Overdose: The Next Financial Crisis (Full Movie)

[Pharaoh]

Run time: 46:22 https://www.youtube.com/watch?v=4ECi6WJpbzE   Posted on YouTube: August 31, 2010 By YouTube Member: journeymanpictures Views on YouTube: 24977   Posted on DU: September 04, 2010 By DU Member: Pharaoh Views on DU: 340

 
In times of crisis people seek strong leaders and simple solutions. But what if their solutions are identical to the mistakes that caused the very crisis? This is the story of the greatest economic crisis of our age, the one that awaits us.

[fasttense]

1. The video predicts the next crisis but has the reasons wrong.

It has Nothing to do with the US budget deficit. It has to do with income inequality and lack of demand from hundreds of millions of American middle class consumers.

The video is correct in that most of the stimulus money was wasted. It was wasted on tax cuts and millionaires. Neither type of stimulus does much for an economy. If all that money would have gone back to the shoring up the American middle class so they could pay off their debts, so that those underlying mortgages assets in those certificates were NOT defaulting, then demand would have started to pick up again.

But to prevent another bubble tough, restrictive regulations on Wall Street, Banks, Insurance corporations and monopolies would have had to be implemented. We did fine when regulations were in place to prevent monopolies, to prevent banks from speculating with our money. But now we are right back to where we were before the last crash. Banks are still speculating, Monopolies are still too big to fail, and finance corporations are betting on commodities (instead of mortgages).

But the video's emphasis on sovereign debt is just ridiculous. Why do banks have to be paid back? Why can't the loans be renegotiated to reflect their current real value? Why do banker's loan carry more weight then a country's own sovereignty and protection of it's citizens? Banks don't rule our countries, they just think they do.