Overdose
Movie · Special Interest · Documentary

When the world's financial bubble blew, the solution was to lower interest rates and pump trillions of dollars into the sick banking system. "The solution is the problem, that's why we had a problem in the first place". For Economics Nobel laureate Vernon Smith, the Catch 22 is self-evident. But interest rates have been at rock bottom for years, and governments are running out of fuel to feed the economy. "The governments can save the banks, but who can save the governments?" Forecasts predict all countries' debt will reach 100% of GDP by next year. Greece and Iceland have already crumbled, who will be next? The storm that would rock the world, began brewing in the US when congress pushed the idea of home ownership for all, propping up those who couldn't make the down payments. The Market even coined a term, NINA loans: "No Income, No Assets, No Problem!" Enter FannieMae and FreddieMac, privately owned, government sponsored. "Want that vacation? Wanna buy some new clothes? Use your house as a piggie bank!" Why earn money to pay for your home when you can make money just living in it? With the government covering all losses, you'd have been a fool not to borrow. But when the punchbowl ran dry, instead of letting investors go home to nurse their hangovers as usual, the Federal Reserve just filled it up again with phoney money. For analyst Peter Schiff, the consequence of the spending binge was crystal clear: "we're in so much trouble now because we got drunk on all that Fed alcohol". Yet along with other worried experts, he was mocked and derided during the boom. Have you taken out a mortgage, invested capital or bought shares? If you have, likelihood is you lost out in the latest bust. Governments promised decisive action, the biggest financial stimulus packages in history, gargantuan bailouts: but what crazed logic is this, propping up debt with...more debt? This documentary brings an entirely fresh voice to the hottest topic of today.

2010 · 47m
Starring George W. Bush, Barack Obama, Vernon Smith
Director Martin Borgs

Related

Cast & Crew

  • George W. Bush
    Self
  • Barack Obama
    Self
  • V‌S
    Vernon Smith
    Self
  • P‌S
    Peter Schiff
    Self
  • D‌M
    David M. Walker
    Self
  • G‌C
    Gerald Celente
    Self
  • M‌B
    Martin Borgs
    Director
  • H‌D
    Henrik Devell
    Producer
  • M‌B
    Martin Borgs
    Writer
  • Johan Norberg
    Writer

About

Overdose

Special Interest

When the world's financial bubble blew, the solution was to lower interest rates and pump trillions of dollars into the sick banking system. "The solution is the problem, that's why we had a problem in the first place". For Economics Nobel laureate Vernon Smith, the Catch 22 is self-evident. But interest rates have been at rock bottom for years, and governments are running out of fuel to feed the economy. "The governments can save the banks, but who can save the governments?" Forecasts predict all countries' debt will reach 100% of GDP by next year. Greece and Iceland have already crumbled, who will be next? The storm that would rock the world, began brewing in the US when congress pushed the idea of home ownership for all, propping up those who couldn't make the down payments. The Market even coined a term, NINA loans: "No Income, No Assets, No Problem!" Enter FannieMae and FreddieMac, privately owned, government sponsored. "Want that vacation? Wanna buy some new clothes? Use your house as a piggie bank!" Why earn money to pay for your home when you can make money just living in it? With the government covering all losses, you'd have been a fool not to borrow. But when the punchbowl ran dry, instead of letting investors go home to nurse their hangovers as usual, the Federal Reserve just filled it up again with phoney money. For analyst Peter Schiff, the consequence of the spending binge was crystal clear: "we're in so much trouble now because we got drunk on all that Fed alcohol". Yet along with other worried experts, he was mocked and derided during the boom. Have you taken out a mortgage, invested capital or bought shares? If you have, likelihood is you lost out in the latest bust. Governments promised decisive action, the biggest financial stimulus packages in history, gargantuan bailouts: but what crazed logic is this, propping up debt with...more debt? This documentary brings an entirely fresh voice to the hottest topic of today.

Information

Studio
Journeyman Pictures
Released
2010
Run Time
47 min
Rated
PG-13
Regions of Origin
United States, Sweden
© 2010 (c) Devell/Borgs AB.

Languages

Original Audio
English (United States), Swedish
Audio

English (United States) (AAC)

Subtitles

English (CC)

Accessibility

Closed captions (CC) refer to subtitles in the available language with the addition of relevant non-dialogue information.
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Select a country or region

Africa, Middle East, and India

  • Armenia
  • Azerbaijan
  • Bahrain
  • Botswana
  • Brunei Darussalam
  • Cape Verde
  • Egypt
  • Eswatini
  • Gambia
  • Ghana
  • Guinea-Bissau
  • India
  • Israel
  • Jordan
  • Lebanon
  • Mauritius
  • Mozambique
  • Namibia
  • Niger (English)
  • Oman
  • Qatar
  • Saudi Arabia
  • South Africa
  • Sri Lanka
  • Tajikistan
  • Turkmenistan
  • Uganda
  • United Arab Emirates
  • Zimbabwe

Asia Pacific

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  • Cambodia
  • Fiji
  • 香港 (廣東話–繁體)
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  • 日本
  • Lao People's Democratic Republic
  • 澳門 (廣東話–繁體)
  • Malaysia (English)
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  • Mongolia
  • New Zealand
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  • Singapore
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  • Vietnam

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