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Errol

Overdose - The Next Financial Crisis

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Overdose - The Next Financial Crisis

 

A new documentary on the causes and consequences of the US financial crisis has been making waves. "Overdose: The Next Financial Crisis" was produced by a team of filmmakers led by prominent Swedish libertarians Jonah Norberg and Martin Borgs.

 

The film has been broadcast in Sweden, Norway, Finland, Denmark and Australia - and won the prestigious 'Best Feature Documentary' award at the San Francisco Frozen Film Festival. Since the film debuted on the popular television series Four Corners on Australia's public broadcaster ABC, it has incited a bit of an uproar among left-wing journalists.

 

The film relies heavily on interviews with Euro Pacific's Peter Schiff, as well as a former US Comptroller General, a former Chief Economist at Freddie Mac, Economic Nobel Laureate Vernon Smith, and others. It's a very interesting group that presents different perspectives on the factors that led to the credit crunch and where we are headed from here. Each one is realistic about the United States' grave fiscal situation.

 

The Trailer:

 

 

To dispel the myth that capitalism caused the crisis, the producers have decided to make the 45-minute film free to watch online, in full, for a limited time:

 

http://www.youtube.com/watch?v=4ECi6WJpbzE

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The Trailer:

From:

To dispel the myth that capitalism caused the crisis, the producers have decided to make the 45-minute film free to watch online, in full, for a limited time:

From: http://www.youtube.com/watch?v=4ECi6WJpbzE

Thanks, Errol

I will watch with interest.

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I was wondering how to embed the clips but couldn't for the life of me get it to work. Thanks!

When pasting from HPC (?) or where ever, you can replace "media" with YouTube,

and instead of the full URL, use only this part: "00GVikffZ94"

== ==

 

WATCHING the Video will make any US taxpayer furious.

 

If Pelosi fails to get re-elect in November, I will be very happy

 

The whole odious bunch of them are like "Brown on steriods", and they need to be thrown out.

And replaced with Cameron-like (or Chris Christie-like) politicians.

 

Apparently, there's a slogun now in the US: "If your in, You're out!"

 

(By "in", they mean "in" Congress)

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thanks, I'll be watching that with interest too... at least I hope to be - with the busy lives we lead, I don't know how people find time to consume so much info! I'm surely not the only with a 'To Read/View' tray that is impossibly oversized!!

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When pasting from HPC (?) or where ever, you can replace "media" with YouTube,

and instead of the full URL, use only this part: "00GVikffZ94"

== ==

 

WATCHING the Video will make any US taxpayer furious.

 

If Pelosi fails to get re-elect in November, I will be very happy

 

The whole odious bunch of them are like "Brown on steriods", and they need to be thrown out.

And replaced with Cameron-like (or Chris Christie-like) politicians.

 

Apparently, there's a slogun now in the US: "If your in, You're out!"

 

(By "in", they mean "in" Congress)

 

Still havent looked behind the curtain then.

Still watching the punch and judy charade and believing its punch hitting judy with the hammer.

Until you see the puppet master you cant ever see the TRUTH.!!

 

 

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WATCHING the Video will make any US taxpayer furious.

 

If Pelosi fails to get re-elect in November, I will be very happy

 

The whole odious bunch of them are like "Brown on steriods", and they need to be thrown out.

And replaced with Cameron-like (or Chris Christie-like) politicians.

 

Apparently, there's a slogun now in the US: "If your in, You're out!"

 

(By "in", they mean "in" Congress)

 

Well in that case I reckon I'd better take some time to watch. Sounds juicy.

 

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When pasting from HPC (?) or where ever, you can replace "media" with YouTube,

and instead of the full URL, use only this part: "00GVikffZ94"

== ==

 

WATCHING the Video will make any US taxpayer furious.

 

If Pelosi fails to get re-elect in November, I will be very happy

 

The whole odious bunch of them are like "Brown on steriods", and they need to be thrown out.

And replaced with Cameron-like (or Chris Christie-like) politicians.

