meltdown when the world economy started sliding.
2:29: Icelanders embraced the country's natural resources for survival.
2:52: Many Icelanders became bankers during this time.
7:11: Many people in Iceland held home loans in foreign currencies, causing their debts to skyrocket when the krona crashed.
8:17: A significant percentage of Icelanders were at risk of losing their homes due to the financial crisis.
9:39: Some Icelanders believe in the existence of elves and have even moved roads to avoid disturbing their habitats.
Recap by Tammy AI
I have been there every year aince 2016. Just came back from my 7th trip. I am well travelled but this is by far the most beautiful and peaceful country i have ever visited. Iceland is my happy place 4.5 hours from my home in Montreal.
Hi 👋
I didn't think one could have traveled to or from Iceland for at least a year bc of Covid but I can't remember if their rules were more lax? I mean, they certainly ran less risk than many other places on the globe with larger populations! Did you encounter any travel restrictions? Quarantine?
I agree. I just returned from Iceland. I realize the video was from 2009 however even if I had been there before 2009, I would have slanted my reporting in a much more positive manner. One of the highlights of our trip was a visit to the geo thermal energy plant that feeds Reykjavik with hot water and heat. Very advanced technology and they've barely begun to tap into it. Instead of sending the energy to the UK, they decided to attract aluminum manufacturing businesses to Iceland; aluminum production is an energy pig and Iceland offers low cost energy. By taking this approach Iceland attracts businesses, more employment and increases the population while keeping the money in the country. Yes it's stunningly beautiful in a very raw way. I also loved the mix of Nordic and modern architecture. It's also a stable country with low crime, and a native population that takes huge pride in their Viking heritage. Like Singapore, I found it a very refreshing place to visit. It was so nice to get away from the Woke, etc. madness of Canada and other western countries.
They really should have done an intro saying this story is 14 years old, at first I thought that Iceland might have had another financial collapse.
Hi Dave
yeah, you have to catch the tiny print with the original date, always hit the "...more" link
@@l-b284 howdy 👋 where are you from?
Agreed! Almost looks like it’s happening now.. should be more specific
@@melaniesenecal7153 what’s happening now?
I just want to know you
And probably we be friends
Those are Swedish banknotes (SEK), shown during the intro of this segment. Not Icelandic ones (ISK). Depicting author Selma Lagerlöf, opera singer Jenny Lind, botanist Carl Linnaeus and king Charles XI of Sweden respectively.
Since Iceland was involved with international banking, did Sweden play a role in this collapse? or maybe they use SEK regularly? just curious. Thanks for that observation.
@@l-b284 No they use their Icelandic krona.
Omg, finally comments are unlocked! Thank you 60 Min. Australia for doing this. I jave always wanted to tell you how much i LOVE tour program and you reports/journalists you have. They have balls of steel
They still deactivate comments tho, its silly
They must be $h!t scarred of someone writing something defamatory, getting their channel shut down, and then sued by the aggrieved party..
One of my favourite programmes while li living in Aussie
I gave this video a thumbs down. I just returned from Iceland and this is not how I see the country.
That jacket the reporter is wearing is the puffiest winter jacket I have ever seen. And, I live in Canada🤣
And I was visited by Two Bluish tiny Elves when I was 6 years old,, and I thought it was a Dream for decades until the memory wouldn’t go away
60 Minutes Australia is the Best
I agree! ❤👏
Much better than the US version
Yeah, because they're truth tellers-NOT! Wake up you're dreaming!
This episode just scrathed the surface. Soundz like this episode was a reason for a trip and holiday to Iceland...which is a very lovely one.
YOU ARE RICH 5 BILLIONS PEOPLE NEVEE WILL GET OUT THEIR COUNTRY TO LIVE OR TRAVEL RELAX IN ANOTHERS COUNTRIES
YES 5 BILLIONS PEOPLEE WILL LIVE OWN COUNTRY OR GET 1 2 COUNTRY MAXIMUN TRIP IN ALL LIFE!!
