This is a really good documentary on the financial collapse, why it happened, what was done after, what was not and why the next one will be even worse. The moves made by the government – here and elsewhere – and those not made have set the world up for another financial disaster. The premise they give here is after the bust of the Housing Bubble, the solution has been to inflate a large number of other bubbles all about to burst. It’s fairly log but worth watching. It has Spanish sub-titles and was done by a Swede.
Sobredosis from Horatiux on Vimeo.
The map of the great systemic crisis that we faced is made up of four main elements, highly interrelated to each other: Economy, Energy, Demographic Pressure and Environment. In the days of crisis the societies look for strong leaders and simple solutions. But… What would happen if the economic solutions that are considering constitute the same errors that brought about the disaster? This documentary one describes and analyzes the history of the greater economic crisis of our time: the one that still is about to come. When the global financial bubble exploded, the solution was to lower the interest rates and to inject thousands of million dollars without endorsement to an ill banking system. Exactly that solution generated a problem greater, and for that reason the next crisis will be worse still. The governments already are remaining without fuel to feed the economy. It can be that still they can to save to the banks, but from now on the most disquieting question is who will save the governments… The subtitles in Spanish for this documentary one were realised by the Network of the Transition of the Andean Region (Patagonia, Argentina), and until the moment is the unique version in our language of this film. In order to see the complete list of credits and greater information of the documentary one, to go to the following page: sites.google.com /site/sinpetroleo/cine/overdose
Here is a link for this documentary. The site is in Spanish but translates well will Bablefish. Here is the English translation of the summary.
SummaryWhen we realised a deep diagnosis about the great challenge of the humanity in the present times, we found that the map of the great systemic crisis that we faced is made up of four main elements, highly interrelated: Economy, Energy, Demographic Pressure and Environment. In the days of crisis the societies look for strong leaders and simple solutions. But… What would happen if the economic solutions that are considering constitute the same errors that brought about the disaster? The documentary Overdose describes and analyzes the history of the greater economic crisis of our time: the one that still is about to come.
When the global financial bubble exploded, the solution was to lower the interest rates and to inject thousands of million dollars without endorsement to an ill banking system. Exactly that solution was the problem, and for that reason the next crisis will be worse still. The governments already are remaining without fuel to feed the economy. It can be that still they can to save to the banks, but from now on the most disquieting question is who will save the governments…
The forecasts aim at that the gigantic indebtedness without precedents of all the countries will surpass the 100% of the GIP shortly. The economy of Greece and Iceland already collapsed. There are other countries that are in the loose cord… Which will be the next one? What will happen when the inevitable effect takes place dominated in all the world-wide economy?
This storm that affects to the planet began to be developed in the United States, when the Congress at the request of the federal government decided to impel massive hypothecating plans of house, including for those who could not pay them. In this opportunity the market coined the ingenious YOUNG acronym: “No entrance. No assets. No problem”. This scheme based on the private corporations Fannie Mae and Freddie Mac that were sponsored by the State, anywhere in the world generated a financial bubble of proportions without precedents.
You wanted irte of vacations? You wished to renew all your wardrobe or to change the vehicle? You only had to use your house as if outside a bank, mortgaging it and requesting the given money. Why to work in productive activities if money can be won so easily? While the government guaranteed all those loans without endorsement, era of idiots not to continue get into debt itself without limits. And to extinguish to the fire the Federal Reserve he did not have better idea than to give more alcohol the drunk ones, injecting new millionaire packages of stimulus in a system virtually broken.
Several of the analysts interviewed in this documentary one were advance the outcome of all this madness and orgía of the money without endorsement, but they were ridiculed and harassed when in the middle of the height of the celebration and the drunkenness of the consumption, they time and time again tried to warn on the catastrophic and inevitable consequences that such uncontrol would have in the future.
Nevertheless still today it continues being applied this financial logic without sense, with gigantic state rescues to broken companies, and more creation of fictitious money to maintain in operation artificially the economy. Overdose contributes a vision reasoned on the inevitable end that will have all this, noticing to us that the worse financial crisis never view, is the one that is hoping to us.
The one big problem we have is that far too many people believe that the economy here and the rest of the world will eventually get back to normal. But how can this happen if nothing has been done to change things. When the exact same problems not only still exist but are being exacerbated by the policies being followed here and elsewhere.



7 Comments

Thanks CM,
Kinda fundamental, but worth watching, took me a few hours in pieces. Rec’d
I thought it was good to get a slightly different angle on it and having the ones who blew the whistle originally comment in it was also enlightening.
Oh no the sky is falling!
A wondeful ‘espose’ of human greed and stupidity – and how awesome to watch something without the distracting political American fingerpointing
Sooo!!!:
“from now on the most disquieting question is who will save the governments…”
I think Robert Reich’s book “Aftershock” spells out the reasons for the financial crisis very clearly.
Excessive borrowing was/is certainly a problem, however that resulted from the fact that middle-class wages have stagnated over the past 30 yrs. The huge increase in productivity which benefited the corporate bottom line, did not result in a corresponding increase in wages. Private debt grew just to keep up.
Another point that Reich brings up is that we are a society focused on consumerism instead of production. We are assaulted with advertising every where we go.
I will not deny it. I would also like to see a really good in depth analysis going back to the Nixon years. How each event helped to bring us where we are now. Not just the events here, but also in other parts of the world.
It has been suggested that the fall of the Soviet Union and the rise of the Eastern Block countries and how we handled that may have also contributed as well.
This film reminds me of the MoveOn film about the financial crisis – they both leave out very important information while still being factual.
This film leaves out the wages being stagnant for 30 some years. The MoveOn film leaves out the making of bubbles.
And they both leave out the biggest factor of all – the unregulated (Thanks, Bill Clinton!) financial markets that created CDSs and CDOs and MBSs and sold them everywhere.
Our banks and financial institutions do not have a liquidity problem. They are, for the most part, insolvent.