 

Apparently, there's a slogun now in the US: "If your in, You're out!"

 

(By "in", they mean "in" Congress)

 

Pelosi has been blatently ignorant of so many of the things she has been brought in to cheerleader and demean others over, it's actually quite sick hearing her get all chipper over the success of the 08 bust investigation with Barney Frank and then with the Medicare programme. There is no consideration of the impact, the implications, but i guess that's politics.

 

But i tell you it's Palin that's really concerning me right now, i can see a backlash against the democrats and i just hope that Palin doesn't continue to get the press and media she is now when primaries are run. The woman scares the hell out of me because she is so oblivious to EVERYTHING, I'm afraid i can see a section of the republicans really getting behind her as a populist female candidate... although i imagine those more savy will more than a little worried to see her get anywhere near the top seat.

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Pelosi has been blatently ignorant of so many of the things she has been brought in to cheerleader and demean others over, it's actually quite sick hearing her get all chipper over the success of the 08 bust investigation with Barney Frank and then with the Medicare programme. There is no consideration of the impact, the implications, but i guess that's politics.

 

But i tell you it's Palin that's really concerning me right now, i can see a backlash against the democrats and i just hope that Palin doesn't continue to get the press and media she is now when primaries are run. The woman scares the hell out of me because she is so oblivious to EVERYTHING, I'm afraid i can see a section of the republicans really getting behind her as a populist female candidate... although i imagine those more savy will more than a little worried to see her get anywhere near the top seat.

STUPIDITY seems to be no barrier to success in politics - especially for women

 

My brilliant & decent cousin, a top graduate of Harvard Law school, came in second for a Congressional seat in Las Vegas,

because he made the mistake of running against a Republican whilst W was gaining his second term (2004). He should

have run four years later.

 

No one expected him to win, and he lost a meaningful part of his fortune in the effort

 

He raised over $2 million, but had to top that up with his own money. An expensive business

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Thanks for sharing this. Seems so interesting so I better watch it I guess. Oh, one thing more I would just like to know how did you manage to find this one because it maybe time consuming most especially for us busy people. :D

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Very good documentary.

 

This was shown on primetime TV in Australia recently (channel ABC1). I watched with my girlfriend, who had been disinterested, even a little disapproving, of my "ramblings about gold and interest rates and inflation" up to then.

 

I noticed the penny drop with her during the programme - she is now even reading my Peter Schiff book !!

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Since the film debuted on the popular television series Four Corners on Australia's public broadcaster ABC, it has incited a bit of an uproar among left-wing journalists.

 

Four Corners asleep at the wheel

141 comments

 

SIMON NASHT

 

Four Corners' website proudly proclaims that it presents 'investigative journalism at its very best.'

....

 

Every now and then however, they fail to live up to their own standards, and this week's edition blew it big time.

 

The program was called 'Overdose', an apocalyptic warning that stimulus measures taken by governments around the world are leading us toward an inevitable global financial collapse. Now there may well be some merit in this argument, but if your aim is to present the 'very best' in journalism, then very careful attention needs to be paid to who is making such big and scary claims. And in this, Four Corners was sorely lacking.

 

Unusually, the program was not produced by the ABC, but was purchased via a UK distributor from a Swedish production company. It is narrated and written by Johan Norberg and based on his book, Financial Fiasco. In short, he argues that it was not the bankers who caused the Global Financial Crisis (GFC), it was the panicked response of governments interfering in the free market process.

 

According to Norberg and his ideologically like-minded interviewees, Government action in the face of crisis is always pernicious and never helps. Now that's a debate worth having, but let's make it a real discussion. As the Financial Times commented in reviewing Norberg's book, "it would have benefited from less idea-fetishism, and more workaday macroeconomics." As a polemic masquerading as journalism, 'Overdose' suffers from a similar lack of objectivity. Which is hardly surprising given Norberg's background - not that the Four Corners audience would know.

