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US Causes Global Crisis

US Causes Global Crisis. Globalization Day 8 Mini Lesson. Objectives. Explore events leading up to financial crisis that struck the US and the world in 2008. Interpret political cartoons relating to global economic crisis.

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US Causes Global Crisis

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  1. US Causes Global Crisis Globalization Day 8 Mini Lesson

  2. Objectives • 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.

  3. Warm Up • What have we learned about globalization so far? • Cultural, economic, political? • Effects on people? • Benefits? • Downsides?

  4. Sub-Prime Mortgage crisis • 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=90327686&m=90327669 • http://www.choices.edu/resources/documents/organizer_008.pdf • Global Pool of Money? • Mortgage Loans? • Foreclosures? • http://www.youtube.com/watch?v=LrBuPsvbHB8

  5. Political cartoons • 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.

  6. Main ideas • 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 has slight hiccups. • In the end, the US public will pay for Wall St errors in one way or another (higher taxes, or increased price consumer goods)

  7. Closure • 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

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