WHAT YOU THINK WORLD HAS 400 500 MILLIONS PEOPLE LIVING 200$$ DOLLARA MONTH??
AND 2 BILLIONS PEOPLE 400 DOLLARS OR LESS MONTH!!
Loved our time in Iceland & relaxing in Blue Lagoon
Does Brooke Shields still venture there§?
@@paulsz6194 Ha ha ha 🤣A different Blue Lagoon from that movie 😀
Just to tell you Viking is a profession. It's not a tribe or a nation 😆
Pillaging & plundering like a central banker who runs the ponsie FED
Iceland is one of the most beautiful countries on the earth. I hope to one day go there though it is a 15-hour flight.
vertu velkominn
It's well worth a visit. We had an amazing time in 2019
@@ivarhrolfsson4009 it warms my heart to read your response! Adds another entry to my list called "reasons I dream of going to Iceland"
😊💭💙🤍❤️ 🗻🇮🇸🏔️💙🤍❤️🌋
YOU ARE RICH 5 BILLIONS PEOPLE NEVEE WILL GET OUT THEIR COUNTRY TO LIVE OR TRAVEL RELAX IN ANOTHERS COUNTRIES
YES 5 BILLIONS PEOPLEE WILL LIVE OWN COUNTRY OR GET 1 2 COUNTRY MAXIMUN TRIP IN ALL LIFE!!
WHAT YOU THINK WORLD HAS 400 500 MILLIONS PEOPLE LIVING 200$$ DOLLARA MONTH??
AND 2 BILLIONS PEOPLE 400 DOLLARS OR LESS MONTH!!
I just returned. It's shockingly expensive but after going there I understand why. I admire Icelanders. They are strong, well educated/trained, love their Viking heritage, have first class roads, housing and businesses, etc.
Note to self: Move to Iceland.
Do you know how many days in the year it’s actually pitch black 24/7?
@@paulsz6194 It is never pitch black 24/7, that's BS! There are a few days (less than a week) that go down to 4hrs daylight BUT then we also have cheap green electricity and during this time we go "all in" with additional lights (well it is during the Xmas season anyway ;) ) so you really need to go into the country to get some "darkness".
Yes. I don't think this documentary did the country justice. Granted it's from 2009. I just returned from Iceland and I find it remarkable what the country has achieved.
He did a great job on that Stairwell
I LOVED Iceland. It's a magnificent country.
If you’re going to have a Party 🎊,, you gotta Pay the Band
I just returned from Iceland and didn’t get this sense at all. I Googled and found the collapse was in 2008. This is old news. I just love 60 Minutes AU, the reporting is awesome. ( I’m a foreign viewer) This should have had some note at the beginning giving a true context. Missed the mark this time.
The date is in the text just below the headlines
.
I agree with you. I just returned this week from Iceland. Wow! What a place. Even if I had watched this video when it was produced in 2009 and if I had been there before then, I would slanted the video in a much more positive way. The country and it's people have a lot going for it. A modern miracle. Even if they mess up again (what western country isn't messing up now?) they will recover from their mistakes.
@@sbaumgartner9848 So true, the people are genuinely amazing in their ability to solve problems, overcome and be innovative. I have since made a second trip to Iceland to experience a different season. Now planning a full country road trip. I can’t get enough! Glad you had a wonderful experience 😀
@@choosewisely616 That's wonderful to hear. I realize it's expensive to go there but as you know once you understand why it's so expensive you accept it. We did the Golden Circle and packed in a lot each day. I just returned a few days ago. I can see why people rent vans and campers to circle the entire island. One highlight for us was a tour of the geothermal plant that sends hot water and heat to Reykjavik. And to think the country has barely tapped into this energy. They are smart people. Aluminum manufacturing is an energy pig. So instead of sending energy to the UK, Iceland decided to attack businesses there because of their lower energy prices. A win/win. Iceland attracts businesses, increases work opportunities and population growth and keeps the money in the country.