 

Nowhere in the film do we learn that Norberg is a senior fellow at the right-wing think-tank, the Cato Institute. Founded by the owners of America's biggest private company, Koch Industries, Inc, the Cato Institute takes some fairly radical positions, including calling for the abolition of the welfare system, repealing laws that restrict the tobacco industry while taking a highly sceptical line on the science of global warming.

 

Corporate funding for Cato reads like a Who's Who of the fossil fuel industry, Wall Street and big tobacco. Rupert Murdoch once served on its board of directors. The Institute also seeds like-minded organisations around the world, among them the notorious American Enterprise Institute. Norberg proudly declares that he is the first non-American resident to be given a Cato Senior Fellowship. Cato obviously like him and published the English language edition of his book, In Defence of Global Capitalism.

 

Neo-liberal groups have warmed to the Swede's good looks and polished delivery and he is a regular on the global think-tank circuit. The German Hayek Foundation gave him its gold medal in 2003 (shared that year with Margaret Thatcher).

 

Norberg has been a strong supporter of uber-neoliberal Milton Friedman and remains a supporter of the now discredited Chicago School of Economics whose fundamentalist teachings brought us the worst excesses of the GFC.

 

Norberg is also a member of the Mont Pelerin Society whose members are dedicated to restricting government involvement in the economy and, as its founder, F.A. Hayek put it," to combating the state ascendancy and Marxist or Keynesian planning sweeping the globe". Current president is Australian Greg Lindsay, executive director of the Centre for Independent Studies.

 

Getting 'Overdose' onto the ABC via Four Corners will doubtlessly be considered something of a coup by such organisations. The film's director Martin Borgs says that while he considered including voices that might hold a counter view to the free-marketeers, "mostly we wanted to give the view of voices who haven't been heard before." And who were those voices? Well, they are hardly shrinking violets.

 

Among them are economist Vernon Smith, an adjunct scholar of, you guessed it, the Cato Institute; trend forecaster Gerald Celente who is a Fox News regular and has appeared everywhere else from Oprah to Good Morning America. He recently told Fox that America will soon descend into collapse and anarchy brought on by criminal gangs and civil violence. Then there was the always quotable Peter Schiff, who when not speculating on gold is another TV regular, including in my own series for the ABC, Addicted to Money.

 

'Overdose' premiered in the US at a Cato Institute function. I have written to Borgs asking how the film was funded and if the Cato Institute or any of the other think-tanks Norberg is associated with contributed. No reply yet. You might hope that ABC News and Current Affairs might have made similar enquiries.

 

...

 

Simon Nasht was co-writer and director of the three part ABC series on the GFC Addicted to Money

Nasht's Criticism followed by 146 comments

 

 

Amusingly, among the comments was a link to an excoriation of Nasht's own programme after it was shown in Ireland.

 

Irish Independent

 

Indeed, with the producers' eyes obviously on international sales, the emphasis was firmly on the global, with McWilliams popping up -- often for no apparent reason -- in such bewilderingly diverse locations as New York, Beijing, Melbourne, Sydney, Berlin, Toronto and Las Vegas. Forget John O'Donoghue's junketing lifestyle -- God knows what all this demented globetrotting cost.

 

Indeed, "demented" is the word for the programme's stylistic approach, which smothered its supposedly serious subject in ludicrous visual gimmickry.

 

Easy credit, McWilliams intoned at one point, was "a toxic, addictive drug", and so we got incessant and utterly distracting shots of cocaine being chopped into neat white lines by hands wielding razor blades. Other visual and editing tics included constant zooms, jump cuts and elisions, as the presenter battled to make himself understood amid all this show-off nonsense.

 

Nasht, director as well as writer, must shoulder much of the blame for this. Indeed, it was hard not to feel for McWilliams, whose presence was so overwhelmed by the film's self-indulgent antics that he registered to the viewer as the film's plaything rather than its powerhouse.

 

At the very end, he told us that bankers, regulators and the governments which encouraged them were the cause of the global financial meltdown and that -- in a seemingly local reference to NAMA -- "your money is being used to bail these guys out. How does that make you feel?".

