After the fall

In the final episode of Meltdown, we hear about the sheikh who says the crash never happened; a Wall Street king charged with fraud; a congresswoman who wants to jail the bankers; and the world leaders who want a re-think of capitalism.

The financial crash of September 2008 brought the largest bankruptcies in world history, pushing over 30 million people into unemployment and bringing many countries to the brink of insolvency.

Paying the price

The third episode of Meltdown looks at how the victims of the 2008 financial crash fight back. A protesting singer in Iceland brings down the government; in France a union leader oversees the kidnapping of his bosses; and thousands of families are made homeless in California.

A global financial tsunami

In the second episode of Meltdown, we look at how the financial tsunami swept the world. We hear about a renegade executive who nearly destroyed the global financial system and the US treasury secretary who bailed out his friends.
Henry 'Hank' Paulson, the former CEO of Goldman Sachs and later an economic advisor to the US government; refused to bail out global financial services firm - the Lehman Brothers. Paulson said it was not the role of government to save private businesses.
Lehman's failure had repercussions around the world. Millions of people lost their life savings. Pension plans were decimated.
Christine Lagarde, the French finance minister at the time and a close friend of Paulson's, publicly described Paulson's decision on Lehman "horrendous".
Markets from London and Paris to Shanghai fell. An epidemic of fear caused the world's major banks to stop lending, ending the year in protests and industrial action.

Japan nuclear crisis meltdown scenario

Image via Wikipedia

In an interview with Mark Hibbs, a Berlin-based senior associate at the Carnegie Endowment for International Peace, a nonprofit think tank, Newsmax magazine asks - what happens next at the Fukushima Nuclear Power Plant. The answer according to the nuclear expert, is that as Fukushima is now well on its way to a full core-melt nuclear accident, a worst case scenario could possibly lead to the same results last seen in 1986 Chernobyl.


Asked how long Japanese scientists have to correct the problem to avoid a core meltdown, Hibbstells Newsmax that it depends on system design, adding, “it could be a day, plus or minus 10 hours.”


They have 24 hours or so to avoid a core meltdown, he says. But if one occurs, two scenarios could follow: The good outcome would mirror what happened at Three Mile Island, while the bad one could involve what he called a “Chernobyl scenario, where the damage to the reactor was such that the integrity of the structures were damaged.

“There was an explosion and other things happened in there, that opened up the reactor so the inventory of radioactive material . . . went into the atmosphere and generated this deadly plume that we know happened in Chernobyl.

“So that is the ultimate worst-case scenario. Nobody is saying that’s going to happen. Nobody is even saying we’re going to have a core meltdown. But we have a window of time now. We don’t know how much is left — but the Japanese authorities and the government and all the agencies that they can muster are working overtime to get cooling systems on that site powered and working.”

The April 1986 Chernobyl disaster cost an estimated 4,000 lives. More than 330,000 Russians had to be relocated because of contamination.

But Hibbs says, “A lot of worst-case things would have to happen for us to get that far.”

Hibbs said the Japanese right now are fighting the clock to contain the heating.