It is on my bucket list!😊
Not everything is so simple. I then worked as a sailor on a trawler and we sold fish to Europe, and since the Icelandic krona became 2 times cheaper, we earned more money for the fish sold. Prices were still at the same level and I bought a lot of expensive things during the year (a jeep, expensive furniture and a big TV.) But for others there were difficult times, especially in construction, but many foreign workers were employed there.
Hi guys, I know nothing about the market and I am looking to invest, any help? And who can I turn to?
The rally in the stock market is over, but I'm not sure if stocks will recover quickly, continue to fall, or fluctuate in a narrow range for a few weeks, or if things will get worse quickly. I am under pressure to increase my $300,000 reserve.
Reaching out to financial advisors like Julio Castillo who can help you restructure your portfolio would be a very creative option. Personal financial management will be critical to surviving the next difficult times.
It's really important for beginners not to rely only on videos, otherwise they will lose all their money, like I did when I started with these videos here on TH-cam.
I agree with you. With his help, I split my 450-pound portfolio between different markets. During this bear market period, I was able to net a little over $1 million from high dividend yield stocks, ETFs and equities. However, the reality is that you can't do it without a proven trading coach like Julio Castillo.
HE IS ALWAYS ACTIVE ON HIS TELEGRAMS CHANNEL WITH HIS NAME AND ALSO ON WHATSAPP.
Iceland is not putting out 40 dollar smokes and still struggling. Hurting everyone.
See y'all Friday Iceland!!!
The shade in this reporting....
I just returned from Iceland. Granted this documentary is from 2009 but even so I would never portray Iceland this way. It's a remarkably successful country. I have huge respect for Icelanders.
Idk if I’ve ever seen a video on this channel with the comment section on
Meta collect data ... social credit
The money bills you see in the beginning of this is actually Swedish bills LMFAO
When was this filmed?
2009
If you're a elf Iceland got your back❤
Yes I forgot the elves. I was just in Iceland and it's an amazing place. This dated documentary didn't do it justice.
Couldn't stop laughing
Very much a reminder not to keep all your eggs in one basket!
@@achievementsofthegloriousw5925 very much a reminder do not let men be in control , look at the mess they have made of everything and the entire world . They destroy everything .
smdh
They learned quickly from this mistake. I just returned from there. Their economy is strong, their education system is first class just like their infrastructure. I have huge respect for Icelanders and have faith in their future. A remarkable country.
I don't relate to this report and it's from 2009. The video says the population is 300K however in 2024 it's 374K. It sounds dated to me. I just returned from Iceland and I don't think Icelanders are crazy. Yes they made a mistake re becoming a banking centre but they learned their lesson quickly and recovered extremely fast. Yes they still have a large debt to pay off but what other western country doesn't? Will they regret becoming such a popular tourism destination? I don't think they will regret it but many other countries are suffering from this too. Icelanders are hardworking, well educated/trained and are proud of and keep their Viking traditions. Their road systems are first class, so are their tourist destinations. They have created a business friendly economy and instead of sending their thermal energy to the UK, they have attracted aluminum producers that are energy pigs to manufacture the aluminum there; this adds to the population, revenues, etc. They have barely taped into their endless thermal energy resources. I admire both Iceland and Singapore as both countries turned lemons into lemonade. Both countries are stable with low crime, as mentioned earlier have high education/training, have people who are proud of their heritage and country, and don't let the long winters and short summers stop them from enjoying a wide range of physical activities.
Imagine still wanting elton John to sing? Save urself a 100k & get an impersonator!
I would just remain in that giant hot water lake until I dissolve in the water
George's puffy coat lives! 2:33
Love how in the intro they are talking about Icelands economy but use Swedish bills for the visual. Must have been so bad they didnt have a single Icelandic bill to use for the montage =)
Hey, I really like your profile picture and if you let me, I would make such an amazing mural out of it! If you don’t mind it could be my inspiring muse for an art project i’m working on for a client. You will totally get paid for it as well as a bonus also get credits.
