Overdose - The Next Financial Crisis to play in Ottawa Nov. 12th
Overdose - The Next Financial Crisis
November 12, 2011, 1:30 PM
Library & Archives Canada
Part of the 2nd Annual Free Thinking Film Festival 2011
When the world’s financial bubble blew, the solutions 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? 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.
Speaker: Matt Bufton of the Institute for Liberal Studies