 

Obviously we were meant to feel furious, but by this stage my anger was directed more at the film's self-regarding and soulless visual tactics which had sabotaged the story it had supposedly set out to tell.

 

It seems Nasht comes off badly against even such local fare as "Cork's Bloody Secret"

 

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Nasht's Criticism followed by 146 comments

Amusingly, among the comments was a link to an excoriation of Nasht's own programme after it was shown in Ireland.

 

Irish Independent

 

It seems Nasht comes off badly against even such local fare as "Cork's Bloody Secret"

 

Nowhere in the film do we learn that Norberg is a senior fellow at the right-wing think-tank, the Cato Institute. Founded by the owners of America's biggest private company, Koch Industries, Inc, the Cato Institute takes some fairly radical positions, including calling for the abolition of the welfare system, repealing laws that restrict the tobacco industry while taking a highly sceptical line on the science of global warming.

 

This has to make you think a bit. I enjoyed the documentary as a bit of infotainment, but you have to agree with some of the criticism here that there is a bit of one-sided free-marketeer and anti-governmental bias to it.

 

I've always thought there was a bit of an inner contradiction with the doctrinaire laissez faire approach; on the one hand a lot of the mess is due to ill-conceived pro-active government policies, which is what we get most of in the video. And yet on the other hand most also recognise that it was a dismantling of government regulation... due to the belief in new right laissez faire economics/ politics.... that allowed for leverage and risk to get to such high levels.

 

Surely, most have to recognise that it is not government restraint/ regulation of the market that is wrong, but when the opposite occurs and governments become the whipping boy of markets instead of their restraint.

 

 

More on the Kochs "anarcho-capitalism" on this thread:

 

http://www.greenenergyinvestors.com/index....st&p=180829

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The New Yorker article mentioned in the other thread

 

This seems to be the relevant passage.

 

In 1977, the Kochs provided the funds to launch the nation’s first libertarian think tank, the Cato Institute. According to the Center for Public Integrity, between 1986 and 1993 the Koch family gave eleven million dollars to the institute. Today, Cato has more than a hundred full-time employees, and its experts and policy papers are widely quoted and respected by the mainstream media. It describes itself as nonpartisan, and its scholars have at times been critical of both parties. But it has consistently pushed for corporate tax cuts, reductions in social services, and laissez-faire environmental policies.

 

 

 

This has to make you think a bit. I enjoyed the documentary as a bit of infotainment, but you have to agree with some of the criticism here that there is a bit of one-sided free-marketeer and anti-governmental bias to it.

 

I've always thought there was a bit of an inner contradiction with the doctrinaire laissez faire approach; on the one hand a lot of the mess is due to ill-conceived pro-active government policies, which is what we get most of in the video. And yet on the other hand most also recognise that it was a dismantling of government regulation... due to the belief in new right laissez faire economics/ politics.... that allowed for leverage and risk to get to such high levels.

 

Surely, most have to recognise that it is not government restraint/ regulation of the market that is wrong, but when the opposite occurs and governments become the whipping boy of markets instead of their restraint.

 

 

More on the Kochs "anarcho-capitalism" on this thread:

 

http://www.greenenergyinvestors.com/index....st&p=180829

 

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Seems the Youtube video has been removed, but it's available by searching the site for "Overdose: The Next Financial Crisis"

Somebody has posted it, cut into 3 quarter-hour chunks. For me, it's an interesting big-picture documentary and a couple of the speakers (including Celente and Schiff) seemed to have interesting contributions.

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Seems the Youtube video has been removed, but it's available by searching the site for "Overdose: The Next Financial Crisis"

Somebody has posted it, cut into 3 quarter-hour chunks. For me, it's an interesting big-picture documentary and a couple of the speakers (including Celente and Schiff) seemed to have interesting contributions.

A lot of the criticisms are obviously valid [i had to laugh at Celente's "cry baby banks"], but not so the radical conclusions that ride on the back of those criticisms. Tapping into/ fostering the anger of the masses is just populism... but hey, maybe that's just what politics is about now. :unsure:

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