@@sarahwilliams6058 am I reading this right? 😂
@@martinalovberg9223 yeah! I was thinking about using your profile picture for an Art piece if that’s fine by you?
@@sarahwilliams6058 go for it. No money needed. Good Luck!
@@martinalovberg9223It's spam.
Makes me wanna visit even more: became poorest country for awhile but somehow still peaceful and lowest crime rate in the world. That is heaven on earth. If that happened in America everyone would be at each other's throats lol.
Liz Hayes is as patronising as ever, I see. 🙄
I just returned from Iceland. They quickly recovered from the financial mess they created and are still in debt, but Iceland in 2024 is impressive in many ways. I have total faith in this country. They are a 1st world country, with highly educated/trained people who have a deep love for their Viking heritage. Their road systems, their geothermal energy, the quality and varying styles of their architecture, etc. etc. is impressive. It's also a stable and safe country. Yes, it's very expensive to go there but worth the experience. It's incredibly beautiful.. a raw beauty full of sheep and Icelandic horses. They've learned to identify their strengths and sell it to the world. Good for them. Icelandair is also a great way to fly between North America and Europe.
The presenter seems to be enjoying the fact that these people have lost everything. Horrible person
Grow up, she is not!
In canada this whole scenario happens like the rhythm method for "the have it alls," to create more "have nots".
Vicious cycle.
Every generation gets acquainted with this unnecessary extortion but lucrative for the greedy tactic
THIS IS NOT NEWS...THIS IS A CLICK BAIT....THIS CRISES WAS FROM 2005/2008!!!
I think you're being a bit harsh. 60 Minutes is entitled to run any and as many stories from their vast vault as they please. Why not enjoy it as it comes.
It says that in the intro fool
@@juli-annb.anderson8816 AS LONG AS THEY DO NOT PRESENT OR INDUCE AS IT IS NEW NEWS; THEY HAVE TO PUT A POINT IN TIME FOR THE CONTEXTUALIZATION;OTHER WAYS IT IS A CLICK BAIT!!
It clearly says in the text it is from 2009 .
smdh
@@shari9721 WHERE, IN SOME LITTLE LETTERS ON A UNREADABLE DISCLAIMER ??? SINCE THE TITLE THIS CLICK BAIT IS MADE TO DECEIVE IN TERMS OF TIME LINE OR AT LIST CREATE THOSE INTERACTIONS EITHER WAY IS NOT ETHICAL!!!
Men take risks, this is normal
Women take risks, this is normal
Elitist hags talk down to those that take risks
Je me demandes comment ils s' en sont sorti ???
This is a repost - by the looks of her hair this video is over 10 years old
it's from 2009 and it's a shitty portrayal of Iceland. I just returned from there. It's an amazing country full of amazingly well educated hard working people proud of their Viking heritage.
If nobody leaves there homes then let's see what happens...and who is gonna make them move
For all that is good on this Earth, PLEASE pull down those horrific multi-story buildings! When will countries (anywhere) realise that sticking a behemoth eyesore on a gorgeous coastline detracts from one of the many reasons people want to spend time travelling this wonderous planet.
Debts schmetz!
u have the volcanoes bringing in revenue as well with the tourism
What r they fonna do? Throw u in Icelandic prison for not paying ur debts?
Stop your nastiness. What passion to spread your wings! Unfortunately the end point wasn't so good.
This was the most arrogant snarky reporting. The bemusement of the reporter was rich coming from a country founded by ex cons
And those billionaires spent 250000 to their death.. when they could've helped countries like this
What year was this?
