If you have some time to spare this Saturday morning, check out the documentary “Overdose”. Here’s a description:
This is the story of the greatest financial crisis we will ever see… The one that is on the way.
Have you maxed out your credit card? Bought shares with borrowed money? Taken out a large home loan believing that prices always go up? Then you may be living on borrowed time. Filmmaker Martin Borgs takes a provocative look at the events leading up the Global Financial Crisis and asks if the attempts to avoid a ruinous collapse of banks and other major finance houses may set the world on the path to an even bigger meltdown.
When the world’s financial bubble blew, the solution was to lower interest rates and pump trillions of dollars into the sick banking system. On the face of it this seemed the only way to deal with impending disaster, but was it?
“The solution is the problem, that’s why we had a problem in the first place,” Economics Nobel laureate Vernon Smith says. For him, the Catch 22 is self-evident. Interest rates have been at rock bottom for years, and governments are running out of fuel to feed the economy. He asks:
“The governments can save the banks, but who can save the governments?”
I found it irritating in some respects, but also a useful overview of what many of us expect is likely to happen next. You can view the video (in three parts) at the link above, or they may be below (odd things seem to be happening to video embedding just now):