 Explore
events leading up to financial crisis
that struck the US and the world in 2008.
 Interpret political cartoons relating to global
economic crisis.
 Consider the connections between
globalization and the current economic
crisis.
 Cultural,
 What
have we
learned about
globalization so
far?
economic,
political?
 Effects on people?
 Benefits?
 Downsides?

Listen to NPR report “Global Pool of Money Got
Too Hungry” and complete guided listening
worksheet
http://www.npr.org/player/v2/mediaPlayer.html?action=1&t=1&islist=false&id=903276
86&m=90327669
 http://www.choices.edu/resources/documents/organizer_008.pdf


Global Pool of Money?
Mortgage Loans?
Foreclosures?

Too Big To Fail Explains It All

Rap Version of Event



Housing Prices Decline

Banking Crisis
Bank & Lending House
failures (write off losses)
 Bear Sterns & Lehman
Bros bankruptcy (no $ to
cover) – AIG on verge
 Govt Bailout
 TARP - Up to $700 b in
distressed assets
 Stability, confidence,
reform


Foreclosures

Rising Unemployment

Loss retirement/pension

Auto industry decline

Investors withdraw from stock
market, move to commodities

Further tumble in stock values
http://youtu.be/wVV6dzDOgQ0
 In
order to analyze the global impact of the
crisis, we are going to work in small groups
to evaluate a series of political cartoons.

Labels: Identify or name certain things in their cartoons so that it
is apparent what the things represent.

Symbolism: Use simple objects to represent larger ideas or
concepts.

Analogy: Compare a simple image or concept to a more complex
situation, in order to help the viewer understand the more
complex situation in a different way.

Irony: Highlighting the difference between the way things are
and the way the cartoonist thinks they ought to be.
 Economies
are so interconnected that failure
of bullish US economy led to a series of
global events.
 US economy has the power to destroy the
entire global economy.
 With collapse of US economy, China remains
as leading power. Global panic when their
market shows slight weakness.
 In the end, the US public will pay for Wall St
errors in one way or another (higher taxes,
or increased price consumer goods)
 How
is the current economic crisis related to
globalization?





Money is global – invested all over
Economies slow as credit tightened, internatl
trade declines
Drop in US demand hurts rising economies
Loss investor confidence hurts global markets
Lower interest rates = weaker dollar = declining
profits for trade partners