2009. I just returned from Iceland and I have huge respect for this thriving place. Even if I had been in Iceland on or before 2009 I would not have portrayed such negativity about the place. They have first class infrastructure - roads, housing, businesses, education, geothermal energy. Icelandair is a great way to fly between North America and Europe. It's now a major tourism destination and I can see why. It's stunningly beautiful. The country is safe and stable and it's citizens are proud of their Viking heritage.
They do that in the United States 2 ...
That couple with the beautiful home should open a bed And breakfast. I would come for a visit. It is amazing country!
Where’s FLOKEY???
It would have felt relaxed for the politicians! knowing this, is how it really was. Great reporting unfortunately.
This is from 2009. It's now 2024 and Iceland is thriving. I just returned from there. Even if I had been there in 2009 or before I would not have portrayed Iceland in this negative light. There is so many positive things about the country and Iceland recovered very quickly from this mistake they made.
Until Iceland stops hunting whales, I'll never visit.
In addition to Iceland, 10 other countries are engaged in whaling. Be careful
This story is hilarious.........Leverage in a Bull market isn't genius....
Found out by one Margin Call....
That was kind of funny 🤷🏼♂️
The FDIC protects bank account holders against loss, up to a certain amount, if their bank or thrift institution fails. However, not all banking institutions or types of financial accounts are insured by the FDIC. Eligible bank accounts are insured up to $250,000 for principal and interest.
Um, in America...
Ar they really struggling that much?
No they are not! I just returned from there. Iceland is thriving and better than ever. It's a magnificent country and I have huge respect for the people. This documentary did not portray Icelanders as they are. It's a first class country with a highly educated/trained hard working population.
O LORD MONEY WILL DESTORY YOUR THOUSANDS YEAR WAY OF LIFE. AN YOU WILL NEVER GO BACK AGAIN. THE ROOT TO ALL 😈 🦹♂️ EVIL
Ell them to turn their homesxinto bed and breakfasts. They will keep their homes
I legitimately dislike this “anchor.”
This documentary is from 2009. I just returned from Iceland. It quickly recovered from this crisis. The country and it's people are thriving. It's an amazing place. I did not like the slant of this documentary.
This is incredibly random, but i just had a glorious thought for next April Fools Day 😅 60 Minutes opens saying "we don't have anything. All the worthwhile stories have been told." And then proceed to show the entire staff dejected and bored out of their minds, reflecting on how pointless their existence now seems. They start throwing around silly ideas like maybe they should make a music video. Eventually it ends with them finding ChatGPT and decide to let it run things from now on 😂
You must be high af 😂
Load of bullshit.
I totally agree. I realize this documentary is from 2009 but I don't like how the country and people were portrayed. I just returned from Iceland and it's a remarkable country.
Capitalism. Ruins. Everything.
Capitalism makes everything
Capitalism eats its own young!
Capitalism is the best system humans have come up with, so until you come up w something better, plz be quiet.
@@LukeSly91 Actually no, TRUE socialism, if allowed to flourish, would benefit humanity and the planet. Capitalism just gobbles up anything and everything in its pursuit for profits. So, no, Capitalism is not the best operating system. It IS the most destructive!
If you think capitalism is working you are delusional@@LukeSly91
Why should we have to get a 9-now app to view whole videos?? Sheesh 🙄 it’s just silly!
We will own it soon, I stand with Trump ! : ) Iceland will become an amazing part of The United States : )
I think you mean Greenland - but that would be typical of an uneducated Trump worshiper. I don´t think the US is particularly interested in Iceland.
How stupid can one guy be? Iceland will never become a part of US. Dream on and you can keep Trump for yourself!
Never!
lolol *TROLL* lolol
Not to be confused with the elf nor the fairy, the troll is just a pile of 💩.
Nothing more complex.
No need to be accommodated by anyone for any reason.
Iceland is too smart to be part of any other country. I was just there. It's a remarkable place.
Banks are insured - your money is protected under law! They cannot cut and run and keep your money!
They did.
Yep they didn't give back a penny to outsiders the UK lost millions