News Discussion Project

• Main Author: Zagar, John
• Format: Article in Journal/Newspaper
• Language: English
• Published: MacEwan Univeristy 2009
• Subjects: sociology; economy; Iceland
• Online Access: http://ejournals.library.ualberta.ca/index.php/cjfy/article/view/6095

The Edmonton Sun newspaper recently carried an interesting article entitled "Maybe U.S. needs yard sale" written by Eric Margolis. In Eric Margolis's article, he talks about the recent financial crisis devastating the Unites States of America's (US) economy, along with much of the other global economies as well (Margolis, 2008). The current economic situation has been blamed on the tendency of certain banks to lend out loans (at low interest rates) to individuals and corporations who do not have the funds to payback those loans. This mistake has occurred in nation-states such as the United States, and Iceland. However, Eric Margolis article is not about the causes of the current economic crisis per se, but rather on the irony of the whole situation facing the United States as a consequence of their belief in neo-liberalism and their treatment of other nation-states. However, first we will look